1. Definition of Insurance.
  2. Insurance Services.
  3. Types of Insurance Policy – Vehicle, Fire, Burglary, Marine, Life insurance, Pension, Health, etc
  4. Benefits of Insurance

Meaning of Insurance

Insurance is the protection against the loss of property and life. With regard to property, insurance covers practically everything an individual or business owns (building, vehicles and even clothes). Insurance can be taken out on practically anything for which risk is associated.

Insurance is usually undertaken when a person enters into an agreement with an insurance company by paying an amount of money called the Premium. The company is known as the Insurer. The person who pays the premium is the insured.

Services Provided by Insurance Services

  1. It provides compensation for losses incurred by individuals and businesses
  2. It minimizes losses and risks by spreading it through the creation of a common fund to which many contribute in order to make good the losses of a few.
  3. It aids business survival and help them to quickly recover economically from natural or man-made disaster.

Lesson tags: Business Studies Lesson Notes, Business Studies Objective Questions, JSS2 Business Studies, JSS2 Business Studies Evaluation Questions, JSS2 Business Studies Evaluation Questions Second Term, JSS2 Business Studies Objective Questions, JSS2 Business Studies Objective Questions Second Term, JSS2 Business Studies Second Term
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