AN EVALUATION OF MARKETING OF TERM ASSURANCE IN NIGERIA
ABSTRACT:
A close look at the Nigeria insurance market indicate that the sale and purchase of term, assurance policy is declining. And this decline was assumed an unpro-portinate dimension since the Nigerian’s independence in 1969, hence it calls for urgent attention.
This research therefore is intended to provide empirically both the conceptual and operational views of what term assurance means to the insurers, insurance intermediaries and the insuring public. It lay’s particular emphasis on the various elements that determine and affect the successful marketing of a term assurance policy from the view point of an insurance intermediary.
The analytical model used is integrated into theory, logic practical and worked out in percentage. It was discovered that lack of education awareness, motivation and adequate training and government imposed constraints inhibits the successful marketing of term assurance policies in Nigeria.
The researchers therefore gave some advance suggestion, recommendations based on the findings which hopefully will alleviate the problems in successful marketing of term assurance policies in Nigeria.
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1 Historical background of term assurance 1
1.2 Statement of problems 3
1.3 Objective of the study 4
1.4 Significance of study 5
1.5 Scope of study and limitation 7
CHAPTER TWO
2.1 Literature Review 8
2.2 Meaning 8
2.3 Scope 9
2.4 Constraints 10
2.5 Importance of good company image and customer
relationship 12
2.6 The structure of Nigerian insurance market 14
2.7 Industrial life assurance companies 14
2.8 Reinsurance companies 16
2.9 Mutual indemnity associations 16
2.10 Protecting and indemnity 17
2.11 Self insurance 18
2.12 The state 19
2.13 Problems encountered in Nigeria insurance market 20
2.14 Prospect 23
CHAPTER THREE
3.1 Research design and methodology geographical
coverage and sampling 25
3.2 Sample units 25
3.3 Instruments of the research study 26
3.4 Method of data analysis 27
CHAPTER FOUR
4.1 Data presentation and analysis (general remarks) 28
CHAPTER FIVE
5.1 Summary of findings 36
5.2 Recommendations 43
5.3 Conclusion 46
Appendix 48 Bibliography 51
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Term assurance is one of the types of life assurance.
It is defined as a contract that furnishes life assurance protection for a limited number of years. The face value of the policy being payable only if death occurs within the stipulated term and nothing being paid in case of survival.
Customarily, term assonance policy was issued in 1983 A.D, Richard marine premium of sixteen pounds (16) percent for a term of 1113 months with sum assured of 64.66 the effective date of the policy was from 18th June 1583 to 17th June 1854.
