Home / Insurance / The impact of motor insurance policy on the growth and development of the economy

The impact of motor insurance policy on the growth and development of the economy

 

Table Of Contents

<p> </p><p><strong>INTRODUCTION</strong></p><p>1.1 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Background of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 1</p><p>1.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Statement of problem &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;3</p><p>1.3 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Objective of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;4</p><p>1.4 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Research question &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;4</p><p>1.5 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Research Hypothesis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;5</p><p>1.6 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Significance of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 6</p><p>1.7 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Scope and Limitation of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;6</p><p>1.8 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Definition of terms &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 7</p><p><strong>

Chapter TWO

</strong></p><p><strong>REVIEW OF RELATED LITERATURE</strong></p><p>2.1 &nbsp; &nbsp; &nbsp;Historical development of NICON insurance &nbsp; &nbsp; &nbsp; &nbsp; 11</p><p>2.2 &nbsp; &nbsp; &nbsp;Historical development of motor insurance</p><p>company in Nigeria &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;14</p><p>2.3 &nbsp; &nbsp; &nbsp;Types of cover available in motor</p><p>insurance underwriting &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 16</p><p>2.4 &nbsp; &nbsp; &nbsp;Underwriting and rating, of motor insurance &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 20</p><p>2.5 &nbsp; &nbsp; &nbsp;Pricing of insurance products &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 28</p><p>2.6 &nbsp; &nbsp; &nbsp;Cover available in motor policies &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;29</p><p>2.7 &nbsp; &nbsp; &nbsp;The underwriting procedure of motor insurance</p><p>Policies &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 31</p><p>2.8 &nbsp; &nbsp; &nbsp;Motor insurance claim procedure &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;35</p><p>2.9 &nbsp; &nbsp; &nbsp;Problem facing underwriting and rating</p><p>of motor insurance in Nigeria &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 35</p><p>2.10 &nbsp;Suggested solution to the problem of motor</p><p>insurance underwriting and rating &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;38</p><p>2.11 &nbsp;The prospects of prudent underwriting and</p><p>rating of motor insurance in Nigeria &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;39</p><p>2.12 &nbsp;Recent development in Nigeria motor</p><p>insurance practice. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 41</p><p>Reference &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 45</p><p><strong>

Chapter THREE

</strong></p><p><strong>RESEARCH METHODOLOGY AND DESIGN</strong></p><p>3.1 &nbsp; &nbsp; &nbsp;An overview &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;47</p><p>3.2 &nbsp; &nbsp; &nbsp;Sources of data &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 47</p><p>3.3 &nbsp; &nbsp; &nbsp;Population of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 48</p><p>3.4 &nbsp; &nbsp; &nbsp;Sample size &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;48</p><p>3.5 &nbsp; &nbsp; &nbsp;Instrument used for the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;50</p><p>3.6 &nbsp; &nbsp; &nbsp;Validity and reliability of the instrument &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 50</p><p>3.7 &nbsp; &nbsp; &nbsp;Method of data presentation and analysis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;50</p><p>

Chapter FOUR

</p><p><strong>DATA PRESENTATION AND ANALYSIS</strong></p><p>4.1 &nbsp;An overview &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;52</p><p>4.2 &nbsp; &nbsp; &nbsp;Data analysis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;52</p><p>4.3 &nbsp; &nbsp; &nbsp;Testing of Hypothesis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 64</p><p>

Chapter FIVE

</p><p><strong>SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS</strong></p><p>5.1 &nbsp; &nbsp; &nbsp;Summary findings &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;72</p><p>5.2 &nbsp; &nbsp; &nbsp;Conclusion &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;73</p><p>5.3 &nbsp; &nbsp; &nbsp;Recommendations &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 74</p><p>Bibliography &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;75</p><p>Appendix &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 77</p><p>Questionnaire &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;78</p> <br><p></p>

Project Abstract

<p> This research work titled “The impact of motor insurance policy on the growth and development of the economy” Nigeria &nbsp;motorist are not embracing motor insurance policies and one of the objectives are to know why Nigeria motorist embrace motor insurance policies, and the scope of the study is NICON insurance motor Department, The information for the study was collected using primary and secondary methods of data collection. For the primary data collection, questionnaires, personal observations and oral interviews were used while existing literature relevant to the topic was consulted for the secondary data. The researcher used chi-square statistical model to analyze the data. The researcher gave a summary of the findings that Nigeria motorist are not embracing motor insurance policies and one of the recommendation is that people should know the reason why they are not aware of the compensation in motor insurance policies. <br></p>

