What is insurance all about?

Insurance is as old as commerce and graduated from our traditional 'esusu' (local method of contribution by group of people for one of their own who may be afflicted by disaster) with the sole purpose of redeeming financial loss which may be sustained by members should he/she be faced with damage or loss to his property or life. In present day such responsibility has been taken up by Insurance Companies who possess both technical and managerial ability to manage the fund so created by members (called policyholder).
Insurance is a legal contract with consideration exchanging hands by the parties - the insurance company undertake to provide financial protection against the occurrence of agreed risk being transfered by the policyholder for a consideration (called the premium) To appreciate insurance one need to be conversant with its principles - such as insurable interest, utmost good faith, indemnity, to mention but few. By now you would have started thinking in what area you need insurance - you need in your business and personal life.

Do you want to know more or have experience you want to share with members, please feel free to contact me.

Femhans