Faqs

At Nicon Insurance we want to help you make the most of your experience with us. That’s why we’ve put together some answers to your frequently asked questions. Check the topics below as a guide and if you can’t find what you’re looking for

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• What is Insurance ?

  Insurance is the contract of transferring known risk at a price (premium) to the insurer (insurance company), that accepted to pay compensation to those named in the insurance policy whenever the risk/loss occurred.

• What is Policy Excess ?

  Policy Excess – A Policy Excess or Deductible is a pre-determined amount of losses which the insured bears / retains before the balance (over and above the excess) is paid by the insurance company.

• What is Insurance Premium?

  Insurance Premium – is the amount paid by the insured to a common pool managed by the insurer from where the losses of the unfortunate few contributors or insured are paid (settled) by the insurance company.

• How do I report a Claim?

  You can visit any of of branch offices nationwide to report a claim. You will be guided on what to do. You can also report a claim by visiting our website.