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How ‘no premium no cover’ affects you

Premium in its simpliest term is the money or price paid by buyers of insurance for the risk transferred to insurers for the cover granted by them. In legal terms, and under an insurance contract, premium is the valuable consideration that must be present for it to be valid or enforceable by the insured (i.e. insurance buyers) and the insurers (i.e. insurance firms).

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W-Africa trade centre to come on stream

Apparently desirous of bringing back the entrepreneurial spirit of Ndi Anambra in the area of human endeavours, a group of Anambrarians that found themselves in the enclave of Balogun Business Association (BBA) has risen to check the brain drain currently being noticed in the state. The group under the acronym, Youths Initiatives for the Restoration of Positive Values in Anambra State ( YIRPVAS) who said that citizens of the state have laboured variously in the development of other states and have left their own state fallow and unattractive, has decided to replicate what they have in various parts of Nigeria in their home state.

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Risks you are exposed to and how you can manage them (2)

For a risk to be insurable, there must be an element of uncertainty whereby the unfortunate may happen or may not happen. That uncertainty element allows the insurer to predict by the use of the law of large numbers and probability theory, that from a homogenous group transferring their risks, a given percentage might incur losses, and from the contribution of the homogenous group, the insurer can compensate the few amongst them.

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