The Complete Project Research Material is averagely 77 pages long and is in Ms Word Format, it has 1-5 Chapters. Major Attributes are Abstract, All Chapters, Figures, Appendix, References Level : BTech/BSc/BA/HND/ND.
Get the complete project »
PROBLEMS AND PROSPECTS OF EXTENDING INSURANCE SERVICES TO THE RURAL AREAS (A STUDY OF OBA IN ANAMBRA STATE)
The interest to write in this particular topic “Problems and Prospect of Extending Insurance Services to the rural areas” grow out of the present significant roles of insurance industry in extending service to the rural areas. The researcher discovered that the problems facing the extension of the service to the rural area by the industry is poverty, illiteracy and geographical locations. However, the objectives was to examine whether insurance companies extends service to the rural areas or not and if not, to identify the problems and prospects in providing insurance service to the rural areas. The scope of the study was limited to Oba in Anambra state as yardstick to other rural areas in Nigeria and leadway Assistance Co. Ltd to represent other insurance companies due to lack of time. Therefore, data interpretation gave the following findings that insurance industry should provide services to the rural dwellers that apathy and ignorance for insurance service hinder the extension of service to the rural people. This findings also recommended that all the insurance companies should start extending services to the rural areas and also assist in providing social economic activities
TABLE OF CONTENTS
Title page ii
Approval page iii
Table of content viii
1.1 Background of the study 1
1.2 Statement of problem 3
1.3 Objective of the study 4
1.4 Research question 5
1.5 Research Hypothesis 5
1.6 Significance of the study 7
1.7 Scope and Limitation of the study 7
1.8 Definition of terms 7
REVIEW OF RELATED LITERATURE
2.1 Historical development of insurance 11
2.2 The role that insurance plays in the life of a nation. 12
2.3 What are the reasons for the lack of insurance culture13
2.4 Insurance in the eye of the public 18
2.5 The task facing insurance companies 19
2.6 Creating awareness of insurance to the rural dwellers 21
2.7 Challenges facing the insurance industry 22
2.8 Step to create relevance insurance in the rural areas 23
2.9 Insurance policies mostly needed by the dwellers 25
2.10Problems of extending insurance services in
the rural areas. 28
2.11Prospects facing effecting services of
insurance to the rural areas 31
2.12Benefits of insurance to the rural dwellers 32
RESEARCH METHODOLOGY AND DESIGN
3.1 Research Design 35
3.2 Area of the study 35
3.3 Sources of data 36
3.3.1 Primary data 36
3.3.2 Secondary data 36
3.4 Population of the study 36
3.5 Sample size and sample techniques 37
3.6 Reliability of the instrument 38
3.7 Validation of the instrument 39
3.8 Method of data analysis 40
DATA PRESENTATION AND ANALYSIS
4.1 An overview 41
4.2 Presentation and analysis of data 41
4.3 Testing of Hypothesis 55
5.0 Summary of findings, conclusion and recommendation 65
5.1 Summary findings 65
5.2 Conclusion 67
5.3 Recommendations 68
Appendix i 71
Append xii 72
1.1 BACKGROUND OF STUDY
In today’s modern society, the need for extending insurance services to the rural areas by the insurance industry is of a great important. The insurance industries which part of financial institution exist for the purpose of indemnifying an insured in the case of any loss occurrence. Furthermore, the insurance industry in Nigeria and has not been accepted by its people as to take its rightful place in the nation’s economy.
The importance of the provision of insurance services has been recognized in modern Nigeria, through the various products offered by insurance firms, which are life assurance policies that is classified into individual life assurance, group life assurance and pension, and health insurance business while general insurance business like fire, marine, motor insurance business etc are offered to the consumers of insurance products who are individuals, social clubs, unions association etc.
However, products offered to these groups/ person(s) are for protection against losses incurred by them and keeping them in business. Similarly, it is a fact that the major problem facing the growth and development of the industry in Nigeria today is ignorance an apathy for insurance services in the country. For this purpose, business concerns which is also very peculiar to the rural dwellers who are not easily accessible due to geographical factors and lack of infrastructural facilities in the rural areas of the country.
Hence, the rural dwellers are mostly engaged in small medium scale activities such as subsistence forming, fishing, palm wine tapping, hunting e.t.c. which they may find difficult to buy insurance protection for their benefits against losses that might arise in the course of their daily activities.
Thus, poverty and high rate of illiteracy which is a real factor limiting against the development and growth of the industry in the rural area. In the essence, the industry should do well to solve the inherent difficulties faced by the rural dwellers in finding ways and means of taking insurance services to them at affordable prices(premium) increase their performance, efficiency and profitability by embarking on awareness campaigns and creating of good wills. Similarly, new products should be developed to suit their needs so as to attack and stimulate participation from the rural dwellers and to settle claims as at and when due with equity, modesty and quick response without prejudice.
