LIST TYPES OF INSURANCE RELEVANCE TO MARKET Insurance can be divided into two main parts; 1. Assurance/ Life Insurance 2.General Insurance ASSURANCE/LIFE INSURANCE Refers to Insurance against human life i.e -Death -Old age for specific years POLICY UNDER LIFE INSURANCE Endowment policy The money is paid to his relatives at his death or when the period expected whenever is earlier. …
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PRINCIPLES OF INSURANCE EXPLAINED 2024 The system of insurance depends upon certain doctrine (principles) which both the Insurer and the Insured are required to obey. These are; Indemnity Insurable interest Utmost good faith (Uberrimae fidei) Proximity cause Subrogation Contribution Indemnity This principle requires that the compensation given to the Insured should only restore him to the exact financial position he was …
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IMPORTANCE OF INSURANCE IN COMMERCE 1. It creates confidence among businessmen and Investors Insurance creates confidence among the businessmen and investors to undertake risky business ventures without fear of loss in which they would otherwise not have invested their money. 2. Provide Compensation Insurance Companies compensate the unfortunate people who actually suffer loss as a result of Insured risk. It …
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TERMINOLOGIES USED IN INSURANCE RELEVANT TO DAILY BUSINESS ACTIVITIES In Insurance, the following terms are used; (i) Insured This is the person or firm taking out Insurance and who is promised to be compensated by the Insurance company in case of a loss. (ii) Insurer This is the Insurance company granting the Insurance policy e.g National Insurance Corporation, Global Insurance …
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Tips on how to quit drinking alcohol: Recently Updates Home remedies and alternative therapies are sometimes used to stop drinking alcohol naturally. Used alongside recommended medical treatments, these remedies can include herbs like kudzu and ashwagandha, lifestyle changes to reduce stress, and online counseling and support groups. However, if you are a daily or heavy drinker, quitting alcohol without medical …
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