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THE ROLE OF NATIONAL INSURANCE COMMISSION TOWARDS INSURANCE PENETRATION TO THE GRASSROOT

THE ROLE OF NATIONAL INSURANCE COMMISSION TOWARDS INSURANCE PENETRATION TO THE GRASSROOTS

 

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TABLE OF CONTENTS

CHAPTER ONE

1.0    Introduction

  • Background of the study
  • Objectives of the study
  • Statement of problems
  • Research questions
  • Research hypothesis
  • Significance of study
  • Scope of the study
  • Limitations of the stud
  • Definitions of terms

 

 

CHAPTER TWO

2.1    Literature review

2.2    Reasons for insurance penetration to the Grassroot levels

2.3    Reasons why insurance are not full penetrated in the

level in the country

2.4    Supervision of the commission

2.5    Reasons for regulation

2.6    Meaning and strategies of marketing development restructuring initiative of national insurance commission towards insurance penetration to grassroot.

2.7    Micro-insurance means of penetrating insurance to grssroot

2.8    Islamic Complaint insurance means of penetrating insurance to grassroot

2.9    Agricultural insurance means of penetration insurance to grassroot

CHAPTER THREE

  • Research Methodology

3.2    Primary source of data collection

3.3    Population of the study

3.4    Sample size

3.5    The sample method used

3.6    Method of data analysis

3.7    Formula used

CHAPTER FOUR

  • Data analysis
  • Analysis and evaluation of data

 

CHAPTER FIVE

5.0    Summary, Conclusion and Recommendation

5.1    Summary

5.2    Conclusion

5.3    Recommendation

References

Appendix 1

Questionnaires

 

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ABSTRACT

The aim of this project is to analyze the role of the National Insurance Commission in depending insurance service among the vast population of Nigeria. This can  be achieved thorough is oversight functions and use of innovation tools like MOR, micro insurance, Islamic complaint insurance and Agricultural Insurance to meet the majority of Nigeria living in the rural areas. In the course of the study many problems encountered are to be solved by the recommendations that will ensure adequate coverage of the limitations. The type of research method used is primary source of data collection

 

 

CHAPTER ONE

1.0   INTRODUCTION

National Insurance Commission is a body that ensure is effective administration, supervision, regulation and control of insurance industries in Nigeria.

The national insurance Commission (NAICON) under the able watch of Mr. Fola Daniel is on top of the situation. The industry is poised to take advantage of serial despoliation and corruption enthroned every where in our economic landscape that poll into insignificance value that enables the society. The insurance consumer Association of Nigeria (INSCAN) and NGO ably led by rear Admiral Isaac Areola is protecting the insurance consumer in Nigeria against unfair practice from insurers.

 

Insurers should therefore enhance after. Sale service, such as prompt payment / settlement of claims as well as effective intermediation model. And also develop environmentally friendly products, based on market research and ensure an efficacious marketing that will speak to the customers in the grass root.

The bottom line for effective insurance coverage is a prompt payment of claims. Insurance operator should ensure that they take settlement of claim seriously for that will guarantee adequate penetration of insurance to grass root. The commissioner for insurance Fola Daniel sates that the easiest way to attract the public to patronize insurance is treating those who are already insured through prompt payment of claims. “If one tells his friend that his insurance company did not pay claim after his loss, that single complaint is capable of stopping more than 20 peoples from buying insurance in future” in his statement, he said that prompt payment of claim remain the best instrument.

 

For insurance awareness and penetr

ation expatiating on its utmost importance, that commissioner state that NACCOM will continue to ensure that operators live up to their claim responsibility adding that the commission had received 86 claims complaint out of which 52 valued at 1.2 billion have been resolved and 34 in court. He read the ‘riot act’ that the axe will be yielded on operators who consistently fail to settle discharged claim promptly by losing their license. Insurers had been mandated to administer claim. In accordance for that will enable those at grassroot to embrace insurance and in order to standardize insurance practice.

