An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignorwants the assignee to step into his shoes and assume all of his contractual obligations and rights.
double insurance: Situation in which the same risk is insured by two overlapping but independent insurance policies. When an individual has double insurance, he or she has coverage by two different insurance companies upon the identical interest in the identical subject matter. The general rule is that in the event of double insurance, if a loss is caused by the risk insured against, subject to the terms of each insurance policy, the insured may recover the full amount of his loss from whichever insurer or insurers he chooses.
Once you are injured in an accident, receiving compensation is more than just a simply filing a claim with the guilty party’s insurance. Most of the time, there will be negotiating involved with the insurance company along with an extensive investigation of your claims. After all of this, insurance companies may still low-ball your claim, and knowing how to proceed can be very important.
premium loading; The amount an insurer needs to cover its expenses and generate profit. Excess imposition - Your insurer may impose a non-standard excess, because of the number of claims you have had, or other factors which may mean you are more likely to make a claim.
In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured. Life insurance contracts, personal accident and sickness insurance are examples of non-indemnity insurance. A benefit policy is the advantage, privilege, right, or financial reimbursement (such as that made under an insurance policy, medical plan, or pension plan). for example life insurance is non-indemnity insurance.
Insurer XYZ is jointly covered for two lines surplus treaty reinsurance by reinsurers I,J,K and L for a retention limit of N120,000. The amount of cession for reinsurer K if all reinsurers share the risk equally with the sum insured of N360,000 is?
Marine cargo insurance indemnifies the insured for a loss of?
marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways. shippers can request cargo insurance to protect their goods from loss, damage, or theft while in transit. consignment is a batch of goods destined for or delivered to someone.
The objectives of the Institute is to establish and sustain a professional body of practicing Loss Adjusters in Nigeria; to engage in activities that will ensure the general welfare and public well being of Insurance Loss Adjusters and to take necessary actions for the advancement of education in the field of loss adjusting in Nigeria. The objectives shall be pursued: