Jumia House Ghana has compiled a number of terminologies one is likely to discover in insuring properties:

Insurance – This is the procedure of receiving reimbursement from an insurance company by an individual or unit for a loss. In Ghana, a property owner can insure his residence against fire and burglary.

Indemnity – Indemnity is the protection in a form of compensation provided to an individual by an insurance company during losses or disasters. For instance, after a fire or burglary, the sum of money paid to an individual as a result of insuring ones property is a form of indemnity.

Indemnitee – The party protected in a contract by indemnity. Signing a contract with an insurance company to protect one’s property against fire and burglary makes one the indemnitee and the insurance company, an indemnitor.

Compensation – The money received from an insurance company by an insured for a loss or disaster; indemnity.

Premium – The amount of money required to be paid by an insurer over a period of time according to the selected insured plan.

Insurance Policy – This is a contract between the insurer or the company and the insured or the holder that regulates the claims an insured is entitled to.

Property Insurance – Protecting a property against fire, burglary and other perils is known as property insurance, where property refers to buildings, household goods, etc.

Home Owners Policy – This is a form of property insurance that covers the loss and damage of a personal dwelling as well as the content in the property

Fire Insurance – Insurance policy that covers the damage caused by fire. This insurance policy goes beyond insuring the property but the damage, the repairs and replacement.