Tag: INSURANCE
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Travel Insurance in Kenya
What is Travel Insurance? Travel insurance provides financial protection and assistance for unexpected events during domestic or international travel. It typically covers various risks, such as medical emergencies, trip cancellations, lost luggage, and more. Key Coverage Areas: Medical Emergencies:Covers medical treatments, hospital stays, and sometimes medical evacuations. Trip Cancellation/Interruption:Reimburses prepaid travel expenses if you cancel…
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Kenyan Traffic Offenses and Their Fines – NTSA
The National Transport and Safety Authority (NTSA) has outlined specific traffic offenses to address road safety and reduce accidents in Kenya. Below is a summary of traffic violations and the corresponding penalties: Rule 12(1)(b): Learner driver without “L” plates – Ksh 1,000. Rule 130C(1) & (3): Unauthorized person driving a PSV – Ksh 5,000. Rule…
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Hiking the Aberdare Ranges
Hiking the Aberdare Ranges in Kenya is a fantastic adventure. The Aberdare Range, part of the Eastern Rift Mountains, is known for its lush forests, scenic waterfalls, diverse wildlife, and the beautiful moorlands at higher altitudes. Here are some key points to consider: Key Highlights: Scenic Beauty: Waterfalls: Notable ones include Karuru Falls, Gura Falls,…
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WHAT IS IFRS 17?
IFRS 17, or the International Financial Reporting Standard 17, is a set of accounting standards developed by the International Accounting Standards Board (IASB) that governs the accounting for insurance contracts. It replaces IFRS 4, which was previously the standard for insurance contracts but was seen as lacking comparability and transparency. IFRS 17 was developed to…
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Starting a matatu business in Kenya and be Profitable
Starting a matatu business in Kenya can be profitable if approached strategically and with careful planning. Matatus are the primary mode of public transportation in Kenya, particularly in urban areas, so there is always demand for their services. Here are some steps you can take to start and run a profitable matatu business: Market Research:…
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How much life insurance do I need?
Determining how much life insurance you need depends on various factors such as your age, income, existing debts, number of dependents, lifestyle, and future financial goals. Here’s a general approach to calculate your life insurance needs: Evaluate Your Debts: Take stock of your outstanding debts such as mortgage, car loans, student loans, and credit card…
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What happens if I miss a premium payment?
If you miss a premium payment on an insurance policy, the consequences can vary depending on the type of insurance and the terms of your policy. Here are some common scenarios: Grace Period: Many insurance policies have a grace period, typically ranging from 30 to 90 days, during which you can still make your premium…
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How does the insurance company determine my premium?
Insurance companies determine your premium based on various factors, including: Risk Factors: Insurance companies assess the level of risk you pose as an insured individual. For example, if you’re insuring a car, factors such as your driving record, age, and the make and model of your car will influence your premium. Similarly, for health insurance,…