MANAGEMENT OF LIFE ASSURANCE FUND IN NIGERIA INSURANCE INDUSTRY (A CASE STUDY OF UNION ASSURANCE LIMITED)
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MANAGEMENT
OF LIFE ASSURANCE FUND IN NIGERIA INSURANCE INDUSTRY (A CASE
STUDY
OF UNION ASSURANCE LIMITED)
ABSTRACT
It is common to see report of business
falling than business succeeding almost always, the failure or success of a
business can be attributed to its management. When a business is mismanaged, it
will lead to liquidation, the company will not meet their solvency margin
thereby running away from their obligation as to settle claims which in turn
portray ugly insurance image. This study there for is exploratory study
designed to determine how life assurance fund are properly managed. The
population of the study comprises both staff and customers of union assurance
Enugu. A sample size of fifty (50) was selected made up of 20 staff and 300
customer both primary and secondary data were collected. Questionnaire coupled
with personal interview were the main research instrument. The data was
analyzed by the use of chi square statistical method. The study came out that
for proper management of life insurance fund, the premium should be invested
both in short band long term investments so that insurance company will meet
their obligation as to settle claims. It was recommended that all the
stakeholders, including management of insurance companies, policy makers and
policy holder should collaborated come out with conductive business climate to
ensure effect management of life assurance funds for great returns to
investors.
Table of content
TABLE
OF CONTENT
CHAPTER
ONE
INTRODUCTION
Literature Review
1.1
Background of study
--------------------------------1
1.2
Statement of problem
-------------------------------5
1.3
Objective of the study
--------------------------- ---5
1.4
Research questions
------------------------------- -6
1.5
Research hypothesis
--------------------------------7
1.6
Significant of the study
-----------------------------7
1.7
Scope and limitation of the study
----------------8
1.8
Definition of the terms
-----------------------------9
CHAPTER
TWO
Literature review
2.1 An overview ----------------------------------------- 12
2.2 Historical development of the case of study ----14
2.3 History of life assurance program
------------- -16
2.4 Meaning and purpose of fund --------------------17
2.5 Management of insurance fund ------------------21
2.6 Model
to guide life assurance fund----------------22
2.7 Problem
recounted red in investment of insurance
fund-----------------------------------------------------24
2.8 Prospect of adequate management --------------- 26
CHAPTER
THREE
Research methodology band design
3.1 An overview -------------------------------------------30
3.2 Source of Data ----------------------------------------31
3.3 Population of study-----------------------------------33
3.4 Sampling size determination -----------------------34
3.5 Questionnaire administration ----------------------35
3.6 Method of Data analysis-----------------------------36
CHAPTER
FOUR
DATA PRESENTATION ANALYSIS AND
DISCUSSION OF FINDINGS
4.1 Data presentation---------------------------------38
4.2 Testing of hypothesis------------------------------53
4.3 Discuss of finding --------------------------------- 56
CHAPTER
FIVE
SUMMARY
OF FINDING CONCLUSION AND RECOMMENDATION
5.1 Summary of finding---------------------------------58
5.2 Conclusions------------------------------------------61
5.3 Recommendation------------------------------------64
5.4 Suggestions for further studies--------------------65
Bibliography
------------------------------------------67
Appendix----------------------------------------------69
Research
questionnaires----------------------------------70
ABSTRACT
It is common to see report of business
falling than business succeeding almost always, the failure or success of a
business can be attributed to its management. When a business is mismanaged, it
will lead to liquidation, the company will not meet their solvency margin
thereby running away from their obligation as to settle claims which in turn
portray ugly insurance image. This study there for is exploratory study
designed to determine how life assurance fund are properly managed. The
population of the study comprises both staff and customers of union assurance
Enugu. A sample size of fifty (50) was selected made up of 20 staff and 300
customer both primary and secondary data were collected. Questionnaire coupled
with personal interview were the main research instrument. The data was
analyzed by the use of chi square statistical method. The study came out that
for proper management of life insurance fund, the premium should be invested
both in short band long term investments so that insurance company will meet
their obligation as to settle claims. It was recommended that all the
stakeholders, including management of insurance companies, policy makers and
policy holder should collaborated come out with conductive business climate to
ensure effect management of life assurance funds for great returns to
investors.
Table of content
CHAPTER
ONE
INTRODUCTION
1.1
Background
Of The Study
It is common
to report of business failing than business succeeding almost always, the
failure or success of a business can be attributed to its management. When a
business is mismanaged, it will lead to liquidation the company will not meet
their solvency margin thereby running
away from their obligation image. However it will also have a drastic effect on
the Nigeria economy when it failed. In order top nurture the interaction, this
research focus on insurance industries and how they management life assurance
premium, to know if the premium are invested as stipulated by law, how they
handle claim and the beneficiaries and also how life assurance fund help in the
economic development of Nigeria.
Moreover,
management of life assurance fund in insurance industry related primarily to
the way the industry management life assurance premium in order to achieve
organizational goal and objective using available fund efficiently and
effectively.
