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ABSTRACT
The research work was actually carried out to investigate cover provided under comprehensive household insurance. The research work proves the issue of economic pragmatism over ideological consideration in Nigeria. The study is actually carried out to see at what extend do the third party and the general public are entitle to claims and also liable for damage covers by them to the party. The various cover provided by the insurance companies were also revealed in this research work, in order to achieve this an introduction was made, the idea generated from various authors and scholars whom had endlessly carried out research on the topic under discussion were also made clearly in this work, data were collected from various classes of persons and later analyzed in the chapter four of this project for proper understanding. Suggestion and recommendation for further studies was also made to give a guide on other research to actually improve in this topic under investigations.
TABLE OF CONTENTS
TITLE PAGE—————————————————————-i
CERTIFICATION ii
DEDICATION iii
ACKNOWLEDGEMENT iv
ABSTRACT v
TABLE OF CONTENTS vi
CHPTER ONE ———————————————————————————-1
INTROUDCTION————————————————————————1
1.1 BACKGROUND OF STUDY——————————————————1
1.2 STATEMENT OF PROBLEM—————————————————–2
1.3 PURPOSE OF THE STUDY 3
1.4 STATEMENT OF HYPOTHESIS 4
1.5 RESEARCH QUESTIONS 4
1.6 SIGNIFICANCE OF THE STUDY 5
1.7 SCOPE OF THE STUDY 6
1.8 LIMITATION OF THE STUDY 6
1.9 DEFINITION OF TERMS 7
REFERENCES 10
CHAPTER TWO 11
LITERATURE REVIEW 11
- 1 INTRODUCTION 11
2.2 COMPREHENSWE HOUSEHOLD INSURANCE POLICY 13
2.3 LOSS OR DAMAGE SECTION 14
2.4 LIABILITY TO THIRD PARTY (PUBLIC) 15
2.5 INJURY OR DEATH TO POLICYHOLDER AND POLICYHOLDERS SPOUSE 19
2.6 COVERS AVAILABLE UNDER A COMPREHENSIVE HOUSEHOLD INSURANCE POLICY 35
2.7 CLAIMS UNDER A COMPREHENSIVE HOUSEHOLD INSURANCE POLICY CLAIMS MADE WARDING 38
REFERENCES 41
CHAPTER THREE 42
RESEARCH METHODOLOGY 42
3.1 INTRODUCTION 42
3.2 RESEARCH DESIGN 42
3.3 RESEARCH POPULATION 43
3.4 RESEARCH SAMPLING TECHNIQUES 43
3.5 DATA COLLECTION 44
3.6 DATA ANALYSIS TECHNIQUE 44
3.7 LIMITATION OF THE METHODOLOGY 45
CHAPTER FOUR 46
DATA PRESENTATION AND ANALYSIS 46
4.1 INTRODUCTION 46
4.2 DATA ANALYSIS 46
4.3 CLASSZF1CATION AND ANALYSIS OF RESPONSE IN THE QUSTIONNAIRE 46
4.4 RESTATEMENT OF HYPOTHESIS 48
4.5 TEST OF HYPOTHESIS 48
CHAPTER FIVE 53
5.1 DISCUSSION OF FINDINSG/ANALYSIS OF OTHER DATA 53
CHAPTER SIX 54
SUMMARY, CONCLUSION, RECOMMENDATION AND SUGGESTION FOR FURTHER STUDY 54
6.1 INTRODUCTION 54
6.2 SUMMARY 55
6.3 RECOMMENDATION 56
6.4 SUGGESTION FOR FURTHER STUDY 56
BIBLIOGRAPHY 57
APPENDIX I 58
QUESTIONNAIRE 59
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
An analysis of the cover under a comprehensive household insurance is very important in the insurance contract. The cover provided under a comprehensive household policy is very wide to the extent that it’s important cannot be over emphasized.
Comprehensive as the name implies cover a large range in insurance business, the lack of understanding comprehensive policy in an insurance contract create a problem not only to the underwriter, but also to the general public. This is due to the tact that comprehensive cover is so sophisticated and wide in the Nigeria household insurance market.
The comprehensive household insurance policy equally embraces all the covers that needed to be discussed, as well as a wide range of other risk which will be discussed in details later in this work. The term comprehensive as applied to household insurance policy is used in the proper denotative sense that means, that comprehensive insurance embraces within one document a great deal of protection. It does not mean ‘that every possible contingency of whatever nature is provided in the cover of household insurance available in Nigeria market, comprehensive cover is the available and most popular insurance policy.
The effect of comprehensive insurance cover cannot be over emphasis. One of the reasons for this that the modern household policy is very substantial investment which few people can afford to obtain in whole or in part, that is some of the risk household policy is a policy that covers theft, burglary, damage by theft and sometimes accidental damage.
1.2 STATEMENT OF THE PROBLEM
The covers provided under comprehensive household insurance in the Nigeria market is a problem to the general public and the insurance practitioners to really market comprehensive policy because of the belief speculation or what the public thinks concerning comprehensive household policy.
