COMPARATIVE ANALYSIS OF AMOUNT OF PREMUIM PAID AND CLAIMS SETTLED ON FIRE, LIFE AND MOTOR POLICIES
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CHAPTER ONE
1.0 INTRODUCTION
We can define insurance in two major contexts as an economic or social institution designed to perform certain function and as a legal contact between two parties. It can also be defined as a pool of risk whereby the unfortunate ones are being compensated. There unfortunate few who funds themselves victims of loss of properties or accident.
It is not only for the private ones but also for the commercial and industrial concern. It is carried out all over the word.
The practice, organization and management of insurance in modern items came with the advert of the colonialist. The majority of these companies were of British origin. British insurance companies soon appointed agents to cater for their business in Nigerian. Such agents consisted of bank and traders but later, Nigeria Trader and merchants were given power to secure insurance business, issue cover note and give helping hands in claims settlement.
There are a lot of insurance companies registered in Nigeria of which Kwara insurance brokers limited Ilorin owned by Kwara State Government is one.
Insurance companies are of different kinds. There are some specialists in one or more classes of insurance such as life, fire, marine and so on. In this work, we are going to limit ourselves to the fire, motor and life policies.
To compare the three arms of insurance policies on the amount of premium paid and claims settled on fire. The fire policy is the first type of insurance policy developed and has played a significant role in insurance for many years. It is declining as more contracts are being re-written but the provision contains in the fire policy are still important.
No matter careful someone may be to prevent fire a certain number of losses with occurred. While, theoretically, most fire losses are preventable so claims and premium amount are collected from the people insure themselves on fire before hand. There was little demand for fire insurance in its early day. This was categorized under non-life business.
Life policy is usually issued on a level of premium basis, which means, that the same premium is charged throughout the duration of the contract.
It was once a starting innovation since it was reasoned that due to that rising so that if the issued dies before the higher demand for the insurance complete it.
Motor policy has the higher demand for the insurance policies and it also played significant role in insurance for many years.
1.1 HISTORICAL BACKGROUND
The Kwara Insurance Brokers Limited was incorporated as foundation insurance company to transact life assurance business in 1989. On May 20th 1999, after the acquisition and restructuring in ownership and management, the name was changed to Standard Life Assurance Company Limited. It commenced full operation in January 200. Standard assurance life has successfully complied with the National Insurance Commission insurance consolidation/ recapitalization policies as at February 28, 2007.
Being a specialist company in life, motor, fire insurance products, it focuses its business on savings and investment, linked life, motor fire assurance as well as group life and annuity policies. Its core values and qualities centre on product innovation and excellent customer services.
Brokers is a member company of standard Alliance groups, a high profile and technology driven financial services group in Nigeria having interest in Banking, person, funds management, stock brokering, manufacturing and information technology. The company is a subsidiary of brokers limited insurance whose shareholding structure is varied and diverse with few corporate bodies including Fin-bank holding above 20% of the issued share capital of the company.
BOARD OF DIRECTORS
OLORODUN O’TEGA EMERHOR, CON; CHAIRMAN
ALH. MOHAMMED A. HASSAN (CIROMAN KEFFI): MEMBER
DR. RAMSEY O. MONOE, CON MEMBER
MRS. OMOLOLA OSHIAFI MEMBER
CHIEF EDE OSAYANDE MEMBER
MR. BODE ADEDEJI MEMBER
MR. AUSTIN ENAJEMO-ISIRE (MANAGER)
1.2 AIMS AND OBJECTIVES OF THE STUDY
The aim of this study is to examine critically the type of relationship that might exist between the amount of premium paid and claimes settled in life, fire and motor policy. To fit the trend line of premium paid and claims, settled within the period of the study and to forecast based on the trend the future value of premium that will be paid and will be settled.
1.3 DEFINITION OF TERMS
INSURANCE: A system for providing financial compensation for the effect of misfortune
INSURANCE POLICY: The document settling out the exact terms on which an insurance cover has been provided. The policy is the evidence of contract but does not in general constitute a contract.
PREMIUM: A payment usually made annually or quarterly to an insurance company for insurance policy.
INSTALLMENT: is the money pay on the insurance for the insurance policy over a period of time.
SAMPLE: One of more units selected from a population according to some specified procedure are said to constitute a sample. Thus a sample is a part or fraction of the population.
CLAIMS: A demand for payment compensation for injury or damages under law or contract is the demand for the payment of loss under a insurance contract the estimated amount to be paid or the amount actually paid.
LAPSE: This is the term used to described the out dated policy taken
POLICY: This is for agreed period specified by the company (insurer) for customers (Assured) if this period or term expires that policy lapse.
1.4 LIMITATIONS OF THE STUDY
Initially, it was not easy to get access to the source of data because of lack of immediate response from the junior staff of Kwara Insurance. It was much later that the controller gave instruction for the release of the files cash books journals, where all the data where extracted and complied.
Nevertheless, it would be very much appreciated of these data still existing in their original forms in the files, cash books and journals of Kwara Insurance brokers limited are published and bound in a form of book so that future researchers will not have much problem in gaining to be sources of data.
CHAPTER FIVE
5.0 SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 SUMMARY
The type of correlation that existed exists the amount of premium paid and claim settled on motor, fire and life policies was determine by the analysis in chapter four. Statistical method shown in chapter three used to analyze the computation of r in each policy, which are 0.2519 for the fire policy was discovered that there is a low correlation between the premium paid and claims settled, 0.3122 for the motor policy shows that there is a family low correlation between the premium paid and claims settled, -0.0268 for life policy shows that there is a weak linear relationship between the amount of premium paid and claims settled on life policy in Kwara Insurance Brokers Limited.
Regression analysis was used to predict the claims to be settled at any given value of premium paid Y = a + bxi +ei
The test of means on the amount of premium paid and claims settled for each of the policies are not the same. Therefore the insurance companies do not settled claims as at when dues. In the analysis of variance the premium paid and claims settle on each of the policies are not equal.
5.2 CONCLUSION
With the critical examination of three policies, there exist fluctuating trends in claims settled except for their premium paid that has been increasing progressively for same years in the motor policy.
Therefore there are rooms for more customers for the motor policy as compared with other policies.
As more people put buying motor vehicle certainly client of Kwara Insurance Broker limited will increased in the near future than other policies as people begins to know the importance of insurance in Nigeria.
5.3 RECOMMENDATION
So far so good the achievement of Kwara Insurance Broker’s Limited has been extended to many business organizations, private and individual. Therefore the settle up of enlightenment forum from time to time will definitely pronounced the activities of Kwara Insurance Broker Limited which in turn influence more customer to the three peculiar and other policies. The management of Kwara Insurance Brokers limited should employ professionals in their corporation so as to acquire specialist in various fields of insurance.
The good relationship between the customers and staff of Kwara Insurance Brokers Limited will definitely improve the good image and reliability in the activities of the company.
Constant advertisement and training of staff with wrong discipline among staff will boost the morale of staff.
The management should be very courageous and direct their staff towards right direction at the right time. There should be no necessary delay in treating customers file.
The federal government can make a policy that all building either houses, shops, school, churches and mosque must be insured against fire outbreak because of uncertainty.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" is also available. Order full work to download. Chapter two of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" consists of the literature review. In this chapter all the related work on "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" was reviewed.
CHAPTER THREE: The complete chapter three of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" is available. Order full work to download. Chapter three of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" is available. Order full work to download. Chapter four of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" is available. Order full work to download. Chapter five of "comparative analysis of amount of premium paid and claims settled on fire, life and motor policies" consist of conclusion, recommendation and references.
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