Frequently Asked Questions

1. What is term Insurance?
Insurance is a protection against financial loss arising on the happening of an unexpected event. It is a system by which the losses suffered by a few are spread over many exposed to similar risks.
2. Why do I need Insurance?
Insurance products help you by providing a financial cushion against adverse financial burdens suffered due to unforeseen incidents.
3. What can I get covered under insurance?
Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged, due to unforeseen events/circumstances can be covered through insurance. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also your liability towards others can be covered.
4. How can I file complaints against an Insurance company?
You can file a complaint through the various Trade Associations within the Insurance Industry i.e the Nigerian Insurers Association (NIA) in the case of Underwriters and the Nigerian Council of Registered Insurance Brokers (NCRIB) in the case of Insurance Brokers. Complaints can also be made to the National Insurance Commission (NAICOM), the Insurance Industry Regulatory Body.
5. Where can I gain professional knowledge of insurance?
The Chartered Insurance Institute of Nigeria (CIIN) is the educational arm of the insurance body. It is charged with the duty of determining the standard of knowledge and skill required for individuals who wish to practice Insurance in Nigeria.
6. What is the Insurance Industry Consultative Council?
It is the body with the responsibility of being the unifying voice of the Insurance Industry and a clearinghouse for information about the insurance industry and as the interfacing body between the industry and other parties.
7. How can I lower my insurance costs?
Talk to a Registered Insurance Broker.
8. What can I do to make sure that I have enough insurance?
Talk to a Registered Insurance Broker.
9. What is Replacement Cost?
It is the cost of replacing an insured property at the present market value.
10. What is a Deductible?
A Deductible is an amount the insured bears out of the sum insured in order to reduce the premium payable by the insured.
11. How old should you be to get life insurance?
18 years and above.
12. How does an insurance broker make money?
By earning commissions as stipulated by law.
13. How do I ensure my risks are well calculated?
Talk to a Registered Insurance Broker.
14. What are the classes of compulsory insurances?
● Group life Insurance in line with the Pencom Act 2014
● Employers liability in line with the Employee Compensation Act 2010
● Buildings under construction-section 64 of the Insurance Act 2003
● Occupiers liability insurance –section 65 of the Insurance Act 2003
● Motor Third party Insurance –section 68 of the Insurance Act 2003
● Health Care Professional indemnity insurance-under section 35 of the NHIS Act 1999
15. How do I renew my expired insurance documents?
Contact your agent, broker or the insurance company directly.

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