UNPOPULARITY OF MODERN INSURANCE IN EASTERN PART OF NIGERIA (A CASE STUDY OF ENUGU STATE)
ABSTRACT:
The aim of this project is to bring out the reason why modern insurance is unpopular in eastern part of Nigeria a case study of Enugu states. Insurance plays a vital role in the economy but the eastern parts is yet to be insurance conscious. Chapter one of this work will deal with the introduction of the study, background of study statement of problems objective study, limitation of study and definite of term .Chapter Two literature review, and bring out more details bout the reason for unpopularity of modern insurance in Eastern State
Chapter three will be research design and methodology. The sources of data, the methods used in data collection.
Chapter Four is the presentation of data and analysis.
Finally chapter five is the summary of finding and conclusion.
TABLE OF CONTENTS
Chapter One
Introduction
- Background of study 1
- Statement of problems 4
- Objectives of study 5
- Significance change of study 5
- Limitation of study 6
- Definition of terms 7
Chapter Two
Literature Review 11
- How insurance work 11
- Why insurance is unpopular in Enugu state 13
- The nature and functions of insurance industry 17
- Claims settlement in various classes of insurance. 19
- Difficulties facing the insurance industry 21
- Some classes of insurance underwriting in eastern parts. 23
- Steps taken towards improving the unpopularity of
insurance in Enugu state 26
Reference 30
Chapter Three
- Sources of data 31
- Methods used in data collection 32
- Sample size and population 32
- Instruments used in data collection. 33
Chapter Four
4.1 Questionnaire 34
4.2 Oral interview analysis 40
Chapter Five
- Summary of finding, conclusion and recommendation 43
- Summary of findings 43
- Conclusion 44
- Recommendation 45
Bibliography 46
CHAPTER ONE
INTRODUCTION
- BACKGROUND OF STUDY
There is a saying that in every country, their fire wood cook their meal. This aphorism is true of insurance, which started in various countries in diverse ways. However, industrial revolution development in science, and technology have let to people seeking better and more efficient ways of doing things
Some of these early forms of insurance practice like bottomry or respondent a bonds, craft guilds, sharing of goods amongst many vessel sailing down yantez River, issue, social clubs, Town unions and communal self- help programmes have metamorphosed into modern insurance practice
Bottomry bond was the granting of a loan on the security of vessel on the understanding that the loan was not repayable, if the vessel did not survive the voyage. Respondent a bond was almost the some thing with bottomry bound except that cargo was pledged to secure the lone. The interest represents the premium for covering the risk borne by the lender
Modern insurance as a means of risk management device is the central to the economic well- being of man. It is also endemic in any society as ways of turning for the betterment of financial consequence of misfortunes have been engaging the attention of man at every age.
