Home » ENSURING POSITIVE CONSUMERS ATTITUDE TOWARDS INSURANCE CONTRACT IN NIGERIA

ENSURING POSITIVE CONSUMERS ATTITUDE TOWARDS INSURANCE CONTRACT IN NIGERIA

ENSURING POSITIVE CONSUMERS ATTITUDE TOWARDS INSURANCE CONTRACT IN NIGERIA

 

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

The determinant of every marking is the ability of the producer to provide for the consumers the quantity and quality of the goods that will satisfy them at affordable prize, provided at accessible places. In event to provide these goods, the producer should consider the consumer as a “king “because with out the consumer the producer cannot be in business. Insurance market consist of buyers intermediate and sellers of insurance polities, individual as well as corporate organization have different attitudes of individuals and corporate organization towards insurance is greatly influenced by consumers attitude, Apparently the attitude of a client towards the sole of insurance services is a function of two broad group of factors namely. The controllable and uncontrollable frees. The controllable factors are bordering mainly on the usual marketing mix, comprises the element of insurance marketing, namely product planning, prizing, distribution channel, advertising and sales promotion. The uncontrollable forces are social economic, technological psychological political and legal forces, outside the direct cannot of insurance, some social risk also contribute for the need of insurance, there are theft, burglary and house breaking, arson, has progressed tremendously during the century especially in period of inflation. As a result of introduction of new business or diversification of business which brings about increase in value and produce line.

Insurance contract in Nigeria has progressed tremendously during as far as insurance is concerned, Nigerians are easily spurred into action only when they hear that an insurable disaster has befallen on someone or the other, in recent time, there has been proliferation of social clubs, more of these clubs guarantee the payment of fixed sum of money to the dependants of a deceased member, experience has shown that these clubs make the said payment with reasonable dispaten on the death of a member, on the other hand insurance payment condition stresses the satisfaction of certain legal requirement and hence the payment for some time. Level of literacy is still low in Nigeria, this in itself couples with low per capital level of income also account for the low rate entering into insurance contract.

1.2  STATEMENT OF THE PROBLEM

 

The problem associated to this thesis are:-

1.  To identity why the social economic value of insurance is not easily appreciated by the general public.

2.  To identity why the effect of moral laxity and poor conduct of the insurance companies

3.  To identity why the general public misunderstood the technical word, used in drawing up insurance contract.

4.  To identity way some insurance company do not settle claims on time.

1.3  OBJECTIVES OF THE STUDY

 

The objective of the study is as follows:-

1.  To improve the settlement of claims by insurers.

2.  To provide a mechanism framework that will help in educating the general public on the benefit of insurance.

3.  To improve on the construction of policies with such words that not is confusion to the public.

4.  To potray insurance as a service capable of taking care of loss occasional by the insured and not like a social club.

5.  To improve on how to increase public awareness of insurance such that will be more informative.

1.4   SIGNIFICANCE OF THE STUDY

The important of this study is to ensure positive consumers attitude towards insurance contract. Apart from this, there are other important attached to it, they are as followed.

1.  This study will be of immense help to the general public to employ a professional, such as broke that will guade them according

2.  It will also help the insurance company to observe the effect of non – settlement of llairs or delay in settlement of claims.

3.  This study wine encourages the insurance companies to always use qualified personal (intermediaries) that wine guides the customers according to the norms or the contract.

4.  This project work wine be of important to the insured to suggest the best time and low to exercise his rights throughout the contract.

1.5    SCOPE AND LIMITATION OF THE STUDY

The research work is limited only to the Nigerian consumers of insurance services and the insurance companies, because of its wide area of coverage, the following constraints abound. Outside may normal classroom work, there are other study that help me in writing this project.

The greatest limitation was that of financial   Inadequacy, this there fore affected my movement in terms of traveling thru and fro in some states like Imo Abia, and Enugu, i.e. I was some state not able to gather all the information needed for the study.

The unco-operating attitude of some respondents posed some problem to his research, it is known that many respondent are usually very rductant in discussing some important information.

1.6   DEFINITION OF TERMS:

 

a. Contract: this is a legal binding agreement between two parties, which must have qualities of valied contract, for a example consideration, offer, and acceptance e.t.c which is untraceable by law.

b. Policy: this is a guidance of insurance contract, it provide proof on the terms of contract of insurance.

c. Insurer: An insurer is a party to the insurance contract who undertakes to indemnify the other, for a monetary consideration, of the insured event.

d. Insured: A party to the insurance contract covered against certain risks for monetary consideration.