Back to Course

JSS2: BUSINESS STUDIES – 2ND TERM

0% Complete
0/0 Steps
  1. Bank Services | Week 1
    8 Topics
    |
    1 Quiz
  2. Insurance | Week 2
    6 Topics
    |
    1 Quiz
  3. Personal Qualities of an Entrepreneur | Week 3
    1 Topic
    |
    1 Quiz
  4. Business Opportunities | Week 4
    2 Topics
    |
    1 Quiz
  5. Consumer Rights and Responsibilities | Week 5
    2 Topics
    |
    1 Quiz
  6. Shopping Tips | Week 6
    4 Topics
    |
    1 Quiz
  7. Bookkeeping Ethics I | Week 7
    2 Topics
  8. Bookkeeping Ethics II | Week 8
    2 Topics
    |
    1 Quiz
  9. Ledger Entries | Week 9
    3 Topics
    |
    1 Quiz
  10. Petty Cash Book | Week 10
    5 Topics
    |
    1 Quiz



  • Do you like this content?

  • Follow us

Lesson Progress
0% Complete

There are different types of insurance that could be taken in Nigeria today, some are:  

Life Insurance:

There are two types of life assurance policies. One of these is whole life assurance and the other, endowment assurance policy. A whole life assurance policy is taken by an individual to cover his lifetime. A sum is payable to his dependents only when he dies. While with endowment assurance policy the money is paid after a specified number of years or at the death of the assured, anyone that comes first.

The policyholder typically pays a premium, either regularly or as one lump sum. Expenses such as funeral expenses are part of the benefits that may be included.

Motor Vehicle Insurance:

This type of insurance covers risks against damages, losses involving motor vehicles. Some motor vehicle policies are;

Comprehensive Policy:

The comprehensive policy is the best motor vehicle insurance coverage and the most expensive because the policy covers the insured vehicle, occupants, and damage to the third party in case of an accident.

Third-party, Fire, and Theft:

This policy covers the Insured for death/injury to a Third Party and liabilities, including fire and theft of the vehicle while the policy lasts.

Third-party Only:

This policy does not cover the insured vehicle but only the third party vehicle. The passengers and non-passengers who suffer injuries in the cause of an accident will be compensated.

Fire Insurance:

This policy is taken to cover all risks associated with fire. It covers the loss of properties through accidental fire outbreaks.

Burglary of Theft Insurance:

This type of insurance cover is taken against forceful breaking and entry into a dwelling place or business premises for theft.

Marine Insurance:

This policy is taken to cover all risks associated with vessels moving on high seas or territorial waters.

Aviation Insurance:

This policy is taken to cover all risks associated with the use of aeroplanes of various types such as passenger planes, cargo planes, aircraft’s owners, and any possible loss that may occur as a result of air accidents or disasters.

Fidelity Guarantee Insurance:

This policy is usually taken by an organisation against the loss that might arise if a worker placed in a position of trust, or charged with the responsibility of keeping huge sums of money, is dishonest, fraudulent, or misappropriates funds.

Pension Insurance:

A pension fund is a type of insurance where an employee contributes part of his or her current income to an insurance company with the aim to build a fund for his or her retirement.

Health Insurance:

Health insurance is coverage paid for by an individual to help cover the cost of possible future illness and surgical expenses.

The health insurance company will reimburse the insured for incurred expenses from illness or injury. Employers often include this in employer benefit packages as a means of enticing quality employees, with premiums partially covered by the employer but often also deducted from employee paychecks.

Responses

Your email address will not be published. Required fields are marked *

error: