THE IMPACT OF CLAIM SETTLEMENT IN SHAPING THE IMAGE OF INSURANCE INDUSTRY IN NIGERIA
(A STUDY OF SELECTED INSURANCE COMPANIES IN ENUGU STATE)
By
EKEADA ROSSLINE OLUCHI
Presented To
Department of Insurance
ABSTRACT
The research is based on the impact of claim settlement in shaping the Image of Insurance Industry in Nigeria. A Study of Selected Insurance Companies in Enugu State. The three aspect that threaten or serve as image problems to insurance industry are product packaging product distribution and claim settlement. The overall objective of this study is to ascortaion how claim settlement helps in shaping insurance product in the global market, also to known the challenges facing the insurance industry and the time of claims and finally the way out. That is the procedures for claims settlement and how disputes can be resolved on claims settlement are part of the research work. The researcher made use and both primary and secondary data in carrying out the study. In the course of carrying out this project questionnaires were administrated to some selected insurance companies all in Enugu state. The responses gotten from the respondents were analyzed using the chi-square. The findings indicate that insurance industry in Nigeria are effectives in settlement of claim that is there is an improvement/increase in demand of insurance as a result of claim settlement, some challenges are encountered including misrepresentation (frcudulent). Non disclosure, failure to give notice of loss, failure to give particulars of loss etc. the researcher concludes that there is need for improvement in claim settlement to change it image for better tomorrow she recommended that if the industry put the listed above into consideration there will be more improvement in shaping the image of insurance industry in Nigeria/Even in the global market generally.
TABLE OF CONTENTS
Insurance is a safe-guard against risk. Any device cumed at reducing the chances of a risk occurring, when it happens, reducing the extent of it’s damage and providing the affected persons with compensation is a form of insurance (Enwerezoir C.O.R (2000)).
Insurance as a modern concept for solving risk related problems depends on co-operation of a large number of people for it’s success. This is the basic fundamental of insurance (Udeze J.O(2005)
But what are the reasons for insurance?
1.1.
ABSTRACT
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEMS
1.3 OBJECTIVES OF THE STUDY
1.4 RESEARCH QUESTION
1.5 RESEARCH HYPOTHESIS
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE AND LIMITATION OF THE STUDY
1.8 Definition of operation terms
REFERENCES
CHAPTER TWO
REVIEWS OF RELATED LITERATURE
2.1 AN OVERVIEW
2.2 MEANING OF CLAIMS
2.3 REASONS FOR CLAIM SETTLEMENT
2.4 VARIOUS WAYS OF CLAIMS SETTLEMENT VARIOUS CLASSES OF INSURANCE E.G. GENERAL AND LIFE.
2.4.1 MARINE CLAIMS
2.4.2 FREIGHT CLAIMS
2.4.3 CLAIMS SETTLEMENT IN MOTOR INSURANCE
2.4.4 CLAIMS SETTLEMENT IN FIRE INSURANCE
2.4.5 CLAIMS SETTLEMENT IN PROPERTY AND PECUNIARY INSURANCE
2.4.6 CLAIMS SETTLEMENT IN LIABILITY INSURANCE
2.5.1 ROLE OF UTMOST GOOD FAITH IN CLAIM SETTLEMENT
2.5.2 THE ROLE OF INDEMNITY IN CLAIMS SETTLEMENT
2.5.3 THE ROLE OF INSURABLE INTEREST IN CLAIM SETTLEMENT
2.5.4 THE ROLE OF PROXIMATE CAUSE IN CLAIM SETTLEMENT
2.6 THE PUBLIC COMPLAINT ON CLAIMS SETTLEMENT
2.7 THE STAND OF INSURANCE COMPANIES IN CLAIM SETTLEMENT
2.8 PROCEDURES FOR CLAIMS SETTLEMENT
2.9 FACTORS THAT CAUSE DISPUTES IN CLAIMS SETTLEMENT
2.10 THE VARIOUS WAYS DISPUTES ARE RESOLVED
2.11 THE ECONOMIC SITUATION ON CLAIM SETTLEMENT
2.12 VARIOUS CONDITIONS REGULATION CLAIM SETTLEMENT
2.12.1 AVERAGE CONDITION
2.12.2 SPECIAL CONDITION OF AVERAGE (SCR)
2.12.3 THE TWO CONDITIONS OF AVERAGE
2.12.5 CONTROL OF CLAIMS AND SUBROGATION CONDITION
2.12.6 ARBITRATION CONDITION
2.12.7 APPLICATION OF LIMITS OF INDEMNITY
2.13 FACTORS TO BE OBSERVED BY THE INSURANCE AND INSURERS
2.14 REASONS WHY COMPANIES USE ARBITRATION
2.15 THE FUNCTIONS OF INTERMEDIARIES IN CLAIM
2.16 THE PROBLEMS OF EFFECTIVE CLAIM SETTLEMENT IN NIGERIA
2.17 THE PROSPECTS OF EFFECTIVE CLAIM SETTLEMENT IN NIGERIA
2.18 THE CHALLENGES FACTING EFFECTIVE CLAIM SETTLEMENT IN NIGERIA
2.19 THE DUTIES OF A CLAIM MANAGER
2.20 REASONS FOR GIVING OUT CLAIM FORM
2.21 CONTENTS OF A TYPICAL CLAIM FORM
REFERENCES
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.0 AN OVERVIEW
3.1 RESEARCH DESIGN
3.2 SOURCES OF DATA
3.2.1 PRIMARY SOURCE OF DATA ORAL INTERVIEW
USES OF QUESTIONNAIRE
3.2.2 SECONDARY SOURCE OF DATA
3.3 LOCATION OF THE DATA
3.4 POPULATION OF THE STUDY
3.5 TECHNIQUES USED IN DETERMINING THE SAMPLES SIZE
3.6 METHOD OF DATA ANALYSIS AND PRESENTATION
3.7 VALIDITY OF THE INSTRUMENT
REFERENCE
CHAPTER FOUR
DATA ANALYSIS AND PRESENTATION
4.1 DATA PRESENTATION
4.1.1 SYSTEM OF QUESTIONNAIRE ADMINISTRATIVE
4.2 DATA ANALYSIS CHARACTERISTIC OF SAMPLE
4.2.1 SEX AND MARITAL STATUS TABLE
4.2.2 SEX AND AGE GROUP
4.2.3 SEX AND EDUCATIONAL QULIFICATION
4.2.4 ANALYSS OF INDIVIDUAL QUESTION BY PERCENTAGE
4.3 TEST OF HYPOTHESIS
4.5 IMPLICATION OF FINDING
REFERENCES
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 SUMMARY OF FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATIONS
5.4 SUGGESTIONS FOR FURTHER STUDIES
BIBLIOGRAPHY
APPENDIX
QUESTIONNAIRES
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY INTRODUCTION
Insurance is a safe-guard against risk. Any device cumed at reducing the chances of a risk occurring, when it happens, reducing the extent of it’s damage and providing the affected persons with compensation is a form of insurance (Enwerezoir C.O.R (2000)).
Insurance as a modern concept for solving risk related problems depends on co-operation of a large number of people for it’s success. This is the basic fundamental of insurance (Udeze J.O(2005)
But what are the reasons for insurance?
1.1.
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