Series of events in 2019 that highlight the risks involved in how we live.

The whole essence of insurance is the admission of the existence of risks that should be avoided. Although the risk itself may not be eliminated, its impact can be greatly reduced. Risk is a part of everyday living and 2019 has witnessed lots of risk events this year. From business, to environmental pollution, sexual allegations, natural disasters, the list is quite long. We will be bringing you highlights of year 2019 in risk.

“As the risks businesses face become increasingly interconnected and far-reaching, risk professionals must broaden their perspective on both the traditional and emerging threats that can affect their organization. Whether it is a natural disaster exacerbated by climate change, the latest cyberattack scheme or a new regulatory requirement, risks come from all angles. The following review of some of the most notable risk events of 2019 can help risk professionals be better prepared to meet the challenges ahead.” – RM Magazine

Southern African Nations Endure Catastrophic Cyclone – March 14
Madagascar, Mozambique, Zimbabwe and Malawi were hit hard by Cyclone Idai, which brought strong winds, heavy rains and flash flooding that affected three million people in the region, causing more than 1,300 deaths and an estimated $2 billion in damage to infrastructure, homes and crops. The storm is the deadliest and costliest ever recorded in the South-West Indian Ocean basin. The lack of clean water in the storm’s aftermath also led to a cholera outbreak in Mozambique, with more than 6,000 confirmed cases before it was contained in May. Six weeks after Idai made landfall, Mozambique was hit again by Cyclone Kenneth, which caused 52 deaths and another $100 million in damages.

Mosque Shooting Prompts New Zealand Gun Ban – March 15
A terrorist gunman killed 51 people and injured 49 others in two mosque shootings in Christchurch, New Zealand. The shooter reportedly expressed white supremacist, anti-immigrant and anti-Muslim views that authorities believe motivated the attack. Less than a month after the massacre, the New Zealand government passed a law banning most semi-automatic weapons and assault rifles, as well as magazines and any parts that can be used to assemble prohibited weapons. The government also initiated a six-month buy-back program that had collected more than 19,000 guns by mid-September. A royal commission that was convened to investigate how the attack could have been prevented is expected to release its findings next year.

Fisher-Price Recalls Sleepers After Infant Deaths – April 12
Fisher-Price recalled 4.7 million Rock ‘n Play Sleepers after a Consumer Reports investigation revealed that the product was tied to at least 32 infant deaths since 2009. According to researchers, the design of inclined sleepers like the Rock ‘n Play increases the risk of accidental suffocation and strangulation. Manufacturers Kids II and Dorel Juvenile subsequently issued recalls of similar infant sleeper products as well. In November, the U.S. Consumer Product Safety Commission warned consumers to stop using all infant sleepers—even models that have not been recalled—after connecting as many as 73 infant deaths and 1,100 incidents to the products between January 2005 and June 2019. Fisher-Price and parent company Mattel face multiple lawsuits from victim’s families alleging defective design and negligence.

Fire Damages Notre Dame Cathedral – April 15
A fire in the Notre Dame cathedral in Paris caused massive damage to the 700-year old landmark’s spire, roof and walls that experts believe could take decades and billions of dollars to repair. While the cause of the fire remains unknown, authorities said there was no evidence that it was set deliberately, instead suspecting it was due to an electrical short, perhaps related to an ongoing renovation project. Months after the fire melted the lead-covered roof, lead concentrations in the surrounding plaza and adjacent roadways remained extremely high, raising concerns about the impact on nearby residents.

550 Workers Die After Indonesian Election – April 17
Following Indonesia’s general election, more than 550 election workers and security officers died from fatigue and overwork-related illnesses, including heart attacks, strokes and respiratory failure, while another 4,300 workers fell ill. Considered the most complex single-day election in the world, more than 240,000 candidates vied for 20,000 seats in simultaneous national and regional votes at both the presidential and legislative levels. Seven million workers staffed more than 800,000 polling stations to serve the country’s 193 million eligible voters. Indonesian officials are reportedly considering a variety of measures to ease the burden on election workers before the next general elections in 2024, including deploying more medical personnel, separating national and local elections, and adopting electronic voting machines.

