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An Appraisal of the Insurance Companies Approach to Claim Settlement

An Appraisal of the Insurance Companies Approach to Claim Settlement

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DEDICATION

This research material, titled “An Appraisal of the Insurance Companies Approach to Claim Settlement” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Insurance for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on An Appraisal of the Insurance Companies Approach to Claim Settlement provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



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 conceputal review, theoretical framework, the review of related literature …

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Defense Procedure for Insurance Researchers

In preparation for defending a project or seminar on An Appraisal of the Insurance Companies Approach to Claim Settlement, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

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