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IMPACT OF INSURANCE SERVICE ON BUSINESS SURVIVAL
This study intends to determine the importance of communication in business. The essay is a guide on how to improve in various business undertaken with the help of good communication. Again it also tells how communication is important in business because it enables the management and the employees to exchange and share information. Also it determine the quality and effectiveness in the field of business organization because good communication enable the flow of information in an effective way. Lastly without good communication because or any organization cannot grow to achieve its goal and objectives.
Insurance is form of risk management, which is usually purchased to get protection against any risk of potential loss.
In other words, the risk of loss is transferred from one entity to the other through insurance you will be referred to as a policy in turn, you have taken your policies. A long with the insurer and insured, insurance industry also comprises of insurance agents and brokers, who guide you on your insurance need.
Insurance policy helps in not only financial cushion against adverse financial burdens suffered insurance policies are a safeguard against the uncertainty of life.
Insurance involves pooling funds from many insured entities (known as exposures) to pay for losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristic in order to be on insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-ensure through saving money for possible future losses.
1.1 Background of the Essay
The research is to be conducted on “The impact of insurance service on business survival in Niger Insurance Plc Kaduna.
Insurance is meanly concerned with provision of financial security or protection of industries, institution and individuals against their economic losses, since they have content with the risk and uncertainties associated with business properties and life.
Therefore, Insurance creates awareness for the society since they are faced with a lot of risk such as accident, job termination, fire-outbreak, thief, flood, death. Insurance exists in order to ensure the survival of the business, there by fastening economic development and growth all over the world. Insurance is actively wolves in the protection of investment by providing cover against risk which may disrupt project and encourage individuals and organization to harvest good result. The Insurance insuring Public (Individual’s corporate organization and Government) in the economic transfer risks associated with the lives and economic transfer risks associated with the lives and economic activities to ensure companies, they are providing a means of protecting and conserving the wealth of the Nation.
1.2 Objectives of Essay
Insurance exist in order to ensure the survival of the business, but in these modern days, the rate of unawareness about the insurance policies in Nigeria is very low, compared to the developed nation.
The Nigeria are underinsured because insurance companies do not fully appreciate the importance of insurance marketing in the security sector and these are due to adequate training of personnel within and outside the organization that will convince the general public. Another poor situation of the industry is the insufficient advertisement placement to ensure public enlightenment of insurance policies.
Some staff never exhibit their ability and technical know-how, because of lack of motivation especially in the marketing department. Also these above mention are also what Niger insurance plc faces. Therefore the objectives of this essay are:
1.3 Significance of the Essay
The process of insurance has been evolved to safeguard the interest of people from uncertainty by providing certainty of payment at a contingency. The insurance principles comes to more and more sued and useful in modern affairs, not only does it serve the ends of individuals, or of special groups of individuals. It tends to pervade and transform our modern social order too.
The following are some roles and importance of insurance to business survival, they include:
The study will be beneficial to Insurance companies as well as business enterprise especially as they utilize the findings of the study to enhance their businesses. The study will also contribute to the existing knowledge in Insurance. It will also be a useful material for study who may wish to use the research as a springboard to undertake their own research as well as other researchers who may wish to make further research on the subject matter.
1.4 Scope of the Study
The study covers an empirical examination of the impact of Insurance on the survival of business enterprise. Data collection would be restricted to Niger Insurance Company Kaduna. The study covers a time from 2006-2012.
1.5 Limitation and Delimitation
The study is restricted to Niger Insurance Plc, Kaduna as such, it is not certain if the same finding will be obtain if the research is conducted on another study area other limitation arise from the fact that the questionnaire as well as the survey method constitute the research instrument as well as a research design respectfully, it is not certain if other kind of instrument and design will yield the same result.
Non challant attitude constitute of respondent as well as their own cooperative attitude constitute a great limitation of their study.
The following below are some of the delimitations:
1.6 Definition of Term
Insurance: Undertaking by a company, business or individual to provide safe against loss in return for regular payment.
Insurance business: The process of buying and selling of Insurance services.
Agent: He is the person who acts on behalf of another in bringing contractual relationship with third party.
Brokers: The brokers are highly skilled professionals who offer specialist advice to buyer of Insurance and as is in the placement of risk with Insurers of rebuke
Proximate cause: this is used to determine whether the loss sustained by the insured or was caused by the risk insured against.
Life Assurance: protection against the loss of future income which may arise as a result of the premature death of income-producer.
Cover Note: This is a temporary “cover” given to the insured by the Insurer in lieu of the policy. It is operational for thirty days but may be extended if the need arises.
Proposal Form: This is the printed form which the prospective insured fills out stating the risks which He want covered and providing the necessary information.
Insurer: Is the insurance company which is covering a particular risk.
Insured: Is the policy holder is the person who has an insurable interest in the subject of Insurance.
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