Visit https://beinsurednaija.com/year-2019-in-risk-pt-2/ to read more

In the aftermath of the Great Fire of London which destroyed about 13,000 houses, property insurance became a necessity instead of luxury. From that singular event, modern insurance was birthed and today almost everything – property, motor, travel, health etc can be insured. However, with the emergency of new fields of endeavors which brings about new vocations, some rather unusual insurance risks have equally emerged. One of the most bizarre of them is disgrace insurance.

To understand this concept of disgrace insurance, just try to remember that your favorite celebrity that you hold in high esteem with a personality that portrays morality and perhaps seen as a role model for young people. Yes, that very celebrity is now involved in a very embarrassing situation like inappropriate sexual behavior, public brawl, club fight, etc and possibly caught on camera. How do you face your kids or other people you have made to believe that your favorite is the one to lead them into the future? You will feel embarrassed for him and wish it never happened. Perhaps your favorite needs a disgrace insurance cover.

Disgrace insurance is borne out of the need to protect brand owners represented by celebrities against possible loss of revenue arising out of a scandal involving their ambassadors. It is more interesting to note that the measurement of whether claim is payable is purely dependent on the level of public disapproval as measured by public outcry index. Disgrace insurance unlike regular insurance where the insured risk is defined and compensation is triggered by the insured person suffering a loss, is a designed to protect the brand owners the insured person represents.

This special or rather unusual insurance was brought to limelight by SpottedRisk founded by Janet Comenos. The focus is on keeping tab on the activities of Hollywood stars and other public figures, for racial slurs, sexual misbehaviors, general misdemeanor, improper social media posts, public personality miscarriage, red-light districts activities, public offences, and generally anything that could impact them and the brand they represent negatively. Information gathered are processed by data scientists who flog the numbers based on 224 factors and generate a risk score over 100 for each person to measure how likely they are to being permanently cancelled or boycotted for any offensive behavior.

Whenever a celebrity is involved in any scandal, the brand they represent are badly hit which generally runs into millions of dollars. In order to cushion the financial effects of such possibilities, disgrace insurance is rather a necessity especially when a brand is associated with a major celebrity. In this era of different reality TV shows in every area including but not limited education, music, fashion, entertainment etc big corporations having disgrace insurance is not out of place.

Insurance market in Africa, especially Nigeria is still at the development stage where lots of products available in other climes are absent. With the rapid development of entertainment and showbiz in Nigeria in recent times, the market may not need to wait much longer to witness new set of products.

Premium is the token paid to buy certainty when uncertainties happen. – Be Insured Naija

To submit an editorial on any area of insurance, please contact us at editorials@beinsurednaija.com

One major reason people generally do not like to buy insurance is lack understanding of what insurance is all about. You can read our piece on what insurance is and what it’s not here. There is a tendency to dislike what one does not understand, not because the thing on its own is not good but because the bias is already against the subject matter. Insurance is not immuned against such sentiment and this is broadly propagated by people who probably have never bought insurance at all. All it takes to support and believe this bias is just a testimony of one person who has had a poor experience.

In Nigeria, a layman believes insurance is about some marketers (probably new graduates desperate to get a job) given target to sweet-talk people into paying some money (premium) in exchange for a promise that they will be there for you in case of an event (risk) that may happen in the future. However, when it is time to fulfil their obligations, the company will change the story and your hard-earned money is gone and you will be on you own. While this scenario may sometimes be correct to some extent, it does not tell the whole story.

To put things in perspective, insurance is a risk transfer mechanism where a sum of money (premium) is paid in exchange for compensation in the event of a specified future occurrence (risk). With this definition, insurance should be seen from the perspective of a contract between two parties with each having its own duties and responsibilities. Prior to signing the contract, parties involved are assumed to have understood their roles, rights, responsibilities and limitations. After the contract has been consummated, it becomes binding on the parties and any breach of the defined terms of the contract could make the defaulting party liable in court especially if the party has failed in its responsibilities.

Typically, when reading terms and conditions of everyday contracts e.g. email terms and conditions, account opening forms, SIM registration form etc people simply scan through to the end of the page or last page of the document and either click agree or accept as the case may be. It is important to note here that by design, terms and conditions are printed in smaller font size than the other part of the document. That being said, the moment you click on that tiny “accept” or “agree” button, you are simply saying you have read the contents and you consent to everything contained therein. Insurance contract is not an exception from this general rule and in view of the popular axiom in law that “ignorance juris non excusat” (ignorance in law is not an excuse), it is therefore important that buyers understand what they are buying.

