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Drawing line between Term, Life Insurance and Assurance

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Life insurance is quite popular among the classes of insurance in Nigeria. Popular as it may be, most people including those who are into any form of life insurances do not know the difference between life insurance and life assurance. Unfortunately, the industry is not still playing the needed awareness creating role that is expected of it. Many players even in this global age are yet to fully adopt modern technology in doing the business, preferring to stick tenaciously to the conservative pattern which held the industry captive for decades. People spend much money on complicated financial products and it is sometimes difficult to track which of these products they keep the tasks to perform. Knowing the basic information of your expected type of coverage, would help to guarantee informed buy. This neglect could cause disagreement between insurers and the insured, with consumers buying overpriced products that may not be suitable to their needs simply because they feel they should have some financial protections, without having knowledge of details of their choice.
One of the most frequently asked questions in relation to many consumers is the difference between insurance companies and policyholders. Simply put, insurance companies cover the cost of an event that happens as long as the policyholder pays the needed premium in the occurrence of an event that could certainly happen. One thing about this type of insurance is that the insurance company only pays once or a certain time in the occurrence of the insured event. Therefore, if no claims are made within the period the policy is made, then they have no residual value.
But for an assurance policy, it is different. One notable feature about an assurance policy is the guaranteed payment. Assurance policies always pay off. For example, life insurance generally pay at the death of the insured or upon reaching the age of 65 years of age. How does this policy work?  Assurance policy combines two elements. That is an insurance element that will pay off when the person dies early. This is then used to pay for the funeral or the support of his family. But then there is an additional payment each year and that is the investment portion. The insurance company invests this part of the premium on behalf of the insured and upon reaching the age of 65 this money is then paid out to the insured. Life insurance policies are therefore often referred to as a method of life and as a method of saving for retirement.
It may not be easy to withdraw cash early from the investment portion of life insurance, although it is possible in principle. However, there are usually some penalties attached to this. It is advisable not to cash in early if you do not have strong reasons to do so. The distinction between insurance and assurance is also more and more blurred. Some insurance companies offer both types of policies or functions as a new kind of policy added to another in order to make them more attractive. Important as this distinction may be, it is important that the insured knows know what it is and also demand to know what type of facilities are available for the insurance of your life and provision for the future.On the other hand, Term insurance is the most common in life insurance. It is one of the several types of insurances that cover the insured only for a certain defined time. The term of the insurance stipulates that that is the only time to pay the insurer as the need arises. It is the most common in life insurance. Term insurance is also one of the cheapest ways to insure. But what makes this the right choice?
This class of insurance is used by many. It is one of the cheapest ways to stay insured. The operation is simple. You pay for the insurance, like any other insurance. Under this cover, if the insured dies during the period that the policy is in force, the insurance company will pay as the policies described. But if the person dies after the expiration of the insured term, then the insurance company is not likely to pay, as the insurance covers only the death that occurs during a stated period.
Why would anyone want to take this kind of policy?  The fact is that this type of insurance has some advantages, especially when you consider why you need insurance in the first place. If the insured dies, there is provision that could cater for the family left behind.
It is important that the insuring public make careful choice having understood the different provisions of these classes of insurance. The decision as to whether this is the right kind of insurance for your needs is necessary. It takes a lot of understanding, but understanding the difference between each type of insurance would be of immense help to the insuring public.

 

 

 


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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