September 2022 Insurance Advisory: Insurance, A Law For The Love Of All
By Ekerete Ola Gam-Ikon
The origin of insurance is often traced to those merchants who felt they needed to have a buffer for their mates who lost their goods on the high sea. It was a practice of ALL FOR ONE, and this still remains the basis for insurance today.
As the practice grew and thrived in advanced economies, governments saw the wisdom in legalizing it to ensure citizens were accountable to one another. For example, having the minimum Third Party Motor Insurance Policy ensures that one of us that may be involved in an accident gets relief from the rest of us. Same thing with being within a public building that collapses on someone we love.
Yet, it is difficult to use the law to propagate love, which is why insurance is sold not bought.
ADVICE 1: By our culture, we show love when something goes wrong, so we should not have any problem embracing insurance, which tends to legalize our culture.
The law protects all of us and our culture responds to all of us. Insurance merges the law with our culture!
ADVICE 2: Help your family and friends by buying them (Group) Personal Accident Insurance at as little as N2,500 for a full year, and when something goes wrong, they can be taken care of, whilst you might not be in the position to assist at the time.
ADVICE 3: Be careful in deciding your insurer, it is not because they are legal entities that they will understand our culture of helping others when something goes wrong.