Insurance is a mandatory requirement in many countries as part of protecting citizens from unforeseen circumstances that may bring them financial hardship. It also helps to protect other people who may be affected by your actions or inaction. Insurance is therefore mandatory for both private and corporate entities. At the personal level, it is an offense to drive a car without (at least third-party) insurance while at corporate level it is a punishable offense not to have group life assurance for employees especially manufacturing industries.

Expectedly, a policyholder is not expected to be an insurance guru before buying coverage. This is where brokers and agents come in. Brokers/Agents are insurance professionals who are trained in the field and are in the best position to advise you on what coverage is suitable for you. For a corporate organization with multiple insurance transactions, a broker will be required to help them navigate the complexities. Meanwhile, as a private policyholder with a few insurance transactions e.g. vehicle insurance, travel insurance, health insurance etc per year, an agent will suffice. They can both source for good rates for their clients to ensure they get the good covers at affordable rate. They have relationship with the insurers because they bring business to them on regular basis. In case of a claim, they can help fast-track the process and ensure clients get timely settlement.

It is understandable that buying insurance could sometimes be expensive depending on the nature, so no one wants to bring additional financial burden of hiring a broker or agent. The good news is that engaging the service of a broker or agent is free of charge and comes entirely without any cost to you. Insurance companies compensate them with commission for bringing them businesses. You might actually be helping the broker or agent to earn some money by engaging their service. They also help you understand the scope of the policy you are buying especially when it comes to understanding policy documents.

It is therefore smart to engage the service of an insurance broker or agent to take care of your insurance errands. You will have one less thing to worry about and the good thing is it does not affect your budget in any way. Should you need to talk to an insurance agent further, do not hesitate to send a mail to info@beinsurednaija.com and you will be glad you did. Remember,

Premium is the token paid to buy certainty when uncertainties happen. – Be Insured Naija

To submit an editorial on any area of insurance, please contact us at editorials@beinsurednaija.com

Kindly visit www.beinsurednaija.com/editorials for other related articles

In the Part 1 (available here) and part 2 (available here) of this discussion, we focused on the scope of HMO and Health insurance including similarities, differences and why patients who might be declined treatment in some hospital and yet receive treatment in another hospital within the same HMO network. The business reason for this is largely due to unsettled bills or any other breach of service level agreement in which case the hospital may decline holders of HMO card treatment until such differences are settled. In this final part, the possibilities of having the two types of covers will be considered.

One may be tempted to wonder the relevance of health insurance especially when one is already covered under HMO. This is just one of very many valid questions one may ask as a rational customer. In the earlier series, it was mentioned that HMO is targeted at corporate organizations because they have the number and since insurance generally work on the principle of compensating the few who have suffered a specified loss from the contribution pool of many. On this premise, HMO companies are unlikely to sell to individuals. Organizations usually buy HMO for their employees, therefore the direct cost to the employee is zero (although it could have formed part of the total emolument of an employee). In a typical company, HMO plans are hierarchical which is why a graduate trainee will have a lower coverage plan compared to a senior manager. Each plan is limited in terms of what is covered and employees will need to bear the extra cost of treatment on their own. It is therefore allowed for employees to buy health insurance to cater for what their HMO will not cover.

Enjoying the dual benefits of HMO and health insurance is more of operational issues than compatibility. Employees can buy health insurance to provide an extra layer of treatment above what HMO covers. In this case, they are expected to indicate the existence of HMO coverage on their health insurance proposal form. This will enable the insurance company to know that their prospective customer is a good risk to insure and could enable the prospective customer to negotiate a lower premium. The insurance company will not frown at such because they understand they have an extra layer of protection to fall back on in case of a claim. Also, the prospective customer will also be covered for those treatment that are not covered on the HMO. It is therefore a common place for customers who have the two covers to allow them run concurrently.

Premium payable under health insurance is primarily dependent on the age of the insured person. For instance, young people between the ages of thirteen and twenty-one are very energetic and are not likely fall sick. Therefore, the premium of a middle aged adult (about forty-five years age) will be higher than a teenager’s even though they are both on the same sum insured. Some other factors could also influence the premium payable e.g. lifestyle, presence of pre-existing conditions, etc.

