Insurance Questions and Answers

A physical hazard is defined as "A factor within the environment that can harm the body without necessarily touching it. Vibration and noise are examples of physical hazards".

Physical hazards include but aren't limited to electricity, radiation, pressure, noise, heights and vibration amongst many others.

Welding is a potentially hazardous activity and precautions are required to avoid electrocution, fire and explosion, burns, electric shock, vision damage, inhalation of poisonous gases and fumes, and exposure to intense ultraviolet radiation.

History of Insurance in Nigeria. This form of social insurance is still in existence in Nigeria among community groups. In the 20th century, the British merchants introduced modern commercial insurance into West Africa. In 1921, the Royal Exchange Insurance established the first insurance company with a branch in Lagos.

cooling-off period,is a period during which you can cancel the policy for any reason. If you cancel, you should get a refund of any premiums you've paid, but the insurer is allowed to charge to cover days when the policy was in force, plus an administration fee.

The objectives of the Institute is to establish and sustain a professional body of practicing Loss Adjusters in Nigeria; to engage in activities that will ensure the general welfare and public well being of Insurance Loss Adjusters and to take necessary actions for the advancement of education in the field of loss adjusting in Nigeria. The objectives shall be pursued:

• By establishing and maintaining institutions, libraries, schools, and recreation centres for the succour, assistance or education of its members, and the public in Nigeria in Loss Adjusting.
• By applying the Funds of the Institute in the purchase of proprietary or other interests and the establishment of projects the proceeds of which shall be appropriated wholly and entirely for charitable purposes and public well being of Loss Adjusters in Nigeria.

A limited premium payment plan is a plan where you paythe premium for a shorter span of time and enjoy the benefits of an insurance cover for a long time.

marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways. shippers can request cargo insurance to protect their goods from loss, damage, or theft while in transit.

consignment is a batch of goods destined for or delivered to someone.

No explanation has been provided for this answer.

In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured. Life insurance contracts, personal accident and sickness insurance are examples of non-indemnity insurance.

A benefit policy is the advantage, privilege, right, or financial reimbursement (such as that made under an insurance policy, medical plan, or pension plan).

for example life insurance is non-indemnity insurance.

premium loading; The amount an insurer needs to cover its expenses and generate profit.

 Excess imposition - Your insurer may impose a non-standard excess, because of the number of claims you have had, or other factors which may mean you are more likely to make a claim.

Once you are injured in an accident, receiving compensation is more than just a simply filing a claim with the guilty party’s insurance.

Most of the time, there will be negotiating involved with the insurance company along with an extensive investigation of your claims. After all of this, insurance companies may still low-ball your claim, and knowing how to proceed can be very important.