Insurance Questions and Answers

The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.

An assured: Legal owner or beneficiary of a life insurance policy.

Grace periods for late payments last anywhere from 30 to 60 days and your life insurance remains in force during that time.

No explanation has been provided for this answer.

A cover note is a temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued.

An insurance endorsement is an amendment or addition to an existing insurance contract which changes the terms or scope of the original policy. Endorsements may also be referred to as riders. An insurance endorsement may be used to add, delete, exclude or otherwise alter coverage.

A certificate of insurance (COI) is issued by an insurance company or broke. The COI verifies the existence of an insurance policy and summarizes the key aspects and conditions of the policy.

Renewal note; a note sent by an insurance company asking the insured person to renew the insurance.