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp; &nbsp; </strong><strong>Background of the Study</strong></p><p>Before now, motorist, were at liberty to drive their cars on the public highways without any form of insurance. However, as the number of cars multiply on the highways rate of accident injured and death also multiple. Hence, the need for motor insurance.</p><p>The first country that gave a lead in this direction was the great Britain. Other countries have the Traffic Act at 1930, introduced a compulsory insurance. The Act made it an offence for anyone to use or permit the use of a meter vehicle on a read unless there is in force a policy of insurance covering the liability of the motorist against death or motor accident.</p><p>The idea of compulsory insurance was recognized quite early in west Africa and British legislation on the subject was extended to the four west African British colonies, Nigeria, Gold Coast, Sierra Leone and Gambia, each of these territories now has it own specific legislation on this subject.</p><p>Modern insurance was introduced in Nigeria by European trading companies which establish trading post in Nigeria and their companies were appointed agent for insurance business by British companies in London Later, Nigeria traders and merchant of substantial status where given power to secure insurance business issues cover meters mostly on cargo and assistance in settlement of claim.</p><p>As a result of this progress, Royal exchange Assurance branch office was established in Nigeria in the year 1921 and this company dominated insurance business for almost thirty years before the establishment of other companies such as provincial insurance company, nor which union, fire insurance company and Nigeria General insurance company limited to mention but a few – the incorporation of Nigeria into the Board Traffic Act by the British Parharment in 1945 imposed a statutory obligation on the users of motor vehicle to provide security against their legal liability for causing death of or bodily injury to the third parties.</p><p>Thus, the study is meant to evaluate the impact of motor insurance policies on the growth and development of the economy. Looking of NICON insurance company as a study.</p><p><strong>1.2 &nbsp; &nbsp; </strong><strong>Statement of the Problems</strong></p><p>1. &nbsp;Nigerian motorist are not embracing motor insurance policies.</p><p>2. &nbsp;People are not aware of the compensation in motor insurance policies.</p><p>3. &nbsp;Nigerian motor and third parties have not actually felt the impact motor insurance policies.</p><p><strong>1.3 &nbsp; &nbsp; </strong><strong>Objective of the Study</strong></p><p>The following are the objective of the study.</p><p>1. &nbsp;To know why Nigeria motorist embraced motor insurance policies.</p><p>2. &nbsp;To create awareness of the compensation motor insurance policies.</p><p>3. &nbsp;To ensure that the Nigeria motorist and third parties actually felt impact of motor insurance policies.</p><p><strong>1.4 &nbsp; &nbsp; </strong><strong>Research Question</strong></p><p>1. &nbsp;Have Nigeria motorist been embracing motor insurance policies.</p><p>2. &nbsp;Are people aware of the compensation on motor policies.</p><p>3. &nbsp;Have Nigeria motorist and third parties actually felt the impact of motor insurance policies.</p><p><strong>1.5 &nbsp; &nbsp; </strong><strong>Research Hypothesis</strong></p><p>Hi: Nigeria motorist have been embracing motor insurance policies.</p> <br><p></p>

Blazingprojects Mobile App

📚 Over 50,000 Project Materials
📱 100% Offline: No internet needed
📝 Over 98 Departments
🔍 Project Journal Publishing
🎓 Undergraduate/Postgraduate
📥 Instant Whatsapp/Email Delivery

Blazingprojects App
Download Now

Related Research

Insurance. 2 min read

Analysis of Machine Learning Techniques for Fraud Detection in Insurance Claims...

The project "Analysis of Machine Learning Techniques for Fraud Detection in Insurance Claims" focuses on leveraging advanced machine learning algorith...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Development of a Predictive Model for Insurance Fraud Detection...

The research project titled "Development of a Predictive Model for Insurance Fraud Detection" aims to address the critical issue of fraud within the i...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Implementation of Machine Learning Algorithms for Risk Assessment in Insurance...

The project topic, "Implementation of Machine Learning Algorithms for Risk Assessment in Insurance," focuses on leveraging advanced machine learning t...

BP
Blazingprojects
Read more →
Insurance. 3 min read

Application of Machine Learning Algorithms in Insurance Claim Prediction and Fraud D...

The project topic "Application of Machine Learning Algorithms in Insurance Claim Prediction and Fraud Detection" focuses on utilizing advanced machine...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Predictive Modeling for Insurance Claim Severity and Frequency...

Predictive modeling for insurance claim severity and frequency is a critical area of research within the insurance industry that aims to leverage advanced data ...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Implementation of Artificial Intelligence in Claim Processing for Insurance Companie...

The project topic, "Implementation of Artificial Intelligence in Claim Processing for Insurance Companies," focuses on the integration of cutting-edge...

BP
Blazingprojects
Read more →
Insurance. 4 min read

Application of Machine Learning in Predicting Insurance Claims Fraud...

The project topic "Application of Machine Learning in Predicting Insurance Claims Fraud" focuses on leveraging advanced machine learning algorithms to...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Predictive Modeling for Insurance Claim Fraud Detection...

The research project on "Predictive Modeling for Insurance Claim Fraud Detection" aims to address the critical issue of fraudulent activities in the i...

BP
Blazingprojects
Read more →
Insurance. 2 min read

Predictive Modeling for Insurance Claim Fraud Detection Using Machine Learning...

The project topic, "Predictive Modeling for Insurance Claim Fraud Detection Using Machine Learning," focuses on the application of advanced machine le...

BP
Blazingprojects
Read more →
WhatsApp Click here to chat with us