AN EVALUATION OF MARKETING OF TERM ASSURANCE IN NIGERIA

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.

AN EVALUATION OF MARKETING OF TERM ASSURANCE IN NIGERIA