It is also important to note that health insurance premium is calculated with the help of actuaries and therefore they do not follow the usual premium rate. The premium is based on the premium table banded by age and sum insured chosen by the customer. Customers are at liberty to choose the sum insured they want and they can even see the premium payable on different sum insured band. Sum insured chosen could be for just a single insured person or shared with other family members and dependent relatives. The customer who is buying the insurance is considered a primary insured person and may add other secondary persons – spouse, children etc. As a primary insured person, premium payable is slightly higher than what the other additional members are paying even though they are both on the same sum insured. Insurers sometimes give no-claim bonus to policyholders if they do not have claims in consecutive years and health insurance is not an exception.

Since health insurance can be bought individually depending on need, it is a smart addition to personal insurance portfolio like auto and travel insurance. This is becoming more important than ever in the face of rising cost of healthcare especially in Nigeria. A typical policy of about N120,000 is enough to cover a family of six – parents and four children for a year. This is quite affordable as medical expenses and accidents in many cases is not part of monthly budget and when they happen, they must be attended to. Some insurers may agree to premium payment on instalment based on relationship, therefore policyholders are not under pressure to pay the whole premium at once. We are available to guide you on how to buy suitable health insurance plans that will not hurt your budget.

Premium is the token paid to buy certainty when uncertainties happen. – Be Insured Naija

To submit an editorial on any area of insurance, please contact us at editorials@beinsurednaija.com

To read this and other articles, click https://beinsurednaija.com/understanding-the-concept-of-hmo-and-health-insurance-pt-3/

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Last week we talked about understanding the concept of HMO and why sometimes a covered person may be declined treatment by the hospitals due to plan limitations. The part one of this article is available https://beinsurednaija.com/the-concept-of-hmo-and-health-insurance-part-1/ This week we will be talking about the business reasons why HMO subscribers are sometimes declined treatment and also look at health insurance.

Before moving to health insurance, it is very important to understand the business dynamics of why some hospitals may not attend to HMO subscribers. HMO companies enrol a lot of hospitals in different locations to give their subscribers the benefits of accessibility and proximity to where they live or work. This directly means that all hospitals with varying standards and sizes will be in the network. These hospitals due to their locations, facilities available, services provided, class of patients targeted with the applicable overheads will charge differently for the treatment of the same illness. It is natural for a hospital in Victoria Island to charge more than another hospital in a remote location on the mainland for the treatment of the same illness. Based on relationship, HMOs are to settle their bills with the hospitals at the end of the month. Sometimes, HMOs rate some hospitals more highly than others due to their strategic importance but this is purely a class thing. In a situation where the HMO fails to settle bills as agreed, then subscribers using such hospitals will not be attended to while their colleagues using some other hospitals under the same HMO will be attended to. In fact there are instances where a subscriber will be declined treatment by a hospital but will be treated by another hospitals within the network.

On the other hand, health insurance is a product of general insurance companies who offer various health products to cover for their customers. In a broad sense, health insurance and HMO offer similar benefits, perhaps to different existent. One major difference between the two arrangements is that policyholders under health insurance are free to choose their insurer and the extent of cover they want. Premium payable is dependent on age, sum insured, lifestyle, existence of pre-existing conditions, among others. Coverage is based on the number of beneficiaries specified by the insured person. This invariably means that the potential insured person can cover himself and choose whom he wants covered (spouse, children, etc) and how many people. This also means that a small family of maybe three people will pay less than a family of four people even if they choose the same sum insured. Sometimes each person covered may have his own separate sum insured which is the limit and it is also possible to have a joint sum insured that jointly cover everyone.

Insurance companies on the other hand do not mind selling directly to individuals unlike the HMO arrangement that target corporate organizations. Premium under health insurance is slightly higher than what organizations pay under HMO, but the scope of cover is also much higher. Health insurance is designed to cater for inpatients (admitted patients) only however some medical procedures that do not require hospitalization can be covered even if the patients will not be hospitalized. Other benefits of a typical health insurance includes ambulance services, hospital cash, overseas medical treatment (if necessary) and many more. This does not indicate that treatment is unlimited because each benefits available under the policy is subject to different limits and they are expressed as a certain percentage of the insured. Each treatment is also adjusted against the sum insured.

