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» »Unlabelled » What is Insurance

What is insurance?




Insurance is the pooling of fund for the purpose of indemnifying a person that has suffer a loss. It is a situation whereby a group of people come together to put a specific amount as saving somewhere so that if in future there is a risk or loss, such person that suffer a risk or loss may be compensated from the pool of fund that has been contributed

*Definition of Basic key words in Insurance*

1. _Policy_ : This is the evidence of the insurance contract. It is always a document or certificate that is issued by the insurer to the insured.

2. _The Insurer_ : This is the insurance company that provides the service of insuring the general populace. In Nigeria we have Insurance companies like Aiico.
Custodian insurance plc.
Consolidated hallmark insurance.
Lead way Insurance.
IGI Insurance.
Niger Insurance plc.
Mutual Assurance plc.
NICON. etc


3. The Insured : This is a person that has gone out to obtain insurance policy from a company. That person may be a business man or woman or your parents. Your daddy may insure his car.



4. Premium : This is the agreed amount of money that the insured pay the insurer for shouldering his risk. The insured person pays money to the insurance company and that money is known as *PRENUIM*



5. Indemnity : If an insured person should suffer a loss of car or money or property or any loss. The insurance company will pay the insured person back or provide another car to such person. This is known as Indemnity in insurance.





In conclusions insurance can be summarized to be pooling of funds together in other to withdraw later if anybody that contribute to the pool of funds should suffer a loss 7





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