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An Appraisal of the Insurance Companies Approach to Claim Settlement

An Appraisal of the Insurance Companies Approach to Claim Settlement

Project / Seminar Material
Reference ID: PS-8173-TM

DEDICATION

This research material titled “An Appraisal of the Insurance Companies Approach to Claim Settlement” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Insurance, Book Authors and Profound Scholars of existing or related project material on “An Appraisal of the Insurance Companies Approach to Claim Settlement” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.


An Appraisal of the Insurance Companies Approach to Claim Settlement

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

  • Background of Study 1
  • 1.1 Statement of problem 3
  • 1.2 Objective/Purpose of Study 4
  • 1.3 Research Question 6
  • 1.4 Significance Of Study 6
  • 1.5 Scope & Limitations of Study 7
  • 1.6 Definition of Terms 9
  • Reference 13

CHAPTER TWO

  • Literature Review 14
  • 2.1 Historical Development of Insurance 15
  • 2.2 Insurance Market 18
  • 2.3 Benefits of Insurance 34
  • 2.4 Classes of insurance 38
  • 2.5 Claims Settlement 40
  • 2.6 General Claims Procedure 42
  • 2.7 Conditions under which Insurer may refuse to settle claims 46
  • 2.8 Exception clauses relieving the Insurer from Liabilities when claim is filed. 48
  • Reference 51

CHAPTER THREE

  • 3.0 Methodology and Research Design 53
  • 3.1 Sources of Data 55
  • 3.2 Description of Population 55
  • 3.3 Sampling Procedure 55
  • 3.4 Instrument of Data Collection 56
  • 3.5 Data collection Procedure 57
  • 3.6 Statistical method of Analysis 57
  • Reference 58

CHAPTER FOUR

  • Data Presentation and Analysis of Data 59

CHAPTER FIVE

  • Summary of findings/Recommendations and Conclusion 72
  • 5.1 Summary of findings 72
  • 5.2 Recommendation 73
  • 5.3 Conclusion 75
  • BIBLIOGRAPHY 77
  • APPENDIX 83

ABSTRACT

The objective of this research work is to look into the performance of the Nigerian insurance industry viz a viz the procedure and approach to claim settlement. Individuals hold diverse opinion about this industry and the general impression is that the insurance industry has failed to win the confidence of the insuring public. Often times, people make remark such as “unwilling to settle claim but always willing to collect premium and use its small prints in the policy to decline its liability”. It is the belief about the industry is allowed to continue and not corrected that the industry will totally collapse and the after effect will be over bearing on the economy. When we consider the importance of insurance in the economic development of any nation, it is therefore the intention of the researcher to find out if this allegation is true or otherwise, proffer solution and make recommendation that will help to solve these problems.


An Appraisal of the Insurance Companies Approach to Claim Settlement

CHAPTER ONE

1.1 Introduction

… As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitation of the study and Definition of technical terms.

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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