Moreover, the weak legal framework for the regulation and supervision of insurance industry in Nigeria has been attributed to the poor public perception of the sector; low level of awareness amongst the populace; high political economic and financial systemic risk; non remittance of accumulated premium and investment losses resulting from decline in insurance penetrations.

Furthermore, a lot of companies are being built in the urban area forgetting that many Nigerian are living in the rural area without having the knowledge of what insurance is all about and are eager to boy the policy if well explained.

According to Mr. Fola Daniel, he said that derive to penetrate insurance into the grassroot will see the insurance market growing in an accelerated rate of hitting 8:64% in the net four years. According to the commissioner of insurance, premium income will increase from N300 billion in 2012 to N1 trillion in 2017, motor insurance will increase by ten percent (10%), life insurance by three percent (3%)  and oil and gas by two and half percent 2 ½  % .

The industry’s contribution to the Gross Domestic product will be three percent (3%) and the insurable population will increase to twenty-two percent (22%). The Nigeria insurance penetration is expected to rise above six percent (6%) when compared to Kenyan 3.2% and South African 15%.

 

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1.1   BACKGROUND OF THE STUDY

The Nigerian Insurance Industry has come of age, the genesis of the industry in 1921 had gone through transformation. It morph and from the insurance companies Act 1961, the insurance (miscellaneous provision) Act 1964, the companies decree 1968, the insurance decree 59 of 1976, the insurance Decree 58 of 1991, insurance decree 2 of 1997 to the present insurance Act 2003. There is still room for amendment following strident calls for more consolidations was upgraded to National Insurance Supervision. Board headed by Chief Oladipo Bailey who become the first commissioner of insurance when the National Insurance Commission was set up by Decree N0 1 of 1997, He was later replaced by Barr. Emmanuel Chukwulozie and the incumbent Fola Daniel.

1.2   OBJECTIVES OF THE STUDY

        The following are the objectives of the study,

  1. To examine the role of the National Insurance Commission towards Insurance penetration to the grass root.
  2. To lay an emphasis on the strategies and way through which National Insurance Commission is using towards penetrating insurance to the grass root.
  3. to know how insurance growth can contribute to GDP of the country.

 

1.3   STATEMENT OF PROBLEM

Most of the problems confronting the commission from carrying out efficient administration on insurance industries in Nigeria are inexperienced management team, inadequate fund for carrying out the roles of the commission etc.

 

 

 

1.4   RESEARCH QUESTIONS

  1. Has National Insurance Commission contributed to the growth of insurance industries in Nigeria?
  2. Does the level of the commission influence the performance of the industries?
  3. What is the role played by the commissioner in Nigeria?

4       What are the efforts of the commission to penetrate insurance to grass root.

5       What are the achievements of the commission so far in the country?

1.5   RESEARCH HYPOTHESIS

HO:  That NACCOM contributes immensely to the growth of the industry in Nigeria.

Hi:    That NACCOM does not contribute to the growth of the industry in Nigeria

Ho:   That the function of the commission is fully executed.

Hi:    That the function of the commission is not fully executed.

  • SIGNIFICANCE OF THE STUDY

The significance are as follow

  1. To educate the reader of this project about the role of National Insurance commission and the method and strategies used towards insurance penetration to grass root.
  2. To alert the commission on several ways of maintaining a strong administration.

1.7   SCOPE OF THE STUDY

This study will cover only the National insurance Commission zonal office Enugu, Nigeria and emphases on the roles they play towards insurance penetration. The analysis and conclusion will base on the data supplied by the commission.

1.8   LIMITATION OF THE STUDY

There are numbers of factors which militated against the smooth conduct and execution of this research work they are as follows:

–       Difficulties in obtaining relevant information about the commission.

–       The scarcity of fuel, hence the high cost of transportation limit the researcher’s movement to various places where necessary information for the research work could be obtained.

–       Financial and time constraint. The research work would have not been carried out as one would have wanted some other method of collecting information could not be used for example observation of work and asset could not be effectively carried out.

