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Insurance 

  • Insurance refers to cover for a possible event that may cause a specified loss/ damage.
  • An agreement whereby the insurer undertakes to indemnify the insured in the event of a specified loss/damage.
  • The insured has to pay a premium for specified losses/damages covered. 
  • A contract between a person/business/insured requiring insurance cover and the insurance company/insurer bearing the financial risk.

 Examples of insurable risks 

  • Fidelity insurance
  • Money in transit
  • Theft
  • Burglary
  • Fire
  • Damage to/Loss of buildings/premises/equipment/vehicles/assets
  • Natural disasters 
  • Injuries on premises
  • Life

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