The Impact Of Proper Underwriting In Promoting Insurance Image In Nigeria (A Study Of Niger Insurance Plc)
Insurance companies are legal entities that cover the insured against certain unexpected occurrence of an event in exchange for payment of a predetermined amount of money called premium. In underwriting insured risks insurance companies do accepts risks that have different risk profile but the acceptance of those risks are under different conditions which they face a lot of challenges in carrying out these activities because of low modern technology and facilities, lack of professionals in underwriting department which brought to foe low confidence on the insured.
This study therefore is exploratory study to determine the impact of proper underwriting in promoting insurance image in Nigeria. The population of the study comprises both underwriters and insured of Niger insurance plc Enugu. Both primary and secondary data were collected. The data was analyzed by the use of chi-square statistical method. The study came out that for proper underwriting in promoting insurance image, the insurance need to establish rules which will result in securing an average proportion of good risk. It was recommended that the underwriters should be exceptionally in the selection of their applications they should not be too glad in receiving premium but too reluctant in meeting their claims.
Table Of Contents
- Title page
- Approval page
- List of tables
- Table of content
- 1.1 Background of study
- 1.2 Statement of Problems
- 1.3 Objective of the Study
- 1.4 Research Questions
- 1.5 Research Hypothesis
- 1.6 Significant of the study
- 1.7 Scope and Limitation of the study
- 1.8 Definition of the Terms
- Literature Review
- 2.1 An overview
- 2.2 Historical Development of Niger insurance plc
- 2.3 Historical Development of Underwriting
- 2.4 Traditional Underwriting Practice
- 2.5 How underwriters assess risk in insurance industry
- 2.6 The Impact of underwriting on the Nigeria economy
- 2.7 The effect of improper underwriting on the insurance industry
- 2.8 Problems facing underwriters in assessment of risk
- 2.9 Prospect of proper Underwriting and Management`
- Research Design and Methodology
- 3.1 An Overview
- 3.2 Sources of Data
- 3.3 Population of Study
- 3.4 Sampling Size Determination
- 3.5 Questionnaire Administration
- 3.6 Method of Data Analysis
- 3.7 Validity and Reliability of Instrument
- Data Presentation, Analysis and Discussion Of Findings
- 4.1 An Overview
- 4.2 Data Presentation
- 4.3 Data Presentation
- 4.4 Testing of Hypothesis
- 4.5 Discussion of Findings
- Summary of Finding, Conclusion and Recommendation
- 5.1 Summary of Findings
- 5.2 Conclusions
- 5.3 Recommendations
- 5.4 Suggestions for Further Studies
- Sample of Questionnaire
1.1 Background Of The Study
Insurance companies are legal entities that cover the financial impact of it that derives from the occurrence of certain unexpected insured events affecting the insured. They offer this benefit in exchange for payment of a predetermined amount of money called premium. By pulling similar risks together insurance companies transform the unpredictability of the occurrence of an event to an individual into expected events affecting any one of the insured participants.
In underwriting insured risks, insurance companies do accepts risks that have different risk profile but the acceptance of those risks are under different conditions, like charging an extra premium, applying exclusions or waiting periods to restore the necessary risk homogeneity in the portfolio. There are also problems in carryout these activities because of low modern technology and facilities in place to enhance underwriting process, lack of professionals in underwriting department of insurance industry which brought to foe low confidence on investors who want to invest. This study therefore is exploratory study to determine the impact of proper underwriting in promoting insurance image in Nigeria.
However, Niger insurance underwriters have developed a sense to assess the anti-section effect in the process of assessing the risk they use two important considerations when assessing a risk, the physical risk is related to the physical characteristics of the insured object that may increase the possibility of a claim. On the other hand, the moral risk is related to the applicants’ reputation, financial position or criminal record. When underwriters evaluate applications for insurance they follow a very thorough thought process to identify the moral and the physical risk. In promoting insurance image in Nigeria, the insured will always know more than anyone else about the perils to which their own goods, business or health are exposed to.
This underwriting is performed each time an insurance application is taken. Its purpose is to determine if application represent risks acceptable to the insurer to determine whether or not the insurer will issue a policy to proposer. The central impact of the underwriting is to help the insurance company in creating homogeneous portfolio by evaluating the risks and accepting them under conditions that make them behave similarly which is geared towards promoting good insurance image.
1.2 Statement Of The Problem
The following are my statement of the problems:
Poor insurance image due to lack of improper underwriting as a result of low modern technology and facilities in place to enhance underwriting process. Inadequate assessment of risk due to lack of professionals which brought to foe low confidence on the insured. Inability to provide best advice with respect to risk protection for the individual and companies looking for protection
1.3 Objectives Of The Study
The researcher tends to achieve the following:
- To promote insurance image and assess the factor that will enhance proper underwriting process.
- To describe the implication of non-professionals and to promote insured’s confidence towards insurance.
- To ascertain whether underwriters advice their clients looking for protection.
1.4 Research Questions
- What factor enhances proper underwriting process?
- What implication do non-professionals exhibit in the expectation of the insured?
- What form of advice do underwriters give to their client?
1.5 Research Hypothesis
H0; Proper underwriting does not promote insurance image.
H1; Proper underwriting promote insurance image
1.6 Significant Of The Study
This work will benefit the underwriters in the sense that it would help them to assess risk in order to understand the major loopholes and challenges they will face in underwriting of risk in the service to their client.
It will also benefit the general public in order to help them to know the various risk exposure to embark upon and how to insure them effectively and efficiently.
It will also aid the candidate or student having HND in insurance who will carryout further research on the related topic in the future.
The complete material will be sent to you in just 2 steps.
Quick & Simple…
Make payment of ₦3,000: through USSD Transfer, Bank Mobile App, ATM Transfer, or POS Transfer to:
- 0811003731, Access Bank, Samphina Academy
Or Click Here to pay with Debit Card
FOR CLIENTS OUTSIDE NIGERIA:
Click Here to pay with Debit Card ($15)
Send the following details through Text Message or WhatsApp Messenger | 08143831497
- Payment Details
- Email Address
- The Impact Of Proper Underwriting In Promoting Insurance Image In Nigeria (A Study Of Niger Insurance Plc)
The complete material will be sent to your email address after receiving your payment information | Terms and Conditions Apply
You may also like:
All the research materials on this website are ONLY for research purposes and should be used as guidelines in developing your research or project works. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.
The aim of providing these materials is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.
samphina.com.ng will only provide papers as a reference for your research. The papers ordered and produced should be used as a guide or framework for your own paper. The contents of the papers should be able to help you in generating new ideas and thoughts for your own project. It is the aim of samphina.com.ng to only provide guidance by which the paper should be pursued. Use it as a guidance purpose only.