Health insurance also works on the basis of networked hospitals who have agreement with the insurance companies. Subscribers do not need to pay cash for treatment. However, sometimes where there is no network hospitals available, the insured person can go to any licensed hospital for treatment. In this case, he needs to pay the bills first and send the bills to the insurers. Due to the volume and for the ease of management, a country like India has Third Party Administrators (TPA) who are experienced medical and insurance professionals who will vet and adjust the bills in line with the policy conditions and present it to the insurance companies for payment. TPAs are trusted to handle this part, so when they present the bills to the insurance companies, reimbursement will follow shortly. In case of any clarifications, they contact the hospitals directly on behalf of the insurance companies. Health Insurance holders will also have a registration card like HMO subscribers but unlike HMO, holders are unlikely to be declined treatment because covered illnesses are already specified and limit for each has been defined. .

In the next and final part of this series we will look at the possibilities of having the two types of covers.

…to be continued

Remember, Premium is the token paid to buy certainty when uncertainties happen. – Be Insured Naija

To see other insurance editorials, visit www.beinsurednaija.com/editorials. You can also submit an editorial on any area of insurance, by sending a mail editorials@beinsurednaija.com

HMO (Health Maintenance Organizations) is no longer a new concept in Nigeria, having been around for a while. It is basically an arrangement where an employer buys health cover for its employees for a period of time usually a calendar year. Typically, a card is issued to the employee and by extension to his family – wife, four children and sometime two dependent relatives. In case of illness, the employee or his relatives can visit a specified hospital or any hospital in case of emergency. The employee is not expected to pay on such instances, but the medical bills will rather be on the account of the HMO company who already has in place a settlement arrangement with the hospital. This looks like a decent process that should not have any issue. However, with difference instances of people dying because they were denied treatment on the account of their illness not covered by HMO plan, it is important to understand the concept and look also at what could be wrong.

HMO plans are like pay-tv bouquets. There are different bouquets available and although the service providers (HMO company) would want all its subscribers to be on its highest bouquet which offers premium services, subscribers for reasons like affordability and need would sometimes rather go for other lower bouquets. This implies that the subscribers chose what plans they feel is good for them. Like every other contract where terms and conditions apply, each bouquet will carry its own coverage terms and conditions which if breached may render the contract void. By accepting the terms and conditions, it is implied that the subscribers fully understand the terms and agree to be bound by them.

HMO companies are in business with intention to increase the owners’ wealth therefore profit is a major motive. They make this profit the insurance way which is to collect premium/subscription from companies on behalf of their employees to provide medical treatment in case of illness with the hope that they will pay for the treatment of few from the contribution of many. Whatever margin is left is what they factor in their operating expenses with the hope of still making some profit. HMO arrangement is a game of number, therefore HMO companies generally do not sell covers to individuals but rather to corporates. This sometimes could be a challenge because individuals will not be able to buy the desired covers directly and organizations who are naturally looking for a way to cut their costs sometimes at all cost, will buy the minimum of covers for their employees.

Since the HMO contract is an agreement between an employer and the HMO company, employees who are the beneficiary of the contract do not directly have a say. In most cases, corporations already have a budget for staff medical expenses for the year, so when they bring the HMO application form for employees to fill, they have already agreed with the HMO company on the plan they are buying regardless of the plan chosen by the employees. Lot of times, the plan is cadre and status based i.e. a graduate trainee may be on the basic plan while senior managers will be on a higher plan. By implication, the graduate trainee will most likely complain that he was not treated for a particular illness while his manager is treated for the same illness.

Each subscriber consisting of about six people is entitled to a maximum limit regardless of how many people finished the limit. For instance, if the maximum limit is N200,000 for a family of six, it could be exhausted by just one or two people. This means that other members of the family will bear their expenses in case of illness. HMO is designed for outpatients only i.e. it does not cover hospitalization but rather treatment where patients return home same day. . In recent times however, some service providers are becoming more creative with plans that provide hospitalization. It is important to note that some illnesses are typically exempted, therefore subscribers should find out their maximum limit, what is covered and what is not.