However in
context to management, union assurance limited. Limited is an associate of
union bank of Nigeria plc. The company was registered as an insurer on November
18, 1993 and actually commence business in 1998. At the time, it was the first
attempt by any bank top venture into universal banking. It therefore become the
life assurance specialist’s underwriter with in the same period. recently,
union assurance is redefining those strong potential to challenge industry
management with the top five brackets. Apart from restructuring its operations,
the company is diversifying and expanding at a period where competitor mare
contracting due to uncertain economic conditions. (a new management driving
change and excellence is in place and
venturing into new frontiers that were uncultivated. The changed in management
has also brought to bear on the company’s operation innovation which are
impacting passively on the work culture in union assurance) union assurance
also has a robust investment portfolio cutting across assets in the equity,
money bond and property marked totaling over N5
billion they also employs a conservative but dynamic investment strategy geared
towards increasing the company income and profitability.
More so, in
managing life assurance fund money is pooled together with that of other
investors to create a single strong fund that provide significant investors
benefits which include an instant increase in buying strength there by
contributing towards economic development in Nigeria. However, life assurance
fund accumulate through payment made by the assured person called premium so
that should death occur, prior to a specified date or upon survival at an
agreed period funds would be made available from the scheme to pay whatever
benefits that are due. The idea for assistance and association is not new to
the Nigeria society various town and clan union and social clubs have various
ways of showing benevolence to their bereaved. It is customary for people to
pay condolence visit and present a sympathy purse. Practices are similar to
mutual life assurance.
In addition to
this, there are also the long-term needs to create and sustain an enable
environment that will engender safe practice against destructive runs in
managing life assurance funds, protecting and ensuring fair play among insures
in the industry.
1.2 State of problem
Complex set of
interrelated problem are identify as following:
i.
Mismanagement
ii.
Inability to invest life assurance
fund in varieties of security due to lack of experts.
iii.
Ineffective investment management
of life assurance fund which affect expectations of the insuring public and
growth of the industry.
1.3 Objective of the study
Having been
exposed to the problem the research tends to achieve the following:
1.
To described implication and
suggest possible ways of managing life insurance fund.
a.
To assess the factors that determines
the area of investments of life assurance fund.
b.
To ascertain whether life assurance
fund are invested more on short- term investment than on long-term investment
instrument or vice versa.
c.
To promote investors confidence
toward life assurance.
1.4
Research
Question
1.
What appropriate strategies can be
put in place to ensure effective management of life assurance funds?
2.
What factors determine the areas of
investment of life assurance fund?
3.
What form of investment is life
assurance fund put into most (long term or short-term investments insurance)?
4.
What are the trend expectation of
the insuring public?
1.5
Research
Hypothesis
The research
work tends the following hypothesis listed below:
HO: Management of life assurance has no positive
effect on the economic growth and development of Nigeria.
H1: Management of
life assurance fund has positive on the economic growth and development of
Nigeria.
1.6
Significance
of the study
It is aimed
that study will help the insurance to plan organize and control life assurance
fund in order to maintain proficiency and standard in insurance practice
thereby investing life assurance fund in varieties of investment. In turn have
adequate fund to settle claim which portray good insurance image and bring
development in Nigeria economy.
It will also aid the candidate or
student having HND in insurance to know the various areas where insurance can
invest.
1.7
The
scope limitations of the study
This research
work limit to one of the insurance companies in Enugu, union assurance company
of Nigeria to be precise.
There are a
lot of constraints in the gathering of information of the research work but the
major constrain are following are to be precise.
a.
TIME:
in report to the theoretical and practical work the time allowed the project
was limited beside there was carried out with other academic assessments.
b.
FINANCIAL:
Due to high rate of academic fees, I could not be able to
carry out research with easy as I was planned.
1.8
Definition
of terms
i.
MANAGEMENT:
This is the act of running and controlling a business or
similar organization so as achieve the organizational goal.
ii. INSURANCE: Is a contract between two
parties insured whereby the insured pay small amount of money called premium
and the insurer promise to compensate the insured when the specified risk
insured against occur.
iii. LIFE ASSURANCE: Is a contract of
insurance on party called the insurer agreed that subject to some term
exception and condition and condition that he would pay some money on the
dearth of life assured on the precious maturity of the policy
iv.
FUND:
This is an amount of money that have been saved or made available for
particular purpose.
v.
PREMIUM:
Is the monetary consideration paid by the insured for insurance
covers ie the price of service rendered.
vi.
INVESTMENT:
To put money effort Time into some things to make a profit or get an advantage.
It can buying of property or share in a company as to make profit out of it
vii.
MANAGEMENT:
To organize or control a business badly.
viii.
LIQUIDATION:
To cause a because to close, so that its assets can be also to pay its debts ie
the process by which a company or part of a company is bought to an end, and
the asset and property of a company redistributed these can also be seen as
winding up of a firm by selling off its free (unpledged) assets to convert them
into cash to pay the firm’s unsecured creditors.
ix.
SOLVENCY
MARGIN: This is a minimum excess on an insurance assets over
its liabilities set by regulator. It can be regard as similar to capital
adequacy. It is also company ability to pay claim.
x.
POLICYHOLDER:
Is a person or a corporation whop owns an insurance policy. It also the owner
if an insurance policy: usually, but not always the insured.
xi.
STAKEHOLDER:
A person group or organization that has interest or concern in an organization ie person, group
xii.
Organization member or system who
affect or can be affected by an organizations.
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