Describe the same risk to each insurer
Compare quotes for the same person, asset or activity, with consistent information supplied to each provider. Differences in the risk description can change the premium and cover. Keep the quote date, policy period, insurer and product name with the documents.
A short sales summary may omit conditions in the policy wording. Obtain both the schedule of cover and the wording, then identify the events insured and anything expressly excluded. The worksheet is a place to record those facts; it cannot interpret disputed terms or predict a claim decision.
Look beyond the headline cover limit
An overall limit may contain smaller limits for particular losses or expenses. Record any sub-limits in the notes, along with waiting periods, territorial restrictions and conditions you must meet. Two policies with the same headline sum insured can provide different protection.
Check whether an excess is fixed, a percentage of the claim, or a combination of both. Enter a fixed excess in the worksheet's amount field. Keep percentage excesses and minimum amounts in the notes instead of converting them into an assumed fixed charge.
Check the payment schedule
Compare the same period of cover. The worksheet turns a monthly quoted premium into a twelve-month amount by multiplying it by twelve. It does not assume monthly instalments are free: include any instalment charges in the premium or note them separately.
Ask whether the premium includes all mandatory charges, when payments are due and what happens if an instalment is missed. An annualised number alone does not show cancellation conditions, refund rules or how renewal pricing might change.
Verify and ask about claims
Use NAICOM's official consumer resources to check the insurer and clarify verification steps. Ask the provider how to notify a claim, what evidence is required and which exclusions matter to the cover you are considering.
- Who is the insurer named in the policy?
- Which claim costs are limited or excluded?
- What duties must you meet to keep cover effective?
- How are cancellation, renewal and complaints handled?
Check the original terms
NAICOM: consumer FAQs and checking cover↗. General information only; confirm the current terms with the provider. LagosXchange does not recommend or arrange financial products.