…to be continued

Remember, Premium is the token paid to buy certainty when uncertainties happen. – Be Insured Naija

To submit an editorial on any area of insurance, please contact us at editorials@beinsurednaija.com

One of the most common complaints about insurance companies generally is that they do not honor claims when they happen. A typical insured person expects that whenever there is a loss, the insurance company should pay compensation while an insurance company on the other hand will check the policy document to be sure that the insured is covered for the claimed occurrence. The two parties are looking at the same scenarios from different perspectives, hence the difference in their views. In order to arrive at a common understanding between the parties, it is important to understand the meaning of insurance to understand what insurance is meant to do regardless of the views of the parties involved.

The most basic definition of insurance says ‘insurance is a contract where an insurer promises to pay the insured party a sum of money if one or more specified events occur in the future, in return for regular payment know as premium’. The main purpose is to reduce the financial effect of a specified loss on the insured person. This implies that insurance is a form of financial compensation for losses suffered from a specified future occurrence. It is important to also note at this point that a determinant of whether an insurer pays a claim or not is the occurrence of a specified future events. In order words, if an event that is not specified occurs, an insurer may not pay a claim.

One should also bear in mind that every insured person contributes to a pool, from where anyone that suffers a loss will be indemnified. In this case, based on actuarial calculations, a premium rate is determined to know what each insured pays into the pool. It will rather be unfair for anyone to take from the pool more than necessary. Therefore, compensation is based on actual loss suffered subject to the maximum limit of the sum insured and not more.

As explained earlier, insurance generally works by the principle of indemnity which seeks to restore an insured person to his pre-loss condition despite suffering a loss. This means that if James insured his car worth N2,000,000 against accident, in case of an accident, his insurer will payment compensation to cover the cost of repair or replacement including other inconvenience he might have suffered depending on the type of coverage he has. In this case, James does not have to worry about where to get money in case of accident to his car. Some specified future event has happened and James would be financially compensated. However, the compensation is not expected to make James richer, but rather to restore him to his pre-loss state.

In the above example, if James had valued his car worth N3,500,000 for N2,000,000, the liability of the insurer is limited to the sum insured of N2,000,000. Although a specified future event has occurred, the insurer will not agree to a liability in excess of the sum insured because it will amount to James taking more than he fairly deserved from the common pool. He will not be allowed to make profit from his loss by taking more than he has proportionately contributed. In this case, James has under-insured and will be responsible for the under-insurance of N1,500,000. This scenario further explains why the insured is expected to give true and complete information when applying for insurance.

In conclusion, insurance seeks to restore insured persons to the pre-loss state by compensating them for loss insured on specified future events. To avoid disputes in time of claim settlement, policyholders are expected to ask questions on grey areas when buying covers. It is also advisable to engage brokers or agents, who are trained professionals to explain the scope of cover and the responsibilities of the insured person. Engaging their service is also free as you are not paying any fee for their engagement. They are rewarded with commissions by the insurance companies.

Premium is a token paid to buy peace of mind when life happens – BeInsuredNaija

For all insurance news, updates, jobs, feedback etc, visit www.beinsurednaija.com. You can also submit an editorial on any area of insurance by sending a mail to editorials@beinsurednaija.com

After realizing the need for insurance, one common question for prospective policyholder is which insurance cover is right for me? This is not unusual because it could be cumbersome to choose one from hundreds of policies available ranging from the popular motor insurance to the strange covers like emotional compensation insurance and body part insurance. There is no universal answer for that because each policyholder is unique on his own. Therefore it is necessary to consider each circumstances to know what is perfect.

If you own a car, it is legally mandatory for you to insure your car and anyone who may be affected from your usage of that car. In order words, third party motor insurance which is the most basic motor policy, covers third parties that may be affected in case of an accident up to a specified limit. This implies that even if you are not interested in insuring yourself or the car, the interest of - your neighbor whose fence your car may hit, the traffic hawker and even another car you may run into – should all be protected.

Travel insurance is a visa requirement if you are planning a holiday abroad to some selected destinations. The effect of this is that possibilities like delayed flight, lost passport, missing luggage, illness etc will be covered. Therefore, if you can afford a holiday, you can afford travel insurance too. Your travel agent will advise you on what.

Imagine yourself going home after a long day and you were robbed of your wallet, mobile phone, wrist watch etc while hustling for a bus. For such eventuality, you need All Risks cover to cater for that kind of risk especially when you know your route is prone to such incidents. This kind of cover may not be particularly required if you work from home.

