Bachelor's Degree in insurance
Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.
The insured receives a contract , called the
insurance policy , which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.
The B.Sc. Insurance courses are intended not only to give the students experience in the common business administration but also to help them perform excellently well in the examination to be qualified member of Chartered Insurance Institute of Nigerian professionals after their graduation.
Admission Requirements for B.Sc. insurance programmes are: Five 5 O/L credits which must include English Language, Mathematics, Economics and any other two subjects in Arts, Social Sciences and Sciences. The courses run through 3 or 4 academic years.