This work did not happen by chance or on the spur of the moment; it is the result of careful consideration over time. Before deciding on it as a study topic, the researcher considered a number of factors.
It’s a simple fact. This study took into account “an assessment of the operation of insurance associations in Nigeria” (a case study of CIIN).
The research did not stop there; it went on to show how beneficial it is to insure and how management strategies may be employed to not just mitigate but entirely eliminate difficulties. All of the studies employed the same methodology. This is a must-know for both professionals and students who may encounter it in any capacity.
The moral precepts, which are regarded as just and good, are first and foremost economic principles, which if ignored will inevitably stifle any civilized community’s comfort and growth, and if followed will benefit all concerned. Take, for example, one of the most common maxims, Help one another, which is commonly taken to mean that it is right to assist people who require assistance. It implied that most of us, especially in our youth, are selfish and perhaps thoughtless. We should learn to think about others rather than ourselves, and to foster sympathy and kindness toward them.
The concept of insurance can be viewed as a response to a community’s recognized desire to relieve the burden of its individual members during times of difficulty.
BACKGROUND OF THE STUDY
All of these are true in the industry and morally important, but there is another aspect: if we do not help one another, we will quickly fall behind in civilization and be vulnerable to trouble and accident, and it should be recognized that the sooner and more effectively we help one another, the better. This misfortune can be overcome for the better, not only for the person who is helped but also for the community to which the sufferer belongs. In early civilization, there were always many people who sincerely tried to help those in need, just as there are now, but their efforts could have resulted in many people suffering through disasters that were made good by charity and kindly assistance. The fear of a terrible loss had to have stifled the opportunity. This misfortune can be overcome for the better, not only for the person who is helped but also for the community to which the sufferer belongs. In early civilization, there were always many people who sincerely tried to help those in need, just as there are now, but their efforts could have resulted in many people suffering through disasters that were made good by charity and kindly assistance. The fear of catastrophic loss must have limited the chance for a variety of trade, but humanity as a whole suffered in ways that are impossible to quantify.
STATEMENT OF PROBLEM
The insurance industry in Nigeria has been slammed from all sides, with claims of inefficiency, irresponsibility, and so on. Prof. Obi Mordi has recognized three aspects of insurance as potential sources of image issues in insurances:
Packaging for a product
Distribution of goods
Settlement of claims
Because insurance is an intangible product, the word “product packaging” refers to the ease with which the contractual terms and circumstances that control the insured’s indemnity are comprehended, rather than the aesthetic appearance that a well packed tangible goods would have.
Insurance services are mostly delivered by insurance agents and brokers, often known as insurance intermediaries. This is a diverse group in terms of educational background, emotional and psychological makeup, and demeanor.
OBJECTIVES OF THE STUDY
The primary goal of this research is to learn about the functioning of insurance associations in Nigeria.
to investigate the efforts taken by insurance associations to lessen the likelihood of individuals suffering as a result of an accident, death, or loss of property.
To determine the extent to which the insurance industry has incorporated conference into the decision-making process for consumers and businesses purchasing insurance policies.
SIGNIFICANCE OF THE STUDY
Insurance is a safeguard against hazards. Any technology aimed at minimizing the likelihood of a risk occurring, limiting the degree of its damage, and compensating those impacted is a sort of insurance.
The following are the advantages of insurance to individuals, insureds, the general public, and the economy as a whole.
It primarily ensures that the insured will be reimbursed (paid) in the case of a risk occurring to the insured.
Without an institution like insurance, the world’s economic systems would undoubtedly grind to a halt. It closely monitors trade and commerce, lending a hand in times of need.
Insurance company investments assist in the financing of new projects, resulting in job prospects for job seekers.
The risk management aspect of insurance services
SCOPE OF THE STUDY
Insurance’s success is heavily reliant on the cooperation of a huge number of people. The bigger the number of persons covered, the more likely it is that each person’s assessed contribution will be sufficient to cover the overall cost of compensation to be paid to people who experience loss in any given year of insurance. It also solely includes a review of the operation of a Nigerian insurance association.
LIMITATION OF THE STUDY
The study’s limitations include the unwillingness of some officials in some of the areas visited to provide the critical documents required to make this project a success, as well as a lack of funds and time constraints.
DEFINITION OF TERMS
Any device aimed at reducing the chance of a risk occurring, what happens when it does, limiting the extent of the damage, and compensating the affected persons is a form of insurance.
Individuals, insureds, the general public, and the entire economy all benefit from insurance.
It primarily ensures that the insured will be compensated (indemnified) if a risk occurs.
If there hadn’t been an institution like insurance, the world’s economic systems would obviously grind to a halt. It keeps a close eye on trade and commerce, lending a helping hand when needed.
Insurance company investments assist in the financing of new projects, resulting in more job opportunities for job seekers.
Insurance services’ risk management component