One may begin to wonder that my organization already provided me and my family with HMO cover for our health needs, therefore I do not need any health insurance. This looks valid but health insurance covers what a typical HMO does not cover. Due to the importance of good health to good living, it does not hurt to tighten all lose ends. Therefore, for extras like ambulance in case of emergency, coverage of terminal diseases, hospital cash, oversea medical treatments etc that are not covered by typical HMO cover, health insurance has you covered.

Generally, accidents do not announce when it will occur and sickness does not notify when it will happen, therefore it is always a smart move to pay a token (in form of premium) to cater for these eventualities if they happen. It is safe to conclude here that depending on lifestyle and risk exposure, everyone needs some kind of insurance.

It is better to have insurance and not need it than to need insurance and not have it.
- BeInsuredNaija

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The public is always faced with the question of whether they even need an insurance cover in the first place or not. The question of needing insurance is sometimes based on lack of enlightenment on what insurance offers. One of the questions in the mind of many policyholder is why should I spend my money to buy a car and pay premium to one insurance company somewhere to be spending my money anyhow?

Most consumers do not have unlimited money, therefore they are faced with different choices in choosing the best option to spend their limited income. Before deciding to buy anything, the number one motivation is the need for that thing. Among so many conflicting needs and priorities of different sizes like rent, school fees, mortgage etc insurance may not rank high on the scale of preference.

However, the best way to determine if you need insurance is to ask some basic questions. Do you have anything of huge value such that its loss or damage could affect you or impact your business? For instance, if you own a car, its loss or accident would affect you financially in terms of replacement or repair apart from the inconvenience of having to look for alternatives. Imagine if you travelled abroad and fell sick during your stay, you may be forced to spend from your shopping budget to meet the contingencies. Imagine if you own a factory and there is a fire outbreak in the night, you would be forced to close down production, continue accruing overheads while looking for funds to repair and rebuild and probably lose customers in the process.

The above scenarios are possibilities of risk that you have little or no control over. Sometimes they look so unusual, perhaps to the point of impossibility. However, a single occurrence will come with devastating effects and frustration. In order to avoid having to worry about things you cannot directly control, you can pay a token (premium) to transfer such risk to trained professionals who would take responsibility in case of an agreed risk.

Insurance is the reason why you can repair or replace your car in case of an accident or theft without having to break the bank. Insurance is the reason why a factory can be gutted with fire and the owners will not have hypertension. Insurance is the reason why a house could be burgled and the owners will not cry. Insurance is the reason why one may fall sick while on holiday and receive good medical attention without spending the shopping budget on drugs.

You may convince yourself that insurance is a luxury probably because you do not own a car yet, you are not a factory owner yet, and you are not planning to take a foreign holiday yet. However, directly or indirectly, you need an insurance cover. Imagine a scenario where you are riding with a friend who insured his car, in case of an accident, the cost of car repair and treatment of injured people will be borne by the insurer subject to the maximum of the agreed sum insured.

For instance, that your expensive mobile phone or laptop should be insured against damage. Your house should be insured against fire and flood, your car should be insured against theft and accident, your goods should be covered against theft and damage, your business should be protected against fraud and even your life should be insured in case of death.

Insurance is the reason why you can live a perfectly normal life, even when life happens.

You can check us out on www.beinsurednaija.com insurance news and updates in Nigeria and beyond.

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I qualified last diet but cannot afford the induction right now because man's broke.

Does anyone know if I can do induction later maybe in November?

CorperKola:
this is what i keep seeing o
egba mi

Ensure your details are correctly entered and try again.

Alternatively, this is the link to professional result. I checked mine there yesterday.

https://www.dropbox.com/s/tijbs5bgpzay8dn/20180117_161633.pdf?dl=0

I first wrote ICAN in November, 2009. I sat for 4 papers and passed only one (Business Communication and Research Methodology) no tutorial, no special reading nothing as my 30k job did not allow me time. I just thought there is no point spending the money I do not have to write an exam I will not have enough time to prepare for. So I abandoned it and raised some money and went to do PDG. I finished the program as the best graduating student in my class. I left that job in December 2010 and took up another job that promised so much but offered so little. Again I left that job in June 2011 and went private for the next six months.

