Frequently Asked Questions
These are some of the frequently asked questions at RIO INSURANCE. Please feel free to ask us any question regarding INSURANCE.
a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.
The company offers many classes of insurance which include the following:
- Workers Compensation and /or Employers' Liability
- Marine Goods in Transit
- All Risks Insurance
- Group Personal Accident
- Fidelity Guarantee
Liability insurance purchased by an insured (the first party) from an insurer (the second party) for protection against the claims of another (the third) party. The first party is responsible for its own damages or losses whether caused by itself or the third party.
RIO Insurance Company Ltd. Plot 20 Radiant House, P. O. Box 5710, Kampala, Uganda Tel: No. 0414-341264
It is a financial safety net that can help you offset the cost of
- Bodily injuries to yourself or others
- Lost wages due to injury
- Benefits to survivors when an accident results in death
- Lawsuits brought against you as the result of an accident
- Repairs made to your car due to damage caused in an accident