Indemnity means restoring the insured to the position they were in before the loss occurred. Some risks are non-indemnifiable, since […]

What is Marine Insurance? Marine insurance covers risks from sea transport, protecting the ship, cargo owners, cargo damage, collisions, and […]

What is Fire Insurance? Fire insurance covers losses from damage caused by fire, storms, or explosions. It was introduced in […]

What is Life Insurance? Life insurance (assurance) is taken to cover funeral expenses, provide for dependants after death, or provide […]

What is Accident Insurance? Accident insurance provides compensation for injuries or hazards to a person or group, covering unusual events […]

Group Insurance A policy taken to insure a number of people at once, instead of insuring each person separately — […]

What is the NSIF? The National Social Insurance Fund is a state-run insurance scheme ensuring the social welfare of workers […]

The Trading Account A business’s performance can be assessed through a trading account, a profit and loss account, and a […]

What is Profit? Profit is the difference between total revenue and total expenditure. Unlike other factors of production, profit is […]

What is a Balance Sheet? A balance sheet is a financial statement showing a business’s assets and liabilities at a […]