PROBLEM ASSOCIATED WITH GENERAL ACCIDENT CLAIMS IN NIGERIA

PROBLEM ASSOCIATED WITH GENERAL ACCIDENT CLAIMS IN NIGERIA
 
(A STUDY OF SOME SLEECTED INSURNACE COMPANIES)
TABLE OF CONTENTS
Title page                                                             i
Dedication                                                            ii
Acknowledgement                                                        iii
Abstract                                                               vi
Table of Contents                                                  vii
CHAPTER ONE
INTRODUCTION
1.1     Background of Study                                      1
1.2     Statement of the Problem                               3
1.3     Objective of Study                                          4
1.4     Research Questions                                        4
1.5     Research Hypothesis                                       5
1.6     Significance of the Study                                 6
1.7     Scope and Limitations of Study                        7    
1.8     Definition of Operational Terms                        9
CHAPTER TWO
REVIEW OF RELATED LITERATURES
2.1     An Overview                                                  12
2.2     History of Insurance Claim in Nigeria                12
2.3     The Development of Accident Claim in Nigeria   14
2.4     Development of Claim Settlement in Nigeria     17
2.5     The Effect of Accident Claim on
Insurance Claim                                             18
2.6     Role of Insurance on Accident Claim                 20
2.7     Procedures for Handling general accident claim22
2.8     Notion about claim settlement                        24                
2.9     Problems Associated with General Accident
Claim procedure.                                            27
2.10Other Problems Associated with General
Accident Claim                                                29
2.11Liability                                                          31
2.12Understanding documentation                         36
Reference                                                      39
CHAPTER THREE
RESEARCH METHODOLOGY AND DESIGN
3.1     An Overview                                                  41
3.2     Sources of Data                                              41
3.2.1       Primary Sources of Data                              42
3.2.2       Secondary Data                                          42
3.3     Population of Study                                        42
3.4     Sample size and Sampling Technique               43
3.5     Instrument Used in Selecting Sample Size        45
3.6     Validity and Reliability of the Instrument Used  46  
3.7     Method of Data Presentation and Analysis        48  
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDING
4.1     An Overview                                                  50
4.2     Data Presentation                                           51
4.3     Data Analysis                                                 52
4.4     Testing of Hypothesis                                      61
4.5     Discussion of Findings                                     67
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION 
AND RECOMMENDATION
5.1     Summary of Findings                                      69
5.2     Conclusions                                                    70
5.3     Recommendations                                                 71
5.4     Suggestion for Further Studies                        72
Bibliography                                                   73
Appendix                                                       75
Sample Question                                            76
CHAPTER ONE
INTRODUCTION
1.1     BACKGROUND OF THE STUDY
Insurance industry is a financial institution that exists to indemnify the insured in the case of any occurrence of the subject matter of insurance.
According to Ivory (1986) on general accident insurance represents a conglomeration falling under life, fire, motor, marine and aviation insurance. The classification is later made for simplicity and to ease description of the indenting insurance. And secondly, to show the dynamism in insurance business since many more insurance policies can be designed as soon as the needs are identified and ability acquired. For insurance, it should not sound strange if Nigerian insurance design and market insurance policies such as rainfall, licenses, hair dressers and waste removal contractors because accidents are likely to arise from them.
Insurance derives from the situation of unforeseen event at least in timing that is to say, the insured event must be accidental rather than willful. During the period of 1976 insurance decree, accident insurance was under life policy. But accident depends on the event. And it is a benefit policy. The general accident arises in claim settlement, which the course of events occur on the policy which the policy holder purchases and the reason is for security purpose for instance company to prove their worth of their buy by them getting insurance security at their point of needs should not be jeopardized by insurance companies through refusal to pay claim on the policy therefore didn’t justify to say that the acid test of a reputable of insurance is its ability to provide assistance to the policy holder when the occasion arises for no matter the scope and intensity of the advertising, an insurer that fails its insured at the point of need is unwillingly liquidating his own company, this payments efficient and fair settlement of a claim give satisfaction to the insured and it’s the best way of advertising for the company.
When an event insured against in an insurance contract happens and the insured informs the insurer, demanding that the insurer fulfill his promise the insured is said to be making a claim.
1.2     STATEMENT OF THE PROBLEM
The challenges that led to this research are as stated below:
·        Non prompt settlement of accident claims in Nigeria.
·        Inadequate payment of claim by insurance companies in Nigeria.
·        Delay in claim settlement in Nigerian insurance industry.
1.3     OBJECTIVE OF STUDY
The objectives of this research work are:
·        To examine critically the issues influencing the non prompt settlement of general accident claims.
·        To examine reasons for the non-adequate payment of claims by insurance companies
·        To study the cause of delay in claims settlement in the insurance industry.
1.4     RESEARCH QUESTION
In order to do a thorough work on this topic, the researcher formulated certain questionnaires as shown below:
·        Is there non prompt settlement of accident claims in insurance services.
·        Is there inadequate claims settlement in Nigeria insurance industry.
·        Does non prompt settlement or accident claims affect the performance of insurance companies.
1.5     RESEARCH HYPOTHESIS
Ho:  There is non prompt settlement of accident claim in insurance services.
Hi:   There is prompt settlement of accident claim in insurance services.
Ho:  There is inadequate claim settlement in insurance industry.
Hi:   There is adequate claim settlement in insurance industry.
Ho:  Non prompt settlement of accident claim does not affect the performance of insurance companies.