CONTRACT CLARITY VITAL FOR INSURANCE BUYERS.

Majority of people who says negative things about the Nigerian insurance industry have not had any personal experience with insurers but they base their comment on hear says. Regrettably perception is everything. Experts believe however that improvement in contact clarity would help to increase insurance awareness and product sales. There is no doubt that many buyers of insurance products are often confused by the technicalities of insurance policy wordings,exclusions and exemptions. Insurance practitioners more often than not believe erroneously that it is the only low-income earners and un-educated buyers that find it difficult to understand their policy wordings. The reality is that the highly educated and elites also find policy wordings of insurance difficult to understand. Too many exclusions also present problems for buyers who don’t understand if they are getting the protection they think they are buying.

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