ACCIDENT INSURANCE

is a type of cover where the policy holder is paid directly in the event of an accident resulting in injury of the insured. Accident insurance covers qualifying injuries, which might include a broken limb, loss of a limb, burns, lacerations, or paralysis. In the event of your accidental death, accident insurance pays out money to your designated beneficiary. Examples of Accident covers under General insurance include:

[i]Personal Accident insurance – Covers the individual In the event of an accident, against death or disablement; unable to work; or have a defined injury, such as loss of eyesight or hearing, and fractured bones. Beneficiaries are paid either in one lump sum or on a monthly basis to supplement missed income.

[ii]Group Personal Accident Insurance – Covers its members against accident leading to disability or death. It is commonly available as corporate group insurance for employees/ owner/ board members of a company…etc.

FIRE INSURANCE

The standard Fire policy provides cover in respect of three perils: Fire, Lightning and Explosion Fire is the burning damage following ignition. Cover under this heading however extends to damage to assets occasioned by water in the process of quenching the fire.