The first large insurance company and the most famous in the world today is Lloyd’s of London. This company was founded in 1689 by a group of men who met in Lloyd’s coffee house in London, and originally sold only ship insurance.
Insurance is a mechanism or method in which one party (insured/customer/client) transfers potential risk to another party (insurance company) in exchange for monetary compensation
Is the equitable transfer of the risk of a potential loss from the person insuring to the insurance company for a premium and duty of care.
Insurance products provide a peace of mind, investment of funds, mitigates risk and investment of funds..
PAX is fully owned by the Catholic Church in Uganda and started operating in 2008
Insurance is a contract between the insured and the insurer and proposal form forms a basis of this contract. It contains all the required information for the preparation of the policy. The policy becomes evidence of contract between insured and insurer.
The money charged by insurance companies for insurance services.
Insurance provides a peace of mind, mitigates risk and are a long term financial plan.
This type of insurance is purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.
•Motor Third party - Gives you the minimum cover you need by law -third party liability risks. It means that if you cause an accident, the cost of damage to other vehicles is covered.
•Motor Comprehensive - The widest form of cover available, although it cannot protect against every conceivable risk. The main benefit is that it will pay for repairs or there placement of your car if it’s damaged or stolen. Fully comprehensive policies also include personal accident insurance, providing payments for death and specified serious injuries such as the loss of a limb or sight
An underwriter is a person that works inside the insurance company who looks at you, and looks at the risk, and decides whether or not you're insurable.
The premiums for different insurance polices vary depending on the type, risk and the insurance company. It is calculated basing on the risk exposure and premium rates.
There are factors you should consider, these are:
When talking about financial firms, is not complete if you do not talk about finances. The
financial strength of insurance related to the company’s financial ability to fulfill its promise if
the situation requires
-Provide a list of contents and their value in the premises
-Provide estimated First Loss Sum Insured (FLSI)
-provide limit for any one transit (highest) to the bank
-Provide limit any one transit (highest) from the bank
-Provide limit cash in premises (highest) during day
-Provide limit cash in premises (highest) after working the day
-Provide limit of cash in hands of Authorized persons for purchases
-Provide estimated annual transits in a year
3. All risks
-Provide list and total value of contents in the premises
-Specify serial numbers of each if possible
4. Computer and Electronic Equipment (covers computers)
-Provide total value of contents in the premises
-Provide list of the above contents in the premises
-Provide serial numbers
5. Fidelity Guarantee
-Provide a list and names of staff to be covered
-Limit of guarantee per staff
6.Fire special perils
-Provide list of buildings and contents in the premises
(this excludes what is listed Computer & Electronic Equipment and
All Risks above)
-Provide total value of buildings and contents in the premises.
7. House/Holders (for contents in residential Houses)
-Provide a total list of contents in the premises
-Provide Total value of contents in the premises
-Provide limit of personal liability
8. House Owners (for residential buildings)
-Provide total value of residential building
-Provide value of 3-months rent, if rented contents
9. Public Liability:
-Provide basic limit of liability for the company any one-year
-Provide basic limit of liability for the company any one accident.
-Provide extensions required e.g, car park, loading, food poisoning
10. Motor comprehensive private/commercial:
-Provide market value of the vehicle
-Provide log book
11. Motor third party:
-Provide a copy of log book either original or photocopy
12. Mortgage Protection:
-Provide evaluation report of the building and certificate of ownership
and for motor vehicle a copy of log book and value is required.
13. Travel Insurance:
- Provide destination details
names of traveler, Age, Nationality, pass port number, number of days to be spent
while on the trip, travel company.
14. Loans protection:
- provide a list of borrowers, amount and payment duration.
15. School insurance Package:
- Provide number of students
A formal request to an insurance company asking for a payment based on the terms of the insurance policy. Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved.
The more required information you provide the quicker your claim can be processed.
a. Personal accident-body injury or death
b. Workers compensation
e. All risks
f. Money/ miscellaneous accidents
a. Behave as if you are not insured. Immediately notify the Police and/or appropriate authority (such as Local Council) in the area where the loss or accident occurred
b. Know the names and addresses of all witnesses.
c. If you have a camera, take photographs of the scene of the accident before anything is moved.
d. Do all that is reasonable to mitigate loss.
e. Immediately notify to your Insurance Broker and/or PAX Claims Department giving as much details about the accident as possible.
g. Make sure you have a copy of your policy document and premium payment receipt.
h. All communication (letters, e-mails, claims, notice of intent to take legal action, writes, summons) with respect to loss or damage have to be notified and forwarded to our/ PAX Claims Department immediately.
• You have policy number
• You are given a claim form
• You are give a list of requirements for claim processing
Risk in the context of insurance is the potential of something bad happening, typically. If you own a car, the risk is that you might have a car accident, or someone might steal it, or somebody might vandalize it. If it's your life, there's a risk that you might pass away
A policy is the written contract between you and the insurance company.
A deductible is an amount of money you're going pay before the insurance kicks in
Coverage is what the insurance company says they are going to do if you ever
have a claim.
Indemnify means to insure. It's another name or another word for insurance. If an insurance company says, "It will indemnify you," they are saying, "I'm insuring you." They are protecting you. "You pay us premium; we will protect you and will pay the claim.
PAX Insurance on 16th April compensated Karamoja Indigenous and Modern Health Collaboration Project shs. 34,000,000/= for their pickup which was involved in an accident...[Read on]