ABSTRACT
This research work titled “Ensuring positive consumers
attitude towards insurable contract in Nigeria†Nigerians are easily
spurred into action only when they hear that an insurable disaster has befallen
on someone. In recent time, there has been proliferation of social clubs, some
of these clubs guarantee the payment of a fixed amount of money to the
dependents of a diseased member, experience has shown that these clubs make the
said payment with reasonable disputes on the death of a member, insurance
condition stresses the satisfaction of certain legal requirement and hence the
payment for sometime.
The aim of
this research work is to identify why the social economic value of insurance is
not easily appreciated by the general public, to identify the effect of moral
laxity on insurance practice, to examine the level of management of insurance
activities by the insurers, to identify why some insurance companies do not
settle claims on time. These are the areas that were concentrated while
carrying out this research. The first chapter contained the introductory part
of the study. It contained the background of the study, statement of problem
etc In the envisaged study, hypothesis was formulated to give direction of the
study. Data for the study was sourced fro two main sources. Primary and
secondary, extensive literature review was carried out on direct and indirect
literature on books, journals etc. The research instrument was used in this
research. The questionnaire was structure as to contain both open ended
question. Simple table, chi-square and was used in treatment of data. While
chi-square was used to test the hypothesis based on findings, conclusions,
recommendations was drawn in the last chapter of this researcher work.
TABLE OF CONTENT
Title page
Approval page
Dedication
Acknowledgement
Abstract
CHAPTER ONE
INTRODUCTION
1.1
Background of the
Study
1.2
Statement of the
Problem
1.3
Objectives of the
Study
1.4
Research Questions
1.5
Research Hypothesis
1.6
Significance of the
Study
1.7
Scope and
Limitations of the Study
1.8
Definition of
Operational Terms
Reference
CHAPTER TWO
REVIEW OF RELATED
LITERATURES
2.1
An overview
2.2
The History of
Insurance Contract in Nigeria
2.3
The Development of
Contract in Nigeria
2.4
The Role of
Insurance Contract in Economic Development of Nigeria
2.5
Meaning and Purpose
of Insurance
2.6
Insurance Market
2.7
Classes of
Insurance Contract
2.8
Problems and
Prospective of Insurance Contract in Nigeria
2.9
Consumer Attitude
towards Insurance Contract in Nigeria.
2.10
Legal and
Regulatory Constraints
Reference
CHAPTER THREE
RESEARCH
METHODOLOGY AND DESIGN
3.1
An Overview
3.2
Sources of Data
3.2.1
Primary Sources of
Data
3.2.2
Secondary Sources
of Data
3.3
Population of Study
3.4
Sample Size and
Sampling Techniques
3.5
Instrument used in
Selecting Sample size
3.6
Valuability and
Reliability of Instrument Used
3.7
Method of Data
Presentation and Analysis
CHAPTER FOUR
DATA PRESENTATION
AND ANALYSIS, AND DISCUSSION OF FINDINGS
4.1
An Overview
4.2
Data Presentation
4.3
Data Analysis
4.4
Testing of
Hypothesis
4.5
Discussion of
Findings
CHAPTER FIVE
SUMMARY OF
FINDINGS, CONCLUSION AND RECOMMENDATION
5.1
Summary of Findings
5.2
Conclusions
5.3
Recommendations
5.4
Suggestion for
Further Studies
Bibliography
Sample Questionnaire
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE
STUDY
The determinant of every marketing is the ability of
the producer to provide for the consumer the quality and quantity of the goods
that will satisfy them at affordable prize, provided at accessible place.
On the bid to provide those goods, the producers should
consider consumer as a “king†because without the consumer the producer cannot
be in business, and any business without the consumers, the business cannot
function.
Insurance market consist of buyers, sellers and
intermediaries. Individuals as well as corporate organizations have different
attitude towards insurance. Insurance is greatly influenced by consumer’s
attitude.
Apparently the attitude of a client towards the sale of
insurance service is a function of two broad groups of factor namely:
The controllable and uncontrollable forces. The
controllable ones are bordering mainly on the usual marketing mix, comprising
the element of insurance marketing, namely product planning, prizing,
distribution channel, advertising and sales promotion.
The uncontrollable forces are social economic, technological,
psychological, political and legal forces, some social risk also contribute to
the mild of insurance. The social risks are theft, house breaking and burglary,
arson. These have progressed tremendously during the century, especially in the
period of inflation. As a result of introduction of new business which brings
about increase in value and product line.
Insurance contract in Nigeria has progressed
tremendously as far as insurance is concerned. Nigerians are easily spurred
into action only when they hear that an insurable disaster has befallen someone
or the other. In recent time, there has been proliferation of social clubs;
more of those clubs guarantee the payment of fixed sum of money to the
dependents of a deceased member.
Experience has shown that those clubs make the said
payment with reasonable dispatch on the death of a member.
