Insurance in Nigeria : what is insurance policy

Understanding the concept of insurance


To bind the impact of the government policies in terms of regulating the system of insurance in the country like Nigeria and globe. The government of the country is supposed to support and protect the companies and there interest therefore not doing otherwise because they protect the interest of the public. The insurance company company in Nigeria are in shortage of high quality manpower in insurance. They suffer mainly from financial loss because they lack good knowledge about insurance and to solve this problem, the government shouod provide or organize seminars to enlighten the people on this insurance knowledge. The government should also try to control the violation in the companies so that the people can accept the insurance they are offered because they are kind of doubting the fate about some insurance.
What do you understand by the name insurance?
Insurance can be defined as the indemnity against what will happen in the future knowingly or unknowingly like unplanned event. In life, there is what they risk and risk I’d what every human being take everyday. So risk in Nigeria insurance companies is what have been done every time. In 1921, the royal exchange assurance company was introduced to Nigeria, also in 1949, three other insurance company was established. So from the time Nigeria gained her independence 1960 till date, there are whole lot of insurance companies that has come into existence. Taking about the business, it products good services to satisfy her customers as a business owner under insurance they make huge products yearly and as a normal business they face some risk in terms of managing it. This challenge may be the outbreak of fire, theft and so on. Which may lead the owners you commit there own profits or money to suit their customers. This insurance companies are business of committing good faith which the company will compensate the policy holder of the company when there properties are damaged may be by accident or whatever the good part of this insurance business business Is that it is lucrative in nature, it help in improving the countries economy by increasing the employment rate. Study have made it easy to know how profitable this business is.
Some investor or share holder may not be informed, they lack knowledge of insurance on how profitable or the risk involved in it. So they go forward to partner with them. In 60’s before the outbreak of the civil wars in Nigeria in 1967, the united kingdom leased some equipment to Nigeria but due to the war there was difficulties In exchanging this equipment. The company that was contracted in Enugu by the civil engineers to leased this equipment. In time the owner, Marlum suffered due to some infrastructure he could pay back, then he wrote a letter to the company that he was going to receive the goods from, that they will receive there money gradually. He died later on.
Some terms in the business.
Lease: is person whose property has been leased or someone who lease a property.
Lease : is an agreement made by the owner of a property and the party that wants to make use of the property.
Accident : an unplanned event that happened unfortunately.
Cover: a protection cover.
Broker: an insurance that act on behalf of insurer and arrange their business.
Insurer: a person who demands for insurance after a claim.
Claim : is a payment made after any insured has occurred
Insured : the person or business that cover the insurance policy.
Insurance industry is a financial sector. They manage people funds and protect the people under them, even there security, which helps the economy grow. Insurance is very important because different people come together to contribute and compensate the few ones who lost their finance due to accident or whatever, so they won’t suffer without asking for anything in turn. In 19th century the british government established an insurance industry in Nigeria a lot of legalize has been made since them but before they established it there was some traditional insurance guide that the society had. Some groups like age grade, people’s club and so on, were in mutual relationship within themselves and they showed love to the unfortunate ones anongs them.
The main objective of this insurance.
They came to emphasis on the development of insurance in the country and to know the growth of the economy.
They provide loans for parties maybe for building and securities and they encourage the promoting on commercial enterprise.
They compensate the victim that are involved in some accident.
Importance of insurance.
Due to the risk involved in business it is advisable to join and your secure business with a trustworthy insurance company.
Peace of mind: insurance is a reliable risk- free and trusted, which can grant you peace of mind when you are a full time partner. The deal is that they will protect you and your property anytime and anywhere.
The best thing to do: thinking about anything best for your business is to secure your business under any insurance company incase of any accident because you can’t tell the future.
Benefits of insurance.
People do not know how beneficial this insurance is to the people, organization and the society.
It is so much obvious and important to know that insurance pays of all lost, so far the insurance is covering you.
Insurance has their privacy policy which request to know your financial stability.
They manage the flow of cash uncertainly.
It promote the people risk control activities.
They grant loan to individuals and organization which will pay later on.
They help in compensating the unfortunate victim in the society such as accident.
Insurance helps in providing the required funds and the lacking infrastructure in the society.
It provides job opportunities to the people of the society.
Insurance helps the government in providing funds used in basic things and infrastructure.
The risk thousand of people will take, it will just be a body that will take the risk.

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