In January 2012 I got another job and met a lady who really encouraged me to try ICAN again. She encouraged me to the point of disturbance and ensured that I pushed on even when I was weary. Then came MA, I sat for MA 4 times without success. She contacted a tutor, negotiated and paid on my behalf and asked me to pay later. I passed MA in May 2014. Shout out to Oluseye Adenike wherever you are! Sadly the syllabus has been changed twice while I was battling MA which means more papers for me to write.

Again I pushed on, I wrote and passed the two additional papers. All along, I could not register for two diets because I could not afford it. Last year November, I wrote the Professional and passed 2 out of 4 papers. 2017 May, I wrote the other 2 and passed 1. Last November, I wrote and passed the last paper.

The journey was long and there was so much embarrassment, scornful mocking, sleepless nights, borrowed exam fees, etc but at the end of the day, I thank God that I made it.

Lessons:
If you don't write it, you cannot pass it.
Impossibility and possibility are state of mind.
Nothing good comes easy, you have to earn it.
Strive for what you believe in, stay strong you can achieve it.

If I CAN, you can

Download the professional list here, in case you can't find your e-registration voucher pin.

https://www.dropbox.com/s/tijbs5bgpzay8dn/20180117_161633.pdf?dl=0

painful my effort was not enough.
sfm why?

Banjousman:
Site has been updated.
























































Lacazette's first goal for Arsenal is now online.

you Don kolo bros

ikegwegbe:
I have the PDF for professional result.
In case you want it.

pls send by WhatsApp to 08035284605

authourity:
Are u saying everyone that went to were d result was pasted got arrested? Y can't someone snap 1 course and paste?

you said that

Ennytizzy:
You know what? Am almost dere... If u want me to Chk for u just text ur full name to my no.... Don't call me o.... Wen am tru with it I will text u ur result or call u. My no is 08028267568

please help my solution. I have sent my number to you.

LOonNL:
Here...

This is the first real news today...

Please snap clearly and post here abeg or flash 07088166419...

OlalekanEdun:
Result is out fine, anybody that's so eager should contact their tuition houses, or else wait for it to be posted online.

Thanks and regards,

It is funny how me that wrote the exams have not seen my results, yet one tuition centre somewhere in the middle of nowhere is using it to advertise to its own students.

optimusmind:
THE RESULTS IS OUT



WHO EVER IS DOUBTING SHOULD CALL EXAMINATION DEPARTMENT ON 09053847526

You don check your own?

OlalekanEdun:


Confirmed today does not mean out, so you guys should just chill, get ice cream and banana, wait till later in the day!

Truly, today does not end until 11:59pm. But when my temperature is reaching boiling point nkor

esseluv:
Na wow oooo.
My head is speak Chinese language now.
Whose report will i believe?

It is well sha.

Seeing is believing. At least you can believe yourself

optimusmind:


Chaiiiii.... Sooooooooooooo........
It was false... Someone should call 01291281 and warn that guy that told me it has been pasted to stop joking with us.
Meanwhile, did you ask one there when it would be pasted?

I met a staff and he confirmed today, but not yet pasted

Enough of all this false alarm...

Just leaving ICAN office VI now, the notice board is still blank and nothing whatsoever is pasted.

result may be out but not pasted

make somebody call me when he check him own

adubam:



All these "Shattered" Accountants to be that cannot write error free sentence.

Prof. Wole Soyinka, Oya correct the sentence

LOonNL:
Can someone tell these service providers not to send stupid text today biko...MTN telling me to start meeting romantic people when I'm waiting for ICAN's sms

truly the notice board have been prepped waiting for papers to be pasted

I can tell you officially that results will be released today.

I just left I can office now (12:07pm Nigerian time) and the receptionist told me they will paste it today and it will be online tomorrow.

If it is a lie, hold the receptionist responsible...

toppiano reporting for nairaland news

OlalekanEdun:


Those to paste the result are on ground...

ITS GONNA HAPPEN TODAY P|E|E|P|s

They were on ground two weeks ago too

Meanwhile, Arsenal 1- 0 Sydney FC


At least something to distract person

OlalekanEdun:
BIG BIG CARS ARE BEGINNING TO ENTER ICAN VI OFFICE... SOURCE

Big cars in swahili


Big cars have been entering that compound since Adam ate the apple