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Due to religious morals, terms like Islamic banking and Sukuk bonds have been introduced to the market. They achieve the same result as their equivalent counterpart while observing the Islamic sharia laws. On the part of insurance, Takaful insurance is what exists. This insurance aims at providing coverage for members of a certain group from […]

Insurance is basically the transfer of the risk of specific valuables, from one entity to another. The insured in turn pays the insurer, a premium periodically, depending on the policy. However, taking a more detailed look, you can only take up an insurance policy when you have an insurable interest. Therefore, an insurable interest is […]

The legitimacy of insurance is based on the fact that a contract binds a policy purchased. It is this contract that dictates the rules and regulations of an insurance policy. It governs the holder and the company itself. In a situation where the policy is voluntarily terminated before its maturity, the surrender value is what […]

An insurance premium is the amount of money you pay as an individual or business to get covered under an Insurance Policy. It is oftentimes calculated using a mathematical and statistical approach by the insurance carrier to determine how much to charge you. However, there are times when your insurance premium suddenly goes up for […]

The broad nature of insurance means that you could have different parties to consider in an insurance claim. This includes the insurer, the insured, and other third parties. As a result, sometimes damages might be incurred by the insured which, although covered in his policy, resulted from the recklessness of a third party. In such […]

It is a well-known fact that insurance companies only pay for what they cover in the policy contract. Therefore, you can damage your car, along with the engine or even have a disability in the process and not get cover because your policy isn’t broad enough. In situations like this, the insurer can stick to […]

Individuals purchase insurance policies because they intend to transfer the risk associated with certain assets. Hence, there are common policies like business insurance, auto insurance, home, and personal insurance. However, it becomes unclear for business individuals in knowing what specifics your policy covers, as in this case, insurance for riots looting.  This is the one […]

Risk is an inseparable element in our lives and in the world. Ever since the dawn of civilization, risk management had become a necessity. Innovators attempted to develop a scientific risk management scheme.  Finally, in the 17th Century, they had a breakthrough and they presented us with Actuaries. Actuaries function in all sectors and aspects […]

 The purpose of getting yourself insured is to guarantee compensation for specified loss, damage, illness, or death. It is important for you to prepare against any eventualities, and when doing this, you want to do it right. Unfortunately, many people dabble into insurance agreements without equipping themselves with sufficient knowledge as to how it works; […]

Although one of the most profitable businesses you can engage in today, agriculture is also very volatile. From farm produce to crops and livestock, a disease could ruin millions or a flood destroy seedlings. Therefore, what’s certain is that you need a way to mitigate risks and save costs in case of eventualities. Therefore, you […]