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Are You Insured?

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Are you insured? Typical response from Nigerians would be: "Why should I be insured?" or "I don't need insurance...God is my insurance!" "If it is the will of God for evil to happen, it will happen!" You may be surprised by these responses, but I bet you that a carrying a survey amongst Nigerians to know if they are insured will give you these responses because of their mindset about insurance. The need for individuals or entities to be insured in these uncertain times in we are in our nation cannot be overemphasized...what with all the security challenges in different parts of our nation, the poor state of road infrastructures, increasing lawlessness amongst certain class of citizens, and the seeming helplessness and lack of political will on the part of those in positions of authority to tackle these national challenges.       Consider the fire incidents at different times in different parts of our nation; pr...
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What Is Insurance?

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What is Insurance? According to Wikipedia, Insurance : is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurance, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder . The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial. but it must be reducible to financial terms. and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract, called the insurance policy, which details the conditions a...
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