ABSTRACT
The objective of this research work is to look into the performance of the Nigerian insurance industry viz a viz the procedure and approach to claim settlement. Individuals hold diverse opinion about this industry and the general impression is that the insurance industry has failed to win the confidence of the insuring public. Often times, people make remark such as "unwilling to settle claim but always willing to collect premium and use its small prints in the policy to decline its liability". It is the belief about the industry is allowed to continue and not corrected that the industry will totally collapse and the after effect will be over bearing on the economy. When we consider the importance of insurance in the economic development of any nation, it is therefore the intention of the researcher to find out if this allegation is true or otherwise, proffer solution and make recommendation that will help to solve these problems.
The objective of this research work is to look into the performance of the Nigerian insurance industry viz a viz the procedure and approach to claim settlement. Individuals hold diverse opinion about this industry and the general impression is that the insurance industry has failed to win the confidence of the insuring public. Often times, people make remark such as "unwilling to settle claim but always willing to collect premium and use its small prints in the policy to decline its liability". It is the belief about the industry is allowed to continue and not corrected that the industry will totally collapse and the after effect will be over bearing on the economy. When we consider the importance of insurance in the economic development of any nation, it is therefore the intention of the researcher to find out if this allegation is true or otherwise, proffer solution and make recommendation that will help to solve these problems.
TABLE OF CONTENTS
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Title page vii
CHAPTER ONE
Background of Study 1
1.1 Statement of problem 3
1.2 Objective/Purpose of Study 4
1.3 Research Question 6
1.4 Significance Of Study 6
1.5 Scope & Limitations of Study 7
1.6 Definition of Terms 9
Reference 13
CHAPTER TWO
Literature Review 14
2.1 Historical Development of Insurance 15
2.2 Insurance Market 18
2.3 Benefits of Insurance 34
2.4 Classes of insurance 38
2.5 Claims Settlement 40
2.6 General Claims Procedure 42
2.7 Conditions under which Insurer may refuse to settle claims 46
2.8 Exception clauses relieving the Insurer from Liabilities when claim is filed. 48
Reference 51
CHAPTER THREE
3.0 Methodology and Research Design 53
3.1 Sources of Data 55
3.2 Description of Population 55
3.3 Sampling Procedure 55
3.4 Instrument of Data Collection 56
3.5 Data collection Procedure 57
3.6 Statistical method of Analysis 57
Reference 58
CHAPTER FOUR
Data Presentation and Analysis of Data 59
CHAPTER FIVE
Summary of findings/Recommendations and Conclusion 72
5.1 Summary of findings 72
5.2 Recommendation 73
5.3 Conclusion 75
Bibliography 77
Appendix 83
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Title page vii
CHAPTER ONE
Background of Study 1
1.1 Statement of problem 3
1.2 Objective/Purpose of Study 4
1.3 Research Question 6
1.4 Significance Of Study 6
1.5 Scope & Limitations of Study 7
1.6 Definition of Terms 9
Reference 13
CHAPTER TWO
Literature Review 14
2.1 Historical Development of Insurance 15
2.2 Insurance Market 18
2.3 Benefits of Insurance 34
2.4 Classes of insurance 38
2.5 Claims Settlement 40
2.6 General Claims Procedure 42
2.7 Conditions under which Insurer may refuse to settle claims 46
2.8 Exception clauses relieving the Insurer from Liabilities when claim is filed. 48
Reference 51
CHAPTER THREE
3.0 Methodology and Research Design 53
3.1 Sources of Data 55
3.2 Description of Population 55
3.3 Sampling Procedure 55
3.4 Instrument of Data Collection 56
3.5 Data collection Procedure 57
3.6 Statistical method of Analysis 57
Reference 58
CHAPTER FOUR
Data Presentation and Analysis of Data 59
CHAPTER FIVE
Summary of findings/Recommendations and Conclusion 72
5.1 Summary of findings 72
5.2 Recommendation 73
5.3 Conclusion 75
Bibliography 77
Appendix 83
