Category: Commerce

Education policy – the high demand for education and its increased cost especially in secondary schools and tertiary institutions has necessitated the need for many parents to take out school fees policies for their childrens education. Key – mans insurance Read More …

If one had defaulted on some premiums. If the insured has intentionally instigated or caused the occurrence of the insured risk. If the loss suffered is not directly related to the insured risk. If the occurrence of the insured risk Read More …

Reporting to the insurer-incase a loss or risk for which an insured is covered by the policy occurs, the insured is required to report to the insurer within a specified period of time. Filling in the claim form-on reporting, a Read More …

Identifying an insurer-one should start by comparing the policies offered by various available insurance companies. Either by directly approaching the insurance company or using a trust worthy insurance broker/agent. Insurance broker-this is full time insurance agent who works for different Read More …

Over insurance occurs when the insured states a value for the property being insured that is higher than the true value of property.one is only compensated the true value of property although the insured pays higher premium. Under insurance-this occurs Read More …

Re-insurance can be defined as a circumstance under which a firm may decide to insure itself with another large insurance company against the risk that is covering.the following are the circumstances for its occurrence; If the no of people insuring Read More …

INSURANCE GAMBLING Insurance is aimed at an unfortunate person who has suffered a loss.  It assist a person to restore his financial position.  The insured does not gain anything. In gambling the money gained is out of a win which Read More …

LIFE ASSURANCE            GENERAL/PROPERTY The insured risk is bound to happen The event is insured against may not happen Appreciates in value.at the end of the stated period the sum assured is higher The sum insured remains the same. May be Read More …

Motor policy – this can be third party or comprehensive. A third party is an agreement between another party who may be insured/whose property damaged by the insured vehicle and is usually compulsory in Kenya. A comprehensive is one which Read More …

Endowment policy Whole life policy Premiums are paid for a fixed period of time. Sum assured paid after expiry of the fixed period. The insured can decide maturity. Acts as a saving for insured or his dependant. Premiums paid are Read More …