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IMPACT OF INSURANCE
SERVICE ON BUSINESS SURVIVAL IN NIGER INSURANCE PLC KADUNA
CHAPTER ONE
INTRODUTION
1.1
Background of the Study
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
Statement of the Problem
Insurance exists in order to ensure the survival of the
business, but in these modern days, the rate of unawareness about insurance
policies in Nigeria is very low, compared to the developed Nation. The
Nigerians are under insured 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 exhibits 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.
1.3 Objectives f the Study
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.
1.4 Research
Questions
i.
How does insurance affects business survival in Nigeria?
ii.
What is the various Insurance policy used in safe guiding business?
iii. What
are the problems militating against Insurance firm?
iv. How
can these problems be overcome?
1.5
Significance of the Research
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.
1.6 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.
1.7
Limitation of the Study
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 on cooperative attitude constitute a great limitation of their study.
1.8
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.
Underwriting: means undertaking to identify an insured for a
risk or part of a risk.
Clouse: this is the legal aspect of law that is backing the
practice of an Insurance act or policies.
Principle of Utmost Good Faith: This refers to as the
Insurance business that boom on trust, any iota or lie or deceit refuses the
confidence and discourage the growth of the business.
Social Security: This is a package that you have confidence to
your future in terms of any incident assurance.
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