It is essential to understand the importance and drawbacks of life insurance before opting into it. The Advantages of Buying Life Insurance Over half of all Americans (54%) have a life insurance policy as of 2021, and at least fifty percent of adults look up life insurance information online. It’s clearly a hot topic, so … Read more
Insurance companies are facing some great challenges depending on market value which is affected by demands and provision values. These are challenges that affect the Insurance industry Changing Customer Expectations Customers today expect seamless, personalized experiences across all touchpoints. According to a recent Mckinsey report, “Insurers that fail to deliver on customer expectations risk losing … Read more
It is important to understand the difference between Insurance and Reinsurance. Both terms meant for same purpose but acts different on approach. The term insurance is defined as a contract between two parties’ insurer and insured, whereby the insurer agrees to indemnify certain losses caused to the insured, for adequate consideration, i.e. premium. The party … Read more
The term insurance is defined as a contract between two parties insurer and insured, whereby the insurer agrees to indemnify certain losses caused to the insured, for adequate consideration, i.e. premium. The party who look for obtaining insurance policy is called insured, whereas the party which assures the other to mitigate the risk is called … Read more
Reinsurance is used to mean an insurance contract between the ceding company and the reinsurer, whereby the two parties agree to transfer and accept respectively, a definite proportion of risk or liability, as defined in the agreement. In this article, I’m going to share with you eight types of reinsurance 1. Treaty Reinsurance: A standing … Read more
Insurance is the act of indemnifying the risk, caused to another person. Conversely, reinsurance is when the insurance company takes up insurance to guard itself against the risk of loss. The two concepts are very similar to each other but may differ in they way; they are applied. Old Mutual Old Mutual car insurance stands … Read more
1. What is Insurance? At its core, insurance is a contract between an individual or entity (the policyholder) and an insurance company. In South Africa: The policyholder pays a premium In return, the insurance company provides financial compensation or coverage for specified risks outlined in the policy Insurance allows South Africans to transfer the financial … Read more