The Impact Of Motor Insurance Policy On The Growth And Development Of The Economy

The Impact Of Motor Insurance Policy On The Growth And Development Of The Economy

ABSTRACT

This exploration work named “ The impact of motor insurance policy on the growth and development of the frugality ” Nigeria automobilist aren’t embracing motor insurance programs and one of the objects are to know why Nigeria automobilist grasp motor insurance programs, and the compass of the study is NICON insurance motor Department, The information for the study was collected using primary and secondary styles of data collection. For the primary data collection, questionnaires, particular compliances and oral interviews were used while being literature applicable to the content was consulted for the secondary data. The experimenter used ki-square statistical model to dissect the data. The experimenter gave a summary of the findings that Nigeria automobilist aren’t embracing motor insurance programs and one of the recommendation is that people should know the reason why they aren’t apprehensive of the compensation in motor insurance programs.

TABLE OF CONTENT

Title runner i

blessing runner ii

fidelity iii

Acknowledgement iv

Abstract vi

Table of contents vii

CHAPTER ONE

preface

Background of the study 1

Statement of problem 3

ideal of the study 4

exploration question 4

exploration thesis 5

Significance of the study 6

compass and Limitation of the study 6

description of terms 7

CHAPTER TWO

REVIEW OF RELATED LITERATURE

literal development of NICON insurance 11

literal development of motor insurance

company in Nigeria 14

Types of cover available in motor

insurance underwriting 16

Underwriting and standing, of motor insurance 20

Pricing of insurance products 28

Cover available in motor programs 29

The underwriting procedure of motor insurance

programs 31

Motor insurance claim procedure 35

Problem facing underwriting and standing

of motor insurance in Nigeria 35

Suggested result to the problem of motor

insurance underwriting and standing 38

The prospects of prudent underwriting and

standing of motor insurance in Nigeria 39

Recent development in Nigeria motor

insurance practice. 41

Reference 45

CHAPTER THREE

exploration METHODOLOGY AND DESIGN

An overview 47

Sources of data 47

Population of the study 48

Sample size 48

Instrument used for the study 50

Validity and trustability of the instrument 50

system of data donation and analysis 50

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

An overview 52

Data analysis 52

Testing of Hypothesis 64

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

Summary findings 72

Conclusion 73

Recommendations 74

Bibliography 75

excursus 77

Questionnaire 78

Chapter One

Preface

Background of the Study

Before now, automobilist, were at liberty to drive their buses on the public roadways without any form of insurance. still, as the number of buses multiply on the roadways rate of accident injured and death also multiple. Hence, the need for motor insurance.

The first country that gave a lead in this direction was the great Britain. Other countries have the Traffic Act at 1930, introduced a mandatory insurance. The Act made it an offence for anyone to use or permit the use of a cadence vehicle on a read unless there’s in force a policy of insurance covering the liability of the automobilist against death or motor accident.

The idea of mandatory insurance was honored relatively beforehand in west Africa and British legislation on the subject was extended to the four west African British colonies, Nigeria, Gold Coast, Sierra Leone and Gambia, each of these homes now has it enjoy specific legislation on this subject.

ultramodern insurance was introduced in Nigeria by European trading companies which establish trading post in Nigeria and their companies were appointed agent for insurance business by British companies in London latterly, Nigeria dealers and trafficker of substantial status where given power to secure insurance business issues cover measures substantially on weight and backing in agreement of claim.

As a result of this progress, Royal exchange Assurance branch office was established in Nigeria in the time 1921 and this company dominated insurance business for nearly thirty times before the establishment of other companies similar as parochial insurance company, nor which union, fire insurance company and Nigeria General insurance company limited to mention but a many – the objectification of Nigeria into the Board Traffic Act by the British Parharment in 1945 assessed a statutory obligation on the druggies of motor vehicle to give security against their legal liability for causing death of or fleshly injury to the third parties.

therefore, the study is meant to estimate the impact of motor insurance programs on the growth and development of the frugality. Looking of NICON insurance company as a study.

Statement of the Problems

1. Nigerian automobilist aren’t embracing motor insurance programs.

2. People aren’t apprehensive of the compensation in motor insurance programs.

3. Nigerian motor and third parties haven’t actually felt the impact motor insurance programs.

Ideal Of The Study

The following are the ideal of the study.

1. To know why Nigeria automobilist embraced motor insurance programs.

2. To produce mindfulness of the compensation motor insurance programs.

3. To insure that the Nigeria automobilist and third parties actually felt impact of motor insurance programs.

Exploration Question

1. Have Nigeria automobilist been embracing motor insurance programs.

2. Are people apprehensive of the compensation on motor programs.

3. Have Nigeria automobilist and third parties actually felt the impact of motor insurance programs.

Exploration Thesis

Hi Nigeria automobilist have been embracing motor insurance programs.