Insurance Questions and Answers

Fidelity Guarantee policy indemnifies against infidelity of an employee which leads to financial loss. It covers for the loss of money, goods and/or stock arising from dishonesty, embezzelment or misappropriation of company's funds &/or property by employees.

A blanket policy is a form of property insurance that covers more than one type of property at one location, or the same type at various locations, or multiple types at multiples locations. It allows the policyholder to extend the coverage of a basic homeowner's policy.

An actuary is a business professional who deals with the measurement and management of risk and uncertainty. Being an actuary means having highly valued mathematical skills and expertise. Actuaries come from different academic backgrounds but share a love of maths even if they haven’t done a maths degree.

Proximate cause is a key principle of insurance and is concerned with how the loss or damage actually occurred and whether it is indeed as a result of an insured peril

The purpose of an endorsement is a policy change. Insurance companies create endorsements to offer options to insureds to add coverage or increase coverage limits, but insurers may also issue special endorsements to limit or restrict coverage. Insurance endorsements are used in property and casualty insurance.

Medical care expensesinclude payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body.

Term insurance is generally cheaper because the coverage is only provided for a specific period of time. In most cases, the insurance company will never pay out because you will outlive the term and the policy will expire.

A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit.

return premium. An amount, equal to a fraction of the premium, which is given back to the insured in the case of a cancellation, an adjustment to the rate, or an overpayment of an advance premium

The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.

A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.