ABSTRACT
A detailed examination of the Nigerian insurance market reveals a decline in the sale and purchase of term assurance policies. And, since Nigeria’s independence in 1969, this decrease has attained an unproportionate magnitude, necessitating immediate response.
As a result, the goal of this study is to give empirical evidence of both the conceptual and practical perspectives on what term assurance means to insurers, insurance intermediaries, and the insuring public. From the perspective of an insurance broker, it focuses on the different factors that influence and determine the effective marketing of a term assurance policy.
The analytical model is based on theory and logic, and it is calculated in percentages. It was discovered that there was a lack of education understanding, motivation, and proper training, as well as a lack of government support.
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
One of the types of life insurance is term assurance.
A contract that provides life assurance protection for a set number of years is known as a term life insurance policy. The policy’s face value is only paid out if the policyholder dies within the specified time frame, and nothing is paid out if the policyholder survives.
Term assonance policy was issued in 1983 A.D. by Richard marine for a premium of sixteen pounds (16%) for a term of 1113 months with a sum assured of 64.66. The policy’s effective date was from June 18th 1583 to June 17th 1854.
The assured died on the 9th of May 1584, and the sixteen underwriters who had subscribed to the policy were forced to redeem their obligations after a court judgment in favor of the assureds beneficiaries in a suit brought by the assures challenging the validity of the policy. He developed a large number of term assurance products, each suited or designed to meet the needs of various types of customers.
These items include:
Term that can be renewed Assurance: This option allows the insured to renew the policy without a medical examination at the conclusion of the first term period or at the end of any future term period, regardless of the insured’s health at the time of renewal.
STATEMENT OF PROBLEM
A detailed examination of the Nigerian insurance market reveals a decline in the sale and purchase of term assurance policies. And, since Nigeria’s independence in 1969, this decrease has attained an unproportionate magnitude, necessitating immediate response.
As a result, the goal of this study is to give empirical evidence of both the conceptual and practical perspectives on what term assurance means to insurers, insurance intermediaries, and the insuring public. From the perspective of an insurance broker, it focuses on the different factors that influence and determine the effective marketing of a term assurance policy.
The analytical model is based on theory and logic, and it is calculated in percentages. It was discovered that there was a lack of education understanding, motivation, and proper training, as well as a lack of government support.
OBJECTIVES OF THE STUDY
The study’s overall goal is to assess the issues with term assurance marketing in Nigeria.
The study’s objectives are as follows:
Examine your marketing plan.
In Nigeria, assess the pricing methods for term assurance products.
Make recommendations on how to expand the product of term assurance and thereby reduce term assurance marketing challenges.
To assess the ineffective management practices.
Finally, the researcher wants to know how lack of awareness affects term assurance marketing.
The researcher is interested in learning more about the influence of inflation on term assurance marketing.
SIGNIFICANCE OF THE STUDY
The examination of the challenges with term assurance marketing in Nigeria is important in a number of ways, particularly for the insurer, insurance intermediaries, and the general public.
As a result, at the conclusion of the study, insurers and insurance intermediaries will be able to identify the issues preventing effective marketing of term assurance policies in Nigeria. The study will also provide insurers and insurance intermediaries with recommendations for improving the term assurance market in Nigeria.
The research will have a significant impact on the plans of numerous life insurance companies. The goal of the association is to have a better knowledge of the issues that face life insurance in particular.
SCOPE AND LIMITATION OF THE STUDY
The goal of this study is to examine the entire insurance industry in Nigeria.
The high level of privacy with which insurance companies keep documents and information hampered the collection of first-level information from some of our respondents, as well as company management and agent/broken to conceal certain documents and information, such as monthly sales volume and registers, policy registers, and the most popular policy type, greatly hampered the work.
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