 

1.9   DEFINITION OF TERMS

  1. A) NATIONAL INSURANCE COMMISSION: Is a body that ensuring efficient administration, supervision, regulation and control of insurance business in Nigeria.
  2. B) CO-OPEARTIVE SOCIETY: This is an insurance association registered under any enactment or law relating to co-operative society. They are not allowed to provide cover to non members. It is guided by a co-operative principle of democracy, equality, religion and political neutrality patronage rate and open membership.
  3. C) INSURANCE BROKER: They are experts and professionals in the field of insurance and have a higher duty of care to their principal.

Thy are described as agent of the insured.

D)     INSURANCE AGENT: They connect the insurer and the insured in the insurance market. They are not professionals or experts. They are described as he agent of the insurer, they bring business to the insurer and advice the insurer on market situations.

 

 

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the impact of the prudential guidelines in the insurance industry

the impact of the prudential guidelines in the insurance industry

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PROPOSAL

What I intend to achieve as the researcher of this project topic the prudential guidelines on insurance companies will hold for the industry in the nearest future.  This is to centered on the impact the issued of guidelines by the various regulatory bodies like the insurance Decree of 1996 and 1991 and the establishment of various bodies like the Nigerian insurance stock brokers and others.

I also want to achieve the performance apprisal of the insurance companies with view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

In an effort to access the impacts of the implementation of the prudential guidelines one must first and for most achieve why the guidelines were issued and what they were intended to achieve.

Hence the need to findings lasting solutions to sanities the insurance industry to bring about a more better future for its existence.

Chapter one

Vividly speaking this will base on Introduction, Background of study, statement of problems, objectives of study, significance of the study, scope limitation and delimitation and lastly Definition of terms.

Chapter two

This particularly involve the Review of related literature, objectives of insurance regulation, insurance Decree of 1976 and insurance Decree No 58 of 1991.

 

Chapter Three

Under this chapter we have Research designed and methodology, Data source, Data type, Data location and method of investigation applied.

 

          Chapter Four

This will basically base on presentation and analysis of data, General review of Nigerian insurance market and claims.

Chapter Five

This will contained the following findings, recommendation and conclusion.

ABSTRACT

          This project work is aimed at giving an insight of what the prudential guidelines on insurance companies hold for the industry in the nearest future.

It is centered on the impact of issued guideline by the various regulatory bodies like the insurance.  Decree of 1976 and 1991 and the establishment of the various bodies like the NISB and others.

It also examine the performance apprisal of the insurance companies with a view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

Hence the need to finding lasting solution to sanitize the insurance industry to bring about a more better future for its existence.

 

 

 

 

 

TABLE OF CONTENT

CHAPTER ONE

1.0            Introduction                                                                   1

1.1     Background of study                                                     2

1.2            Statement of problems                                         3

1.3            Objective of study                                                          4

1.4            Significance of the study                                                5

1.5            Scope limitation and delimitation                                  6

1.6            Research  Hypothesis                                                    8

1.7            Definition of terms                                                         9

 

CHAPTER TWO

2.0            Review of Related Literature                                13

2.1     Objectives of insurance regulations                      15

2.2            Insurance Decree of 1976                                              17

2.3            Insurance Decree No 58 of 1991                                    17

2.4            Insurance Association                                                    18

2.5            Brief History of Insurable interest                                 27

2.6            Claims settlement                                                          29

 

CHAPTER THREE

3.0            Research Design And Methodology                     52

3.1     Data source                                                                    52

 

CHAPTER FOUR

4.0            Presentation and analysis of data                                  58

4.1     Introduction                                                                   58

4.2            Presentation of Question                                               58

4.3            Analysis of Data                                                            68

 

CHAPTER FIVE

5.O    Summary of Findings                                                    76

5.1            Decision of Findings                                                      78

5.2            Conclusion                                                           79

5.3            Recommendation                                                 81

 

Bibliography/References                                                83

CHAPTER ONE

1.0     INTRODUCTION

          Insurance companies deal principally money and property.

