Insurance Questions and Answers

A certificate of insurance is a document used to provide information on specific insurance coverage. The certificate provides verification of the insuranceand usually contains information on types and limits of coverage, insurance company, policy number, named insured, and the policies' effective periods.

A cover note is a temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued. Acover note is different from a certificate of insurance or an insurance policy document.

comprehensive cover = 10% + 2.5% of N1.5M

150,000 + 37,500 = 187500

The principle of contribution comes in play here. The principle holding that two or more insurers each liable for a covered loss should participate in the payment of that loss. Having paid its share of a loss, an insurer may be entitled to equitable contribution—a legal right to recover part of the payment from another insurer whose policy was also applicable.

No explanation has been provided for this answer.

Fully Insured is another way of saying there is no-risk or liability as the policyholder and the insurance company assumes all the risk aside from paid premiums.

Goods in Transit policy (GIT) covers the goods of the insured against fire, theft or accidental damage while thegoods are being loaded or unloaded, as well as, while the goods are in transit or whilst temporarily housed within the general course of transit.

The Company started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent Company, Royal Exchange Assurance, London, (REA...), was then established in Lagos on February 28, 1921. REA was originally founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter.

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & healthinsurance.

A proposal form is a standard printed document that is completed by a person who is requesting insurance coverage. The main source of information in an application for risk coverage is the proposal form that the applicant or the intermediary submits to the insurer.