Malcolm®🇸🇿

book for a master-class:

📌🗞️Insurance History

🏫⛽General Insurance

🩺🧬Life Insurance

⚓🚢Marine Insurance

📩email: [email protected]

[Malcolm®🇸🇿 @MalcolmPlus]

around circa 1725, the world started moving towards standardization. it first began with the french military who introduced uniforms for its soldiers made of a standard design and size🧵
#StandardizationOfInsuranceContract

[Malcolm®🇸🇿 @MalcolmPlus]

insurance advertising material must be approved by insurance regulator before use; the content has to reasonably describe the benefits and exclusions must be fully disclosed

[Malcolm®🇸🇿 @MalcolmPlus]

when a policyholder cancels a policy, premium refunded is less than prorata this is because they absorb the policy expenses such as commission et al

[Malcolm®🇸🇿 @MalcolmPlus]

just like it's the onus of an insurer to prove a policy exclusion; so it's for her to prove a breach of condition which relieves her from liability for a loss

[Malcolm®🇸🇿 @MalcolmPlus]

in 1906 britain codified its marine insurance common law into marine insurance act. this act became the foundation upon which many jurisdictions would base their marine insurance laws. some countries like india and nigeria adopted the entire mia into their laws
#InsuranceHistory

[Malcolm®🇸🇿 @MalcolmPlus]

many of liability insurance claims are often, 'long tails'; they take longer to settle since they end up in lawsuits or arbitrations which take time to resolve

[Malcolm®🇸🇿 @MalcolmPlus]

islamic doctrine view money purely as a medium of exchange and not as a commodity; hence, islam prohibits charge on use of money and so, view 'riba' [interest] as 'haram' [prohibited]

[Malcolm®🇸🇿 @MalcolmPlus]

fire insurance policy has a promissory warranty requiring insured to disclose facts that occur and can increase the risk of fire during the insurance period

[Malcolm®🇸🇿 @MalcolmPlus]

health insurance does not include drug addiction and alcoholism in the coverage; the logic is that these conditions are at control of insured

[Malcolm®🇸🇿 @MalcolmPlus]

unemployment is covered under the social insurance scheme; its exposure to macroeconomic activities makes it hard for commercial insurers to cover

[Malcolm®🇸🇿 @MalcolmPlus]

hospitals and medical facilities rarely advertise their services; advertising would signal they are maximizing profits at the expense of the patients

[Malcolm®🇸🇿 @MalcolmPlus]

insurance policies are designed for unforeseeable events; dental and optical expenses are viewed as expenses that can be budgeted for

infact, health insurance covering maternity is also an anomaly

[Ms_Miriti @MsMiriti]

Dental and vision insurance being excluded from regular health insurance has to be one of the biggest scams ever.

[Malcolm®🇸🇿 @MalcolmPlus]

during an insolvency, the rights of a policyholder are transferred to a third party of whom they're liable; however, liability has to be established first before the rights can be transferred

[Malcolm®🇸🇿 @MalcolmPlus]

have you checked around? there should be a cover for that either on renter's insurance and/or homeowners insurance; not as a standalone item though

[WARÚHIÚ @kamauwaruhiu]

Insurance companies should consider insurance of curtains. If you have ever bought curtains you know they cost 1 million .

[Malcolm®🇸🇿 @MalcolmPlus]

claims of fires and burglaries which occur during a business's off-season are more likely to be investigated at length by insurer as opposed to those occuring during the peak season

[Malcolm®🇸🇿 @MalcolmPlus]

marine insurance brokers undertake personal responsibility to the insurer to pay premiums; insured is immune from insurer's action for premiums. rule applies to marine insurance only

[Malcolm®🇸🇿 @MalcolmPlus]

the terms of policy issuing a cover note are implied to be the same as standard terms of the formal policy

[Malcolm®🇸🇿 @MalcolmPlus]

standard shop insurance policy cover burglary and damages on sale items; however, losses from shoplifting are excluded. they're viewed as inevitable

[Malcolm®🇸🇿 @MalcolmPlus]

insurer uses an applicant's insurance history to assess moral hazard; availability of criminal history is also a strong indicator of moral hazard

[Malcolm®🇸🇿 @MalcolmPlus]

policyholders are not considered as creditors of an insurer; they become creditors only when a loss causing event happens and they place claim

[Malcolm®🇸🇿 @MalcolmPlus]

empirical studies suggest individuals who dislike or engage in difficult jobs are more prone to gambling; the pain of work saved by the winnings make gambling an attractive engagement