According to Brettl. J. the subject matter of insurance is money and money only.  They act as mobilizers of funds from surplus units and channel them to deficit units.

This channeling can be refered to as indemnity.

This can be put in another way, that the primary purpose traditionally of insurance to spread the financial losses of insured members over the whole of the insuring uncertainty by compensating the unfortunate few from the contributions of all members.

Premium changed by the insurance company is its primary sources of manning income, therefore the insurance companies help on premium for its insured or person, financial rights or liability to mention but a few.

However, the financial compensation promised by the insurer is what is called the subject matter of the contract.

Insurance contract is subject to the general Principles of Nigerian Law of Contract as in any other commercial activity.  It these principles that makes for its validity.  Not only does it affect insurance but it operates in every other commercial aspect of life.

 

1.1     BACKGROUND OF STUDY

The role of insurance as one of the major economic activities of a nation has long received would acclamation.  It is not a dispute that insurance has attained a high degree of commercial sophistication.

Insurance business plays a major role in shaping the economic furtunes of the business enterprise institutions and individuals.

The economic profits of any country usually has an impact on both cost and benefits of insurance.  Thus one should consider the examination of the subject of insurance regulation timely in view of current economic climate.

 

1.2     STATEMENT OF PROBLEMS

It has been a concern within the insurance industry on the introduction of the prudential guidelines, as it affects the performance appraisal of the insurance companies.

This research work is geared towards investigating the impact of this guideline as it affects the insurance industry in Nigerian.

In 1979 there was an act guiding the operations of insurance and ie- insurance business in Nigeria.

This act stipulated that minimum of 25 percent of the total assets of the insurance companies should be held by government and semi-government securities.

Non life insurance companies should invest not less than 10 percent of their total assets in real estate,  while the minimum proportion for life insurance companies was fixed at 25 percent.

However, in recognition of the financial intimidation role of insurance companies by government the lending operation of the companies were brought under the control of the C.B.N with effect from April 1978.  From then an insurance companies required to render monthly returns of their operation to the bank within 30 days from the end of each month.

 

1.3     OBJECTIVES OF STUDY

  1. To ascertain the impact of the prudential guidelines on insurance companies.
  2. To examine the facts contained in the prudential guidelines issues.
  3. To examine the performance of insurance companies with regards to premium income and profit since the introduction of the prudential guidelines.
  4. To identify the problems insurance companies face as a result of the introduction of prudential guidelines.
  5. To know whether insurance companies now send monthly report to regulatory bodies.
  6. Recommendations on the researcher’s findings.

 

1.4     SI9GNIFICANCE OF THE STUDY

  1. INSURANCE COMPANIES

This licensed companies will, through this research, work improve on their performance since the researcher will let the public know all that is required of the insurance companies as contained in the prudential guidelines issued on licensed insurance companies.

 

b.       THE GOVERNMENT

Since the government though it regulatory bodies like NISB, C.B.N, etc issued the prudential guidelines this research will help the government know whether to let the prudential guideline continue or to withdraw it from being used by insurance companies.

 

 

 

 

C       THE PUBLIC

The public here includes, the “insured” and the intending ones.  This research work will help particularly the intending policy buyers to be aware of the new insurance policy on the insured.

 

1.5            SCOPE LIMITATION AND DELIMITATION

SCOPE

This research work covers the facts of the guidelines, premium income and profits position of insurance companies before and after the prudential guidelines, how the insurance companies welcome this new guidelines the impact the guidelines have made so far and the problems facing insurance companies as a result of the guidelines.

