There are many hidden secrets in insurance that barely no one will ever tell you.
They constitute on alot of things pertaining insurance which you can only find in this article. Please endeavour to read it till the end.
You therefore need to get to know them before getting into any insurance section, be it opening an insurance company, obtaining any insurance policy, claiming insurance compensation and also for general knowledge and study purposes for students.
Hidden secrets in insurance
1. Obtaining insurance policies.
There are so many hidden secrets in insurance concerning obtaining any insurance policy.
It is as easy as drinking water to obtain any insurance policy.
Some insurance companies do not reveal all the terms in the insurance policy. please Incase you are obtaining any insurance policy, endeavor to read that document very well and make thorough consultations where you don’t understand.
Workers in the insurance companies are always very kind and gentle when handling clients who are obtaining insurance policies. Incase you have ever obtained an insurance policy, you know what am talking about.
The hardest insurance policy to obtain is life insurance, it has gotten alot of documents to fill cause the risk to insure against is automatic, it has to happen, so insurance companies do not want any mistakes there meanwhile handling this insurance policy. Every one has to die!!
The cheapest insurance policy to obtain is agricultural insurance policy because even government encourages and subsidies it. This is so because the backbone of our economy entirely relies on agriculture and much of the revenue from exports is just from agricultural products exported so this makes the government to always find possible ways of boosting agricultural production.
Our Government reaches to an extent of calling upon insurance companies to include agricultural insurance policy then it subsidies all insurance companies offering agricultural insurance policy to farmers because agriculture is the backbone of the economy and sensitizing farmers to insure their farms.
2. Compensation claim process.
There are also some hidden secrets in insurance pertaining insurance policy compensation claim, and they are enlisted here;
Obtaining insurance compensation is one of the hardest things ever in insurance.
some insurance companies even reach to an extent of finding ways to doge compensating claimants.
Procedures for obtaining insurance compensation are very long if the claimant is not serious, will even end up giving up.
3. Re- insurance.
This is a state whereby one smaller firm insures itself with another bigger firm.
Yes even insurance companies insure themselves again with bigger insurance companies against certain risks. this is one of the hidden secrets in insurance that is very hard to know.
Good luck to you reading this, you have now discovered it.
4. co-values and Aims.
There are more hidden secrets in insurance when it comes to co-values and Aims attached to insurance.
Insurance is an investment where people invest in insurance companies.
Many people think the sole aim of insurance companies is to restore the affected to their financial state or even nearly to that but this isn’t the case, insurance companies are businesses whose aim is mostly profit maximization.
Though many people think insurance companies make losses, this is highly minimal.
5. Insurance observance.
This refers to forecasting and taking a look through into the dipper happenings in insurance.
insurance observance has some weird secrets underlying in it that people seeking insurance need to take keen attention to.
Many people who seek insurance do not know how to calculate premiums they are paying or to pay, they just wait to be told the premiums to pay.
Maintaining an insurance policy isn’t easy but getting it is easy, as some people become reluctant to pay premiums and update their insurance policy expiry date. this is common with motor insurance.
Some people even do not know what the insurance policy they have obtained or want to obtain covers. we have filled detailed articles on what your target insurance policy covers, you can check through them in our website.
This makes them seek for compensation against occurrence of a risk that the insurance policy doest cover or which is not even included in the insurance policy.
You therefore need to discover all what insurance policies cover in our guide on our website to avoid messing up with some of these secrets in insurance.