Reinsurance What Is Reinsurance? Reinsurance is also known as insurance for insurers or stop-loss insurance. Reinsurance is the practice whereby insurers transfer portions of their risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance …. Read More
Reinsurance: Functions and Uses. You may already be aware that some insurance companies buy insurance policies of their own, a process known as reinsurance. But why would an insurance company seek to insure other insurance companies in the first place? The reasons are the major functions …. Read More
Insurance Renewals Definition: insurance renewal is the end of the effective period of an insurance policy, at which time the insurance provider may change the premiums charged to the insured before a new policy period begins. Louise received a notice from her insurance company stating that her insurance renewal was coming up next month, …. Read More
Insurable Interest What Is Insurable Interest? Insurable interest is a type of investment that protects anything subject to a financial loss. A person or entity has an insurable interest in an item, event or action when the damage or loss of the object would cause a financial loss or other hardships. …. Read More
Application of Insurable Interest in Life Assurance. Four features of an insurable interest Presence of property rights or interest Potential insurable risk must be present The property must have monetary value The insurable risk must be legal There must be the possibility of suffering financial loss in case of a risk …. Read More
CA/Test, Insurance. Time: 1hour:30 minutes Questions 1. Define Reinsurance 2. How does reinsurance work? 3. What are companies that seek reinsurance call? 4. Explain the term “Insurance renewal.”
Aviation Insurance: Liability Arising from Aircraft Operation, aka Aviation Liability Insurance. What is Aviation Liability Insurance? Aviation insurance generally is insurance coverage available to cover the operation of aircraft, including drones, and the risks involved in aviation. Aviation liability insurance insures the owner of an aircraft against losses caused by having to …. Read More
SS3 Insurance Examination Time: 2hour. Answer all questions. 1. Define the term “insurance renewal?” 1b. Why are insurance renewal more expensive? 2. Explain the term, insurable interest in life 3. Write on insurable interest in life insurance.
Insurance Premium (4) Insurance Premium i. Meaning ii. Factors to be considered when determining a premium iii. Factors responsible for loading premium iv. Return premium – Partial and full return – Reasons for returning premium Insurance Premium What Is an Insurance Premium? …. Read More
Factors on Premium: Focus on Health Insurance. It may come as a surprise to open your health insurance bill only to find out that the renewal premium has increased. Unfortunately, increasing premium costs are for real, but one cannot ignore the fact that health insurance is a requirement even if it …. Read More
YHWH YESHUA HAMASCHIAC School, SS3 Resurrection Day/Second Term, Insurance CA Test 1. 2021. Insurance CA Test. Time: 1hour:30minutes. 1. Describe loading in Insurance policies. 1b. What are factors that affect loading in insurance policies? 2. Briefly explain how Insurance premium work?
Fire Insurance -Introduction. Fire insurance is a type of property coverage that pays for damages and other losses that you may suffer from a fire. It covers the cost of repairing or replacing damaged property in your home, as well as costs of living if you have to move out while your …. Read More
What does fire insurance for residential buildings cover? Household insurance comes in many forms with varying coverages, terms and conditions. Fire insurance is one of the more basic protections available to an owner of a property, covering the building and/or its contents. Homeowners insurance (also known as home insurance) isn’t a luxury; …. Read More
SS3 Insurance CA Test 2- Assignment. Questions below are culled from WAEC School sites WAEC 2018 Section A. A document issued by an insurer giving temporary protection to the insure is? A. endorsement B. certificate C. proposal form D. cover note Section B Answer and discuss or explain your answers 2 The financial interest …. Read More
What is Insurance? Represented in a form of policy, Insurance is a contract in which the individual or an entity gets the financial protection, in other words, reimbursement from the insurance company for the damage (big or small) caused to their property. The insurer and the insured enter a …. Read More