1.1 STATEMENT OF THE PROBLEMS
The following are the statement of the problems:
Rural areas do not know what is insurance; talk of insuring their risk. Poverty and high rate of illiteracy which is a real factor against the development and growth of the industry in the rural areas, lack of trained personnel lead to the unavailability of trained personnel who would work in local areas where the prospective insured dwells. Lack of adequate infrastructure lead to the absence of transportation and communication, also affect the extension of insurance services to the rural dwellers.
Ignorance and apathy to insurance services also bring about the high level of ignorance even among the so-called educated class and the meaning of insurance which is yet to be comprehended and by extension to the rural dwellers has affected the demand for insurance.
1.2 OBJECTIVES OF THE STUDY
The objective of the study is to evaluate the performance of the Nigerian Insurance Industry in the extension of insurance services to the rural areas. The main objective of this work is to:
ü To find out whether the insurance companies extend services to the rural areas or not.
üTo find out why the insurance industry has not been accepted by the rural dwellers.
üTo evaluate the causative factors of these problems and to provide possible solutions.
üTo determine whether geographical factors and lack of infrastructural facilities affect the location of insurance companies in the rural areas.
üTo find out the reason for lack of insurance culture and to offer strategies for developing insurance culture in the rural environments.
üTo make useful recommendations based on the finding and then give possible solution to it.
1.3 RESEARCH QUESTIONS
In the cost of this research, certain research questions were generated to guide the researchers in their findings.
-Apathy and ignorance for insurance services hinder the provision of insurance services to the rural areas.
-Special packages at affordable price (premium) would attract participation from rural dwellers.
– Poverty and illiteracy limit factors against the development and growth of the industry in the rural areas.
Geographical factors and lack of infrastructural facilities limit the extension of insurance services to the rural areas.
-Prompt payments of claims encourage the acceptance of insurance services by the rural dwellers.
1.4 RESEARCH OF HYPOTHESIS
The following hypotheses from the frame
Share a Comment
You can find more project topics easily, just search
SIMILAR COMPUTER SCIENCE FINAL YEAR PROJECT RESEARCH TOPICS
» ABSTRACT The 21st century is the era of information economy. With economic development and social progress, people’s material and cultural standard ...Continue Reading »
104 pages | 0 hits | Source: COMPUTER SCIENCE
2. DESIGN AND IMPLEMENTATION OF WEATHER FORECASTING PACKAGE FOR AVIATION INDUSTRY (A CASE STUDY OF IMO AIRPORT (SAM MBAKWE AIRPORT)» CHAPTER ONE 1.0 INTRODUCTION Every day, millions of weather – based economic decisions are made in transportation, agriculture, power, construction,...Continue Reading »
68 pages | 237 hits | Source: COMPUTER SCIENCE
3. DESIGN AND IMPLEMENTATION OF A COMPUTER BASED HOUSEHOLD INVENTORY SYSTEM (CASE STUDY PRESIDENTIAL HOTEL ENUGU)» CHAPTER ONE BACKGROUND OF STUDY 1.1 INTRODUCTION Computer household inventory system today encompasses either directly or indirectly ; A field of acti...Continue Reading »
70 pages | 0 hits | Source: COMPUTER SCIENCE
» CHAPTER ONE 1.0 INTRODUCTION Information systems have become the backbone of most organizations. Banks could not process payments, governments could n...Continue Reading »
65 pages | 219 hits | Source: COMPUTER SCIENCE
5. DESIGN AND IMPLEMENTATION OF EXAMINATION TIMETABLING SOFTWARE USING GENERIC ALGORITHMS AND SIMULATED ANNEALING» CHAPTER ONE 1.0 INTRODUCTION 1.1 General Overview The difficulties of developing appropriate examination time table for institutions and tertiary is i...Continue Reading »
44 pages | 248 hits | Source: COMPUTER SCIENCE
6. TOWARD PROVIDING HIGH SPEED INTERNET SERVICES TO STAFF AND STUDENTS OF KADUNA POLYTECHNIC TUDUNWADA CAMPUS» TABLE OF CONTENTS Title page i Approval page ii Declaration iii Dedication iv Acknowledgement v Table of contents vi Abstract viii CHAPTER I: INTRODUC...Continue Reading »
52 pages | 39 hits | Source: COMPUTER SCIENCE
» ABSTRACT This research work is the Automation of a manual process of assets management system in a company setting. This is an information Technology ...Continue Reading »
43 pages | 67 hits | Source: COMPUTER SCIENCE
» CHAPTER ONE Introduction 1.1 Historical Background of the Case Study 1.2 Aims and Objectives of the Study 1.3 The Scope of the Study 1.4 Limitation of...Continue Reading »
54 pages | 242 hits | Source: COMPUTER SCIENCE
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The world is becoming a smaller place in which to live and work. A technological revolution in co...Continue Reading »
87 pages | 236 hits | Source: COMPUTER SCIENCE
» ABSTRACT An undergraduate at some point of his academic year of study is faced with so much challenges keeping an accurate CGPA every academic session...Continue Reading »
58 pages | 353 hits | Source: COMPUTER SCIENCE