 

LIMITATION

 

 

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Management of life assurance fund in nigeria insurance industry

Management of life assurance fund in nigeria insurance industry

(a case study of union assurance limited)

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Table of content

Chapter one

Introduction

Literature review

  • Background of study ——————————–1
  • Statement of problem ——————————-5
  • Objective of the study ————————— —5
  • Research questions ——————————- -6
  • Research hypothesis ——————————–7
  • Significant of the study —————————–7
  • Scope and limitation of the study —————-8
  • Definition of the terms —————————–9

 

 

Chapter two

Literature review

2.1   an overview —————————————– 12

 

2.2   historical development of the case of study —-14

2.3   history of life assurance program  ————- -16

2.4   meaning and purpose of fund ——————–17

2.5   management of insurance fund ——————21

2.6  model to guide life assurance fund—————-22

2.7   problem recounted red in investment of insurance fund—————————————————–24

2.8   prospect of adequate management ————— 26

 

 

 

Chapter three

Research methodology band design

3.1   an overview ——————————————-30

3.2   source of data —————————————-31

3.3   population of study———————————–33

3.4   sampling size determination ———————–34

3.5   questionnaire administration ———————-35

3.6   method of data analysis—————————–36

 

 

Chapter four

Data presentation analysis and discussion of findings

4.1   data presentation———————————38

4.2   testing of hypothesis——————————53

4.3   discuss of finding ——————————— 56

 

 

 

Chapter five

Summary of finding conclusion and recommendation

5.1   summary of finding———————————58

5.2   conclusions——————————————61

5.3   recommendation————————————64

5.4   suggestions for further studies——————–65

Bibliography ——————————————67

Appendix———————————————-69

Research questionnaires———————————-70

 

 

 

Abstract

It is common to see report of business falling than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation, the company will not meet their solvency margin thereby running away from their obligation as to settle claims which in turn portray ugly insurance image. This study there for is exploratory study designed to determine how life assurance fund are properly managed. The population of the study comprises both staff and customers of union assurance enugu. A sample size of fifty (50) was selected made up of 20 staff and 300 customer both primary and secondary data were collected.

 

 

Questionnaire coupled with personal interview were the main research instrument. The data was analyzed by the use of chi square statistical method. The study came out that for proper management of life insurance fund, the premium should be invested both in short band long term investments so that insurance company will meet their obligation as to settle claims. It was recommended that all the stakeholders, including management of insurance companies, policy makers and policy holder should collaborated come out with conductive business climate to ensure effect management of life assurance funds for great returns to investors.

Table of content

 

 

 

Chapter one

Introduction

  • Background of the study

It is common to report of business failing than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation the company will not meet their  solvency margin thereby running away from their obligation image. However it will also have a drastic effect on the nigeria economy when it failed. In order top nurture the interaction, this research focus on insurance industries and how they management life assurance premium, to know if the premium are invested as stipulated by law, how they handle claim and the beneficiaries and also how life assurance fund help in the economic development of nigeria.

Moreover, management of life assurance fund in insurance industry related primarily to the way the industry management life assurance premium in order to achieve organizational goal and objective using available fund efficiently and effectively.

 

 

However in context to management, union assurance limited. Limited is an associate of union bank of nigeria plc. The company was registered as an insurer on november 18, 1993 and actually commence business in 1998. At the time, it was the first attempt by any bank top venture into universal banking. It therefore become the life assurance specialist’s underwriter with in the same period. Recently, union assurance is redefining those strong potential to challenge industry management with the top five brackets. Apart from restructuring its operations, the company is diversifying and expanding at a period where competitor mare contracting due to uncertain economic conditions. (a new management driving change and excellence is  in place and venturing into new frontiers that were uncultivated. The changed in management has also brought to bear on the company’s operation innovation which are impacting passively on the work culture in union assurance) union assurance also has a robust investment portfolio cutting across assets in the equity, money bond and property marked totaling over n5 billion they also employs a conservative but dynamic investment strategy geared towards increasing the company income and profitability.

 

 

More so, in managing life assurance fund money is pooled together with that of other investors to create a single strong fund that provide significant investors benefits which include an instant increase in buying strength there by contributing towards economic development in nigeria. However, life assurance fund accumulate through payment made by the assured person called premium so that should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due. The idea for assistance and association is not new to the nigeria society various town and clan union and social clubs have various ways of showing benevolence to their bereaved. It is customary for people to pay condolence visit and present a sympathy purse. Practices are similar to mutual life assurance.

