Generic

1.    What is Insurance?
Insurance is a contract in which an insurance company commits to compensate an insured upon occurrence of an insured event.

2.    Why does Insurance matter?

The major role of Insurance is to provide a peace of mind to the insured who could be; 
•    An Individual/ Family 
•    Business /Company 
•    Society/ Economy

Importance of Insurance to an Individual/ Family 
•    Insurance provides security and safety 
•    Insurance Affords peace of mind 
•    Insurance protects mortgaged property 
•    Insurance eliminates dependency 
•    Life assurance encourages savings and profitable investments

Importance of Insurance to a Business /Company 
•    Uncertainty of business losses is reduced 
•    Increased business efficiency since insurance compensation provides the funds for business continuity

Importance of Insurance to Society/Economy 
•    The wealth of society is protected 
•    Economic growth for the country through the contributions to GDP 
•    Job creation for insurance professionals

 3.    What Is an Insurance Claim?
An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

4.    How can someone make claim for compensation?
Step One: Notify your insurer of the loss as soon as possible.    
Step Two: Submit all the required documentation to your insurer as soon as possible.
Step Three: Your insurer will appoint an assessor in case your claim requires one. 
Step Four: Your insurer will then make a settlement offer or communicate rejection of your claim.
Step Five: If you received a settlement offer, your insurer will then settle the claim.

5.    How can someone purchase Insurance?
Below are the ways:
•    Directly approaching the insurance company/insurer
•    Through an Insurance Agent
•    Through a Bancassurance Agent
•    Through an Insurance Broker

6.    What are the different types/categories of Insurance?
•    Non-Life Insurance
•    Life Insurance

Note:
In Insurance, fraud exists where someone knowingly lies to obtain a benefit or advantage to which they are not entitled or someone knowingly denies a benefit that is due and to which someone is entitled.