1. How does Insurance work?
Insurance is a risk transfer mechanism. It exists because risk exists. Human beings are subject to risk at home, at work, on the road, while traveling, in the hospital or anywhere at any time. While insurance cannot remove risks, it transfers all or some of the financial impact of any of such events to the insurer (Insurance Company). Insurance exists to help individuals recover from the financial consequences of unsavoury events by pooling the resources of a large group to pay for the losses of a small group. It is a practice by which a company provides a guarantee of compensation (called Claims) for specified loss, damage, illness or death in return for payment of a sum called premium.
2. Why do I need Insurance?
Insurance is needed because it protects against the risks of the unknown. When you buy insurance, you transfer the cost of potential loss to the insurance company in exchange for a small fee. After such a payment is made, the Insurance Company invests the funds securely so it can pay the policyholder when a claim is made. Aside from the peace of mind it offers the policyholder, some classes of insurance are required by law given the importance the government attaches to assets protection and health. Insurance also protects against financial ruin; loss of income and property and many unpredictable incidences of life.
3. How do I buy Insurance?
If you are clear on the nature of insurance required; you may approach an insurance company and request for a specific policy. You would execute a policy form; provide the policy accompaniments along some “Know-You-Customer” documents such as evidence of residence and Identification. If you are unclear as to the type of policy cover you would be requiring for the asset you wish to protect, you may approach an insurance company for guidance.
4. What is a Claim?
A claim is the payment made by the insurer (Insurance Company) to the policyholder in the event that peril specified in the Policy occurs. All you value is important to us at Wapic. So your family, belongings and even your business are catered for when life’s eventualities occur by our extensive bouquet of policy options. We care for you by ensuring your claims are settled promptly.
5. How can I make a claim?
If you are a policy holder with Wapic, you should visit the claims portal (www.wapicinsuranceplc.com/claims.aspx) on our website for guidance on the applicable accompaniments for the claims you are making. After this, you are should download the claims form from the site and fill out the required information. Most likely, you would also have to attach a letter addressed to the Managing Director of Wapic insurance stating your claim. Alternatively, otherwise you may make reference to the policy documents given to you, to guide you as to what steps to take when a claim arises.
6. What is a KYC Document?
KYC means “Know Your Customers”. It involves provision of documentation to serve as evidence of your residence, source of livelihood and identification. In line with NAICOM’s general rules and guidelines, KYC is necessary for every insurance contract as a means of curbing theft, fraud, money laundering and terrorist financing. Customers are therefore required to verifying their identity and address by submitting documents that are accepted as relevant proof. Such document includes: • Proof of identity and proof of address. • Passport, • Voter's ID card, • Driving license • Utility Bill e.g. electricity or water bills • Letter from the employer or any recognized public authority certifying the address.
7. How do I complain or make a suggestion?
You can make your commendations or complaints by email, telephone or in writing. You can reach us on +234 (0) 7098821285/86 and ITQM@wapic.com
8. How do pay my Premiums at Wapic?
There are three options available to you. You can pay directly into a Wapic Account via: - Cash Lodgment - Direct Debit option or by - Standing Order Wapic Life Assurance Ltd a/c No. with Access Bank is 0026787181
9. What is a Direct Debit Mandate?
This is an instruction to you Banker for monthly deductions directly from your account for payment of your premium contributions If you want to be on a Direct Debit, you will have to fill out a Direct Debit Mandate form.. You can email ITQM@wapic.com for a copy of the Direct Debit Mandate form or download the form from our website.
10. What is a Standing Order Instruction?
A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to his or her bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order. At Wapic, this is only available to Access Bank customers. If you want this payment option, please fill out a standing instruction form at Access bank or write Branch Manager of Access Bank where your account is domiciled, instructing him/her to debit your account at any period or date you want and the deductions should be credited into Wapic Life Assurance Ltd a/c; 0026787181. The instruction or letter is to be forwarded to Wapic for further processing. Wapic will advise Access Bank Plc Bank on your behalf. However, note that this option is only available to those customers that have a banking relationship with Access Bank Plc.
11. What is Sum assured?
In Insurance the sum assured is the value paid to the policy holder or his dependent in case of any unforeseen circumstance.
12. Who is a Policyholder?
A policy holder is the individual or group who holds an insurance contract. A policy holder may or may not be the insured; the beneficiary can also be called a policyowner.
13. Who is a Named beneficiary?
This term refers to any beneficiary named in an insurance policy that will share in the proceeds when the policy matures. In some cases, the policyholder and the named beneficiary may be the same person.
14. What is a Surrender Value?
A surrender value is paid to a policy holder when an insurance policy is voluntarily terminated before its maturity or in event of death.