What is Consumer Protection? Consumer protection is the safeguarding of consumers from exploitation by businesses, as production becomes more complex. […]

What is a Bank? A bank is a financial institution that aims to make profit by collecting money from those […]

Types of Bank Clearance The use of cheques between banks gives rise to a clearing house or bank clearance, of […]

Factors Considered When Giving Out a Loan Availability of acceptable collateral security (what the bank can sell if the loan […]

What is a Cheque? A cheque is a written order by the drawer (debtor) to a drawee (bank) to pay […]

Bank draft: a cheque drawn by the bank on itself or one of its branches. Standing order: an instruction to […]

What is Insurance? Insurance is the process by which a person or organisation agrees, for a fee called a premium, […]

Insurable vs Non-Insurable Risks Risks that can be calculated are insurable, e.g. death, fire, motor accidents, theft, or embezzlement. Risks […]

Factors Determining the Premium The value of the risk — a higher potential payout means a higher premium. The probability […]

Mutual Insurance A group of people or companies may join together to provide their own insurance — this is called […]