The maximum amount recoverable under any policy is limited by the sum insured. This means, the insured will received no more than the sum insured even though the sum that would be required to provide a full indemnity is higher. However, there are ways where indemnity could be limited. An excess in a way in which inde... More..

Reinsurance is a process whereby an insurer effects cover with the other insurers or specialist reinsurers as a protection for a risk or group of risks which he himself has accepted. It is necessary for companies to reinsure to take advantage of the law of large numbers. Usually, when a company insures a big risk, it may n... More..

The steps in making a death claims are :- 1) The death is notified to the insurer by the nest of kin, executor or perhaps building society. 2) the insurer explaines tothe deceased's representative the documents required toprocess the claim. In addition, a "discharge form" is issued by the insurer detailing the... More..

Deductibles are " self insurance retention". It is one of the loss participation mechanism devise by the insurance company by making the insured person his own insurer by bearing a certain amount of loss himself, say e.g. $2500 on each and every claim submitted. This is agreed by both party at the time of negotia... More..

A structured settlement is a way of paying common lawa damages, i.e. damages awarded in a court case, for personal injury or death claims specifically. In place of offering compensation in the form of a lump sum payment, structured settlements allow a series of payment to the plaintiff over a period of time instead. In ... More..

A bottomry bond was a note, given by the owner of a vessel to the money lender who financed the voyage, using the ship as collateral. The shipowner repaid the loan plus an interest charge if the voyage was successful. However, the owner was discharged from debt if the vessel was lost. The interest charge, to the exte... More..

When you assembling your team, here are the people you should include as per Mark H.Mc Cormack in his boook titled " Never Wrestle with a Pig" :- 1) People who want you to suceed - in any organization,there are a handful of people who are clearly for you and the vasr majority whose intentions are vague or no... More..