(1) Since the public contingency of whatever nature comprehensive policy does not cover every possible contingency that is why the insurance thinks or call the insurance company companies fraud stars because they settle claims according to the perils insured against.
(2) Expensiveness: Comprehensives household policy is very expensive in the Nigeria insurance market not every individual can afford to fake such cover.
(3) (3) Poor awareness: Most people lack the knowledge of what comprehensive household policy is all about.
1.3 PURPOSE OF THE STUDY
The main purpose of the study is to examine cover provided under a comprehensive household policy in the Nigeria insurance market. There is no doubt the fact that the cover provided under the comprehensive household policy in the Nigeria insurance market creates a lot of challenges to the insurers in the organization and the general public at large. It is also the purpose of this research work to fulfill diploma (ND) in insurance and risk management as required by the National Board for technical Education (NBTE). It is also the aim of this research to create or provide solution for these challenges at the end of this Study.
1.4 STATEMENT OF HYPOTHESIS
The hypothesis formulated for this research work are stated below:
Ho: Comprehensive household insurance policy does not provide sufficient cover to the insured (public).
Hi: Comprehensive household insurance policy provides sufficient cover to the insured (public).
1.5 RESEARCH QUESTIONS
We have formulated certain research question to ensure that this project work suit the standard. The research question includes the following;
- Does the cover provided under a comprehensive household policy play any role the actualization of insurance operation in Nigeria?
- Is there any need for an analysis of a cover under a comprehensive household insurance policy in Nigeria?
- What are the challenges of comprehensive household insurance policy in Nigeria?
- What is the role of comprehensive household insurance policy in Nigeria?
- How does underwriter view the comprehensive insurance policy?
- Would this comprehensive improved or has been improving the insurance operation?
- Is this comprehensive insurance policy profitable?
1.6 SIGNIFICANCE OF THE STUDY
This will serve as a useful information or material for the analysis of comprehensive household insurance policy in Nigeria insurance market. On how the effective comprehensive be achieved in the Nigeria insurance market. It will also prefer several means in which the comprehensive cover under household insurance company in Nigeria can be achieved.
This study will be of great value to the underwriters as it will and its products designed and also other underwriting uses. However, the general public will find this study as a must real material or guide their judgment of operation; risk insurance scholars will find this study helpful for their usual career enhancement.
1.7 SCOPE OF THE STUDY
This study focus on the analysis of’ the cover under a comprehensive household insurance policy in the Nigeria. insurance market. The scope of this study therefore, will be limited to how the comprehensive household insurance policy can be actualized. The scope of this study would be limited to the insurance company in rivers state particularly in Port Harcourt metropolis a large numbers of insurance companies who did not have branch office in rivers state is left beyond. Also the various insurance market in Nigeria who did not understand household insurance business in Nigeria are also outside the study.
1.8 LIMITATION OF THE STUDY
No matter how brilliant and excellent a project research would be, certain areas would limit the original scope in which it is intended to. This project research is limited based on certain reasons such as time, finance, and inadequate materials (research center).
The research is faced with financial challenges to really investigate and gather enough questionnaires for this study under investigation. Time is also another limitation of this work.
Finally, the research finds it pretty difficult to source for a research center to gather ideas from existing materials for this work. But despite the limitation of this research work there is no doubt that this research work would mentor with the requirement for Technical Education (NBTE).
1.9 DEFINITION OF TERMS
The various terms used for this work are explain below:
- INSURNACE: This is a risk transfer mechanism, whereby the insured transfers his risk to the insurer with an adequate fee called premium and the insurer promise to compensate or indemnify the insured upon the event of loss.
- INSURED: This is the person who comes to insurance company for protection.
- COMPENSATION: This is an insurance cover that covers the widest range of a household insurance policy.
- POLICY: This is insurance cover taken by the insured. It is also a document that evidence, the existence of insurance contract.
- ANALYSIS: This is the detail study or the examination of something in order to understand more about it.
- COVER: To place something over or in front of something in order to protect or hide it.
- RISK: Risk is been defined as the uncertain tendency to loss occurrence.
- BROKER: This is an insurance intermediaries who advices his clients and arranges their insurance contract. He held himself out as an exercising professional skill in relating to insurance business and is normally the agents of the insured and not that of the insurer.
- AGENT: This is a person who acts on behalf of the principal and he brings the principle into contractual relationship with third party (the general public).
- PREMIUM: This is an amount of money that one pays once or regularly for an insurance policy.
- INDEMNITY: This is the putting back the insured at the same financial position he occupied before the loss occurrence.
- COMPENSATION: This simply means something especially money that someone gives to another because of damage or loss caused to him.
- MARKET: This is a public place where buyers and sellers make transactions, directly or via intermediaries. It is also an occasion when people buy and sale goods.
- PERILS: These are those contingency that are likely to cause loss.
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