"INSURANCE is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
It can also mean to pay a lump sum to get a leverage or protection against an incident of any magnitude at all so when (an) unexpected or even expected misfortune(s) is/are encountered, the insurer can step in, helping out to sail through the experience.
Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium.
Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate.
It is also known as INDEMNITY"....
Why all these definitions we may ask.
The reason is that sometime ago, a proposal was circulated across the secretariat of many alumni bodies including ours and was looked through by authorities in the house who commended the idea but knew that it was actually not for the now but probably later in the future.
This piece is just to sensitize us all of the fact that there can be a lot of synergy between THE ALUMNI MOVEMENT AND THE INSURANCE INDUSTRY.
Some of us might be insurance aware while others may not be.
Some of us might even just have been hearing that word since "only God knows when" but what it is about we may even not know.
A number of us may even be in the practice as ones who have decided to take it up as a profession, discipline or career.
Another number of us might have even studied it while in Secondary or even Tatiary Schools but have dropped it and opted for other trades.
Some of us might even be Insurance Lecturers with certificates, diplomas, degrees, higher degrees in it passing all learnt and known to scholars, pupils and students.
Some of us might have even sat or are at the moment sitting for the professional examination in a bid qualify and become chattered.
Some of us might be in professions that the Insurance Business requires such as Accounting/ Accountancy, Human Relations, Public Relations, Information and Communications Technology, Computer Science and Engineering as well as other relevant branches of Engineering.
And a few of us may even be Insurance Officers in other field of endeavor.
Whichever category we find ourselves, the truth is THE INSURANCE BUSINESS is hyper relevant to everyone, everywhere and every time.
A number of us in our privacies, works, homes and so on might have even had causes to take the policies no matter how little. All of us who are privileged to be using cars have if not the COMPREHENSIVE COVER, the THIRD PARTY COVER (it is compulsory in Nigeria and it should be in every nation across the earth.
So please all, this is just a sensitization forum to place in the consciousness of all that it is a possibility. But like every project and pursuit, there is a beginning, commencement and a start.
That beginning, commencement and start will be discussed in the future.
Just for the know, some other Alumni Bodies especially have been encouraging their members to embrace insurance, take insurance policies under as many covers they can afford including those of their alumni bodies....
We will continue from here subsequently by GOD'S Grace...
On a light and humorous note, many of us will often say "God is the only sure and Divine, Heavenly and Celestial insurance cover".
yes He is but it still pays to have the Terrestrial, Earthly and Human one.
Thank you all and let us all ENSURE AND BE SURE we are all INSURED AND ASSURED....
