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IMPACT OF INSURANCE
SERVICE ON BUSINESS SURVIVAL
CHAPTER ONE
1.0 Introduction
Insurance is form of risk management, which is usually
purchased to get protection against any risk of potential loss.
In other words, the risk of loss is transferred from one
entity to the other through insurance you will be referred to as a policy in
turn, you have taken your policies. A long with the insurer and insured,
insurance industry also comprises of insurance agents and brokers, who guide
you on your insurance need.
Insurance policy helps in not only financial cushion against
adverse financial burdens suffered insurance policies are a safeguard against
the uncertainty of life.
Insurance involves pooling funds from many insured entities
(known as exposures) to pay for losses that some may incur. The insured
entities are therefore protected from risk for a fee, with the fee being
dependent upon the frequency and severity of the event occurring. In order to
be insurable, the risk insured against must meet certain characteristic in
order to be on insurable risk. Insurance is a commercial enterprise and a major
part of the financial services industry, but individual entities can also
self-ensure through saving money for possible future losses.
1.1 Background of
the Essay
The research is to be conducted on “The impact of insurance
service on business survival in Niger Insurance Plc Kaduna.
Insurance is meanly concerned with provision of financial
security or protection of industries, institution and individuals against their
economic losses, since they have content with the risk and uncertainties
associated with business properties and life.
Therefore, Insurance creates awareness for the society since
they are faced with a lot of risk such as accident, job termination,
fire-outbreak, thief, flood, death. Insurance exists in order to ensure the
survival of the business, there by fastening economic development and growth
all over the world. Insurance is actively wolves in the protection of
investment by providing cover against risk which may disrupt project and
encourage individuals and organization to harvest good result. The Insurance
insuring Public (Individual’s corporate organization and Government) in the
economic transfer risks associated with the lives and economic transfer risks
associated with the lives and economic activities to ensure companies, they are
providing a means of protecting and conserving the wealth of the Nation.
1.2 Objectives of
Essay
Insurance exist in order to ensure the survival of the
business, but in these modern days, the rate of unawareness about the insurance
policies in Nigeria is very low, compared to the developed nation.
The Nigeria are underinsured because insurance companies do
not fully appreciate the importance of insurance marketing in the security
sector and these are due to adequate training of personnel within and outside
the organization that will convince the general public. Another poor situation
of the industry is the insufficient advertisement placement to ensure public
enlightenment of insurance policies.
Some staff never exhibit their ability and technical
know-how, because of lack of motivation especially in the marketing department.
Also these above mention are also what Niger insurance plc faces. Therefore the
objectives of this essay are:
i) To
evaluate the impact of Insurance on business survival in Nigeria.
ii) To
determine various Insurance policy used in safe guiding business.
iii) To
identify the problem militating against Insurance firms to proffer solutions to
the identified problems.
1.3 Significance of
the Essay
The process of insurance has been evolved to safeguard the
interest of people from uncertainty by providing certainty of payment at a contingency.
The insurance principles comes to more and more sued and useful in modern
affairs, not only does it serve the ends of individuals, or of special groups
of individuals. It tends to pervade and transform our modern social order too.
The following are some roles and importance of insurance to
business survival, they include:
-
Uncertainty of business losses is reduced
-
Key main identification
-
Enhancement of credit
-
Business continuation
-
Welfare of employees.
The study will be beneficial to Insurance companies as well
as business enterprise especially as they utilize the findings of the study to
enhance their businesses. The study will also contribute to the existing
knowledge in Insurance. It will also be a useful material for study who may
wish to use the research as a springboard to undertake their own research as
well as other researchers who may wish to make further research on the subject
matter.
1.4 Scope of the
Study
The study covers an empirical examination of the impact of
Insurance on the survival of business enterprise. Data collection would be
restricted to Niger Insurance Company Kaduna. The study covers a time from
2006-2012.
1.5 Limitation and
Delimitation
The study is restricted to Niger Insurance Plc, Kaduna as
such, it is not certain if the same finding will be obtain if the research is
conducted on another study area other limitation arise from the fact that the
questionnaire as well as the survey method constitute the research instrument
as well as a research design respectfully, it is not certain if other kind of
instrument and design will yield the same result.
Non challant attitude constitute of respondent as well as
their own cooperative attitude constitute a great limitation of their study.
Delimitation
The following below are some of the delimitations:
i)
Poor Insurance Culture: The greatest single problem facing insurance
services on business survival is the absence of a positive insurance culture,
resulting in an acutely law level of insurance awareness.
ii) The
Poor perceived public image of insurance: Those who perceive insurance in poor
light contend with little valid justification, that insurance service do not
line up to their contractual obligations when claims are made on them, their
usual cliché is that “insurance companies are eager to receive premiums, but
reluctant to pay claims”.
iii) Undercapitalized
and technical weak insurance companies: Insurance is a serious business and if
a corporate body of business ventures are not adequately equipped with a sound
capital base and adequate managerial and technical support, it would not be
allow to operate in the market.
iv)
Difficulty of raising capital: Most insurance companies finds it
difficult in raising capital to services the business or cooperate body which
they are line up to their contractual obligation when claim or made on them.
v)
Failure to obey basic insurance principles: If the parties involved in
an insurance policy decide not to follow or abandon the insurance principles
and care values, it inevitably collapses e.g. premium rating principles that
requires that premium should be reasonable and that each policy holder should
pay into the insurance. Pool a premium that is adequate and consistent with the
risk that tie is bringing into the pool. If such a vital principle is disobeyed
could be costly to effectiveness of insurance.
vi) Fraud
Syndrome: Fraudulent activities such as documentation fraud, certificate
racketeering, overstated claim, container fraud by ship have sometimes led to
delay in claim to settlement as most insurers now employ he service of
investigators to confirm the genuineness of claims the delays resulting from
investigations give insurance a bad image for the case that are serious.
1.6 Definition of
Term
Insurance: Undertaking by a company, business or individual
to provide safe against loss in return for
regular payment.
Insurance business: The process of buying and selling of
Insurance services.
Agent: He is the person who acts on behalf of another in
bringing contractual relationship with third party.
Brokers: The brokers are highly skilled professionals who
offer specialist advice to buyer of Insurance and as is in the placement of
risk with Insurers of rebuke
Proximate cause: this is used to determine whether the loss
sustained by the insured or was caused by the risk insured against.
Life Assurance: protection against the loss of future income
which may arise as a result of the premature death of income-producer.
Cover Note: This is a temporary “cover” given to the insured
by the Insurer in lieu of the policy. It is operational for thirty days but may
be extended if the need arises.
Proposal Form: This is the printed form which the prospective
insured fills out stating the risks which He want covered and providing the
necessary information.
Insurer: Is the insurance company which is covering a
particular risk.
Insured: Is the policy holder is the person who has an
insurable interest in the subject of Insurance
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