The Impact Of Proper Underwriting In Promoting Insurance Image In Nigeria (A Study Of Niger Insurance Plc)

The Impact Of Proper Underwriting In Promoting Insurance Image In Nigeria (A Study Of Niger Insurance Plc)

Chapter One

Preface

Background Of The Study

Insurance companies are legal realities that cover the fiscal impact of it that derives from the circumstance of certain unanticipated insured events affecting the ensured. They offer this benefit in exchange for payment of a destined quantum of plutocrat called decoration. By pulling analogous pitfalls together insurance companies transfigure the unpredictability of the circumstance of an event to an existent into anticipated events affecting any one of the ensured actors. In underwriting ensured pitfalls, insurance companies do accepts pitfalls that have different threat profile but the acceptance of those pitfalls are under different conditions, like charging an redundant decoration, applying rejections or staying ages to restore the necessary threat unity in the portfolio. There are also problems in carryout these conditioning because of low ultramodern technology and installations in place to enhance underwriting process, lack of professionals in underwriting department of insurance assiduity which brought to foe low confidence on investors who want to invest. This study thus is exploratory study to determine the impact of proper underwriting in promoting insurance image in Nigeria.

still, Niger insurance backers have developed a sense to assess theanti-section effect in the process of assessing the threat they use two important considerations when assessing a threat, the physical threat is related to the physical characteristics of the insured object that may increase the possibility of a claim. On the other hand, the moral threat is related to the aspirants ’ character, fiscal position or felonious record. When backers estimate operations for insurance they follow a veritably thorough study process to identify the moral and the physical threat. In promoting insurance image in Nigeria, the ensured will always know more than anyone differently about the threats to which their own goods, business or health are exposed to. This underwriting is performed each time an insurance operation is taken. Its purpose is to determine if operation represent pitfalls respectable to the insurer to determine whether or not the insurer will issue a policy to proposer. The central impact of the underwriting is to help the insurance company in creating homogeneous portfolio by assessing the pitfalls and accepting them under conditions that make them bear also which is geared towards promoting good insurance image.

Statement Of The Problem

The following are my statement of the problems

Poor insurance image due to lack of indecorous underwriting as a result of low ultramodern technology and installations in place to enhance underwriting process. shy assessment of threat due to lack of professionals which brought to foe low confidence on the ensured. incapability to give stylish advice with respect to threat protection for the individual and companies looking for protection

Objects Of The Study

The experimenter tends to achieve the following

1. To promote insurance image and assess the factor that will enhance proper underwriting process.

2. To describe the recrimination ofnon-professionals and to promote ensured’s confidence towards insurance.

3. To ascertain whether backers advice their guests looking for protection.

Exploration Questions

a. What factor enhances proper underwriting process?

b. What recrimination donon-professionals parade in the anticipation of the ensured?

c. What form of advice do backers give to their customer?

Exploration Thesis

H0 Proper underwriting doesn’t promote insurance image.

H1 Proper underwriting promote insurance image.

Significant Of The Study

This work will profit the backers in the sense that it would help them to assess threat in order to understand the major loopholes and challenges they will face in underwriting of threat in the service to their customer.

It’ll also profit the general public in order to help them to know the colorful threat exposure to embark upon and how to ensure them effectively and efficiently.

It’ll also prop the seeker or pupil having HND in insurance who’ll accomplish farther exploration on the related content in the future.

Compass Of The Study

The study will examine the impact of proper underwriting in promoting insurance image in Nigeria. The study will be carried out in Niger Insurance PLC, Enugu State

Limitation Of The Study

Like in every mortal bid, the experimenter encountered slight constraints while carrying out the study. inadequate finances tend to stymie the effectiveness of the experimenter in sourcing for the applicable accoutrements , literature, or information and in the process of data collection, which is why the experimenter resorted to a limited choice of sample size. More so, the experimenter contemporaneously engaged in this study with other academic work. As a result, the quantum of time spent on exploration will be reduced.

Description Of Terms

Coach The person who reviews an operation for insurance and decides if the aspirant is respectable and at what decoration rate.

financing The process an insurance company uses to decide whether to accept or reject an operation for a policy.

Premium The quantum paid by an ensured to an insurance company to gain or maintain an insurance policy.

Policy The contract issued by the insurance company to the ensured which serves as an substantiation of agreement between the insurance company and the ensured.

ensured The person or association covered by an insurance policy.