 

 

In addition to this, there are also the long-term needs to create and sustain an enable environment that will engender safe practice against destructive runs in managing life assurance funds, protecting and ensuring fair play among insures in the industry.

 

 

1.2  state of problem         

Complex set of interrelated problem are identify as following:

  1. Mismanagement
  2. Inability to invest life assurance fund in varieties of security due to lack of experts.
  • Ineffective investment management of life assurance fund which affect expectations of the insuring public and growth of the industry.

 

 

1.3  objective of the study

Having been exposed to the problem the research tends to achieve the following:

  1. To described implication and suggest possible ways of managing life insurance fund.
  2. To assess the factors that determines the area of investments of life assurance fund.
  3. To ascertain whether life assurance fund are invested more on short- term investment than on long-term investment instrument or vice versa.
  4. To promote investors confidence toward life assurance.

 

 

 

  • Research question
  1. What appropriate strategies can be put in place to ensure effective management of life assurance funds?
  2. What factors determine the areas of investment of life assurance fund?
  3. What form of investment is life assurance fund put into most (long term or short-term investments insurance)?
  4. What are the trend expectation of the insuring public?

 

  • Research hypothesis

The research work tends the following hypothesis listed below:

Ho:   management of life assurance has no positive effect on the economic growth and development of nigeria.

H1management of life assurance fund has positive on the economic growth and development of nigeria.

 

 

  • Significance of the study

It is aimed that study will help the insurance to plan organize and control life assurance fund in order to maintain proficiency and standard in insurance practice thereby investing life assurance fund in varieties of investment. In turn have adequate fund to settle claim which portray good insurance image and bring development in nigeria economy.

It will also aid the candidate or student having hnd in insurance to know the various areas where insurance can invest.

 

 

 

  • The scope limitations of the study

This research work limit to one of the insurance companies in enugu, union assurance company of nigeria to be precise.

There are a lot of constraints in the gathering of information of the research work but the major constrain are following are to be precise.

  1. Time: in report to the theoretical and practical work the time allowed the project was limited beside there was carried out with other academic assessments.
  2. Financial: due to high rate of academic fees, i could not be able to carry out research with easy as i was planned.

 

 

 

  • Definition of terms
  1. Management: this is the act of running and controlling a business or similar organization so as achieve the organizational goal.

Ii.     Insurance: is a contract between two parties insured whereby the insured pay small amount of money called premium and the insurer promise to compensate the insured when the specified risk insured against occur.

 

 

Iii.    Life assurance: is a contract of insurance on party called the insurer agreed that subject to some term exception and condition and condition that he would pay some money on the dearth of life assured on the precious maturity of the policy

  1. Fund: this is an amount of money that have been saved or made available for particular purpose.
  2. Premium: is the monetary consideration paid by the insured for insurance covers ie the price of service rendered.
  3. Investment: to put money effort time into some things to make a profit or get an advantage. It can buying of property or share in a company as to make profit out of it
  • Management: to organize or control a business badly.
  • liquidation: to cause a because to close, so that its assets can be also to pay its debts ie the process by which a company or part of a company is bought to an end, and the asset and property of a company redistributed these can also be seen as winding up of a firm by selling off its free (unpledged) assets to convert them into cash to pay the firm’s unsecured creditors.

 

 

  1. Solvency margin: this is a minimum excess on an insurance assets over its liabilities set by regulator. It can be regard as similar to capital adequacy. It is also company ability to pay claim.
  2. Policyholder: is a person or a corporation whop owns an insurance policy. It also the owner if an insurance policy: usually, but not always the insured.
  3. Stakeholder: a person group or organization that has interest or concern in an organization ie person, group
  • Organization member or system who affect or can be affected by an organizations.

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