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IMPACT
OF INSURANCE SERVICE ON BUSINESS SURVIVAL
ABSTRACT
This study intends to determine the importance of
communication in business. The essay is a guide on how to improve in various
business undertaken with the help of good communication. Again it also tells
how communication is important in business because it enables the management
and the employees to exchange and share information. Also it determine the
quality and effectiveness in the field of business organization because good
communication enable the flow of information in an effective way. Lastly without
good communication because or any organization cannot grow to achieve its goal
and objectives.
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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