Know some cheap-insurance basics.

 Insurance is the process by which a firm offers to indemnify individuals when a predetermined event occurs.. And leads to a financial loss.

Features of cheap-insurance.

  1. An insurance company seeks a permit from authorities to indemnify individuals when a predetermined event occurs and leads to a financial loss.
  2. An individual approaches an insurance company asking to be cushioned from financial losses.
  3. There is contractual agreement between a client and an insurance firm enforced by signing a policy document.
  4. Consideration for the contract is payment of premiums.
  5. Policy holders pay a certain amount of money called premiums
  6.  insurance companies collect premiums from several policy holders, and puts them in a fund. Then financial managers allocate the financial resources in to a fund.

Likely benefits of cheap-insurance.

  1. Peace of mind since. An insurance company takes up the responsibility of risk exposures that you might face.
  2. Training by insurance companies on how to reduce risk exposures.
  3. Employment opportunities for many youth.

Insurance is for you.

Yes, insurance is for you.. if;

  1. You’d rather delegate risk management to another party.
  2. Risk exposures you might face are very large financially.
  3. It is government decree to sought cheap insurance.
  4. You work in a processing plant where you might get injured.

Insurance and risk management.

 Insurance is method of dealing with risk exposures of a third party. That is how insurance business starts from.

Risk management is an ongoing process where individual seek ways to reduce chances of loss. One way of reducing chance of loss is insurance. It’ clear!

Cheap-insurance can be risky too!!

Insurance companies also face chance of loss.

Supposing company A insures 123 individual. After two months 117 individuals come to claim compensation?

That’s for you to take home as homework.

Is the general public aware about cheap-insurance?

Rigorous marketing by the insurance companies increases public awareness about cheap insurance.

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Insurance checklist.

Use this as your guide on insurance matters.

  • Insure all your risk exposures.
  • Always read the policy document well.
  • Do not default to pay cheap insurance premiums.
  • Never lie to the insurance company. It can lead to problems later.

Insurance services checkpoint.

Do you know of any cheap-insurance services?

      Read this…

  • Continuity of business even after losses occur.
  • Restoration to previous state before the loss.
  • Assurance to venture into business without worry of loss thus promoting wealth creation.
  • Stabilization of the economy by taking up most of the risk exposures.
  • Education on how to reduce chance of loss by avoid common hazards.

Commercial banks are offering cheap insurance services?