At some point in your life, you must have heard of the word 'Insurance' but still don't understand what it means. Insurance protects against loss or damage to property and personal injury. There are several types of insurance in Nigeria, and this blog will focus on them. Before we list the different types of insurance, what is the full explanation of insurance? What is Insurance? In simple terms, insurance is a contract between an insurer (the company) and an insured (you). Insurance aims to protect the insured from financial losses caused by specific events such as fire, theft, natural disasters, etc. In return for paying premiums, the insurer agrees to pay out money if the event occurs. The type of insurance depends on the risk involved. For example, auto insurance covers damages due to car accidents, while home insurance covers damages due to fires, floods, earthquakes, etc. History of Insurance Insurance is one of the oldest forms of financial protection against risks.
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