FAQ
- An insurance broker is a limited liability firm that is independent of insurance company
- An insurance broker is a certified professional and practitioner in in the practice of insurance business
- An insurance broker has sound knowledge about the technicalities of insurance business and are to guide prospects and clients when entering into any form of insurance contracts
- Insurance Brokers are intermediaries between the insurance companies and the insuring public
- They offer unbiased insurance consultancy service to the insuring public
- Insurance brokers ensure that the assets of clients are appropriately insured with viable insurance companies
- They negotiate with insurance companies to obtain the best rate and terms for their clients’
- Brokers negotiate to get the maximum claims from the insurance companies and promptly too.
- Brokers works with clients at the time of loss to mitigate against such loses.
Brokers fee or commission is built into every insurance premium the client pays. Whether you use a broker or not, the insurance premium you pay contains broker’s commission. Thus, the insurance companies pay the brokers an agreed regulated commission or fees.
Insurance a risk transfer mechanism whereby one party (the insurance company otherwise known as the insurer) undertakes to carry the risk of the client (Insured) on payment of a consideration or small amount of money (premium) with a promise to indemnify or compensate the client in event of the occurrence of the loss insured against.
An Insurance broker is an intermediary or consultant in insurance business and act as a legally recognized agent between the insurance company and the client at the time of entering the contract, during the period of insurance and at the time of claim. An insurance broker is registered with CAC and licensed by National Insurance Commission (NAICOM).
An Insurer is a company during registered by CAC and licensed by the National Insurance Commission (NAICOM) to take over the risks of the insuring public in exchange for a consideration or premium.
He is an individual or corporate body who is covered or protected by a particular insurance contract.
It is a token or small amount of money paid by the insured to the insurance company to purchase an insurance cover.
A renewal is a new insurance contract which comes up immediately after the expiration of an existing insurance contract to ensure the asset or contingency insured maintains the insurance cover.
It is the document which evidences the contract of insurance between the insurance company (Insurer) and the client (Insured). It clearly states the terms, conditions and exceptions of an insurance contract.
It is a form designed by the insurance company (insurer) to illicit all the information needed by the underwriter for the assessment of the risks. It is the basis of the contract of insurance.
To restore or reinstate the Insured to the original state or wellness of position he was before the loss occurred. It provides financial protection to the asset(s) or life or lives insured against.
A loss that can be calculated in monetary terms (that is, in Naira, Dollars, Pounds etc.). that is linked to the happening of a particular event.
All general and life insurance products namely;
motor vehicle, property, general accident, engineering and construction, marine & aviation, oil & gas, Bonds & related credit guarantee, group life, individual life, health, annuity etc.
- Motor third party
- Employer’s liability/workmen compensation
- Group life
- HealthCare professional indemnity
- Occupiers’ liability (insurance of public buildings)
- Builders’ liability (insurance of buildings under construction)
- Aviation third party
- Marine insurance
Third party motor vehicle insurance and Travel Insurance
Copy of your motor vehicle Particulars; Value of the vehicle (in case of comprehensive motor policy) and means of identification.
Data Page of your International Passport, Duration of your trip, stay and Destination.
Most Nigerians are risk preferers, that is to say, they like to carry their risks by themselves. Lots of them assume that the insurance companies do not pay claims. Claims statistics proved otherwise. In 2019, the gross claims paid by the insurance industry in respect of general business alone is N185.9 billion (Source: NIA Insurance Digest 2019)
For further enquiries, kindly call us with phone no. +234 913 547 4767 or email us at info@diginsurancebrokers.com.ng
HOW CAN WE
HELP YOU?
Contact us at the DIG Insurance Brokers office in Lagos, Nigeria, or submit a business inquiry online.