1.2 STATEMENT OF
PROBLEM
There have been so many problems on consumer’s attitude
towards insurance contract in Nigeria.
Some of the problems are listed below.
1.
Lack of
appreciation of the social-economic value of insurance by the general public.
2.
Presence of moral
laxity in the society.
3.
Poor management of
insurance activities by the operators
4.
Delay in settlement
of claims by the insurers.
1.3 OBJECTIVES OF THE
STUDY
The objectives of the study are as follows:
1.
To identify why the
social-economic value of insurance is not easily appreciated by the general
public.
2.
To identity the
effect of moral laxity on insurance practice.
3.
To examine the
level of management of insurance activities by the insurers.
4.
To identify why
some insurance companies do not settle claims on time.
1.4 RESEARCH QUESTIONS
The following research questions were formulated by the
researcher. In order to arrive at reasoning that will make for the solution to
the problem at hand.
1.
Is the
social-economic value of insurance not easily appreciated by the general
public?
2.
Is there any effect
of moral laxity on insurance practice in the country?
3.
Is the level of
management of insurance practice by the managers poor?
4.
Do some insurance
companies not settle claims on time?
1.5 RESEARCH HYPOTHESIS
The following hypothesis was formulated by the
researcher as to enhance his actions on solving the issue at stake.
Ho: Consumers attitude has no effect on insurance
contract in Nigeria.
Hi: Consumers attitude has a significant effect
on insurance contract in Nigeria.
Ho: Moral laxity by the society has no effect on
insurance contract in Nigeria.
Hi: Moral laxity has lots of effect on insurance
contract in Nigeria.
Ho: There is no misconception about insurance
contract by the general public in Nigeria.
Hi: There is misconception about insurance
contract by the general public in Nigeria.
1.6 SIGNIFICANCE OF THE
STUDY
This research work will be of immense help to:
The students
It will
help the researcher to know more on the attitude of consumer towards insurance
contract in Nigeria.
THE STAKEHOLDERS
This study
will be of great help to the stake holders as it will enrich their knowledge on
the consumer’s behavior to insurance and how consumers attitude affect
investments.
THE INSURANCE
COMPANY
This will
equally help the insurance companies and financial institutions in Nigeria
because when they abide by recommendation provided by the researcher it will
help them in time of financial crisis.
THE COUNTRY AT
LARGE
This study
will be of a great importance to the country Nigeria as it will help the policy
makers to promulgate laws that will guide insurance contracts in Nigeria.
1.7 SCOPE AND
LIMITATION OF THE STUDY
SCOPE:
The researcher
carried out her survey in Enugu metropolis and the study is on ensuring
positive consumers attitude towards insurance contract in Nigeria.
LIMITATION
The
researcher in carrying out this study encountered numerous problems which
include:
FUND
TIME
LACK OF RESEARCH MATERIALS
RESONSE BY THE RESPONDENTS
FUND
There was
inadequate fund to move around and visit the various areas in the state.
Transport cost in the city due to long distance also imposed its own hindrances
on the researcher.
TIME
Time was
also another constraints to the researcher.
This is
because the researcher was combining school activities with the research work.
This made her unable to cover a lot of interesting areas.
LACK OF RESEARCH
MATERIALS
This was
also one of the problems that faced the researcher in the course of this
research work.
RESPONSE BY THE
RESPONDENTS
Another
constraint to the researcher was that some of the respondents found it
difficult to express their problems as regard the subject matter.
From the
above points the researcher tried her best to bring out in details study on
ensuring positive consumers attitude towards insurance contract in Nigeria.
1.8 DEFINITION OF
OPERATIONAL TERMS
1. ATTITUDE: It is the way
one thinks or feel about something?
2. BUYER: This is a person who buys something
3. CLAIM: It is an amount
of money coming from the insurance company to the policy holder at the event of
loss under the condition of last premium.
4. CONSUMER: This is a person
who buys goods or uses services.
5. CONTRACT: It is an
official written agreement between two parties.
6. INSURANCE: Is a contract between two parties, the insurer and
insured where the insurer undertakes to bear the risk of another by providing
indemnity or compensation for another party who as a consideration pays regular
fees called premium.
7. INSURER: Is a person
that provides people with insurance.
8. INSURED: This is the
person that is being covered by the insurance company against a particular
risk.
9. INDEMNITY: This means putting the insured back to the
normal financial position he was immediately before the risk insured against
occurred.
10. INTERMEDIARIES: They are the middle men that mediate between
two parties.
11. MARKET: This is an open area or building where people
buy and sell goods.
12. POLICY: This is a written statement of a contract of
insurance.
13. PREMIUM: This is the regular money which is being
paid to the insurer or insurance company by the insured in insurance contract.
14. PRODUCT: A thing that is grown or produced usually for
sale.
15. SELLER: A person who buys something.
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