UNPOPULARITY OF MODERN INSURANCE IN EASTERN PART OF NIGERIA (A CASE STUDY OF ENUGU STATE)

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

1. Background of study                                                     1
2. Statement of problems                                                   4
3. Objectives of study                                                        5
4. Significance change of study                                5
5.  Limitation of study                                                       6
6. Definition of terms                                                         7

Chapter Two

Literature Review                                                                   11

1. How insurance work                                                      11
2. Why insurance is unpopular in Enugu state                  13
3. The nature and functions of insurance industry   17
4. Claims settlement in various classes of insurance.         19
5. Difficulties facing the insurance industry                       21

1. Some classes of insurance underwriting in eastern parts.        23
2. Steps taken towards improving the unpopularity  of

insurance in Enugu state                                                 26

Reference                                                                                          30

Chapter Three

1. Sources of data                                                                        31
2. Methods used in data collection                                              32
3. Sample size and population                                                    32
4. Instruments used in data collection.                               33

Chapter Four

4.1 Questionnaire                                                                                       34

4.2 Oral interview analysis                                                               40

Chapter Five

1. Summary of finding, conclusion and  recommendation 43
2. Summary of findings                                                               43
3. Conclusion                                                                              44
4. Recommendation                                                                     45

Bibliography                                                                           46

CHAPTER ONE

INTRODUCTION

1. 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.

UNPOPULARITY OF MODERN INSURANCE IN EASTERN PART OF NIGERIA (A CASE STUDY OF ENUGU STATE)