Key Features:
- No of Pages: 96
- No of Chapters: 05
Introduction:
Abstract
It is common to see reports 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 as to settle claims which in turn portray ugly insurance image. This study therefore is exploratory study designed to determine how life assurance funds are properly managed. The population of the study comprises both staff and customers of Union Assurance Company Enugu. A sample size of fifty (50) was selected made up of 20 staff and 30 customers. Both primary and secondary data were collected. Questionnaire coupled with personal interviews 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 and 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 holders should collaborate and come out with conducive business climate to ensure effective management of life assurance funds for greater returns to investors.
Table of Content
Title Page
Table of Contents
CHAPTER ONE:
INTRODUCTION
1.1 Background of study
1.2 Statement of problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Significant of the study
1.7 Scope and Limitation of the Study
1.8 Definition of the Terms
References
CHAPTER TWO
Literature Review
2.1 An overview
2.2 Historical Development of the case Study
2.3 History of life Assurance Programme
2.4 Meaning and purpose of fund
2.5 Management of Insurance Fund
2.6 Model to guide Life Assurance Fund
2.7 Problem encountered in the investment of insurance
Fund
2.8 Prospect of Adequate Management
References
CHAPTER THREE
Research Methodology and Design
3.1 An overview
3.2 Sources of Data
3.3 Population of study
3.4 Sampling Size Determination
3.5 Questionnaire Administration
3.6 Method of Data Analysis
References
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS
An Overview
4.1 Data Presentation
4.2 Testing of Hypothesis
4.3 Discussion of Findings
CHPTER FIVE
SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings
5.2 Conclusions
5.3 Recommendations
5.4 Suggestions for Further Studies
Bibliography
Appendix
Introduction
1.1 Background of the Study
It is common to see reports 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 as to settle claims which in turn portray ugly insurance image. However, it will also have a drastic effect on the Nigeria economy when it failed. In order to nurture the interaction, this research focus on insurance industries and how they managed life assurance premium, to know if the premium are invested as stipulated by law, how they handle claims 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 relates primarily to the way the industry managed life assurance premium in order to achieve organizational goals and objectives using available fund efficiently and effectively.
However, in context to management, union assurance company limited is an associate of union Bank of Nigeria plc.the company was registered as an insurer on November 18, 1993 and actually commences business in 1998. At the time, it was the first attempt by any bank to venture into universal banking. It therefore became the life assurance specialist’s underwriter with in the same period. Recently, Union assurance is redefining those strong potentials to challenge industry management with the top five brackets. Apart from restructuring its operations, the company is diversifying and expanding at a period where competitors are 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 change in management has also brought to bear on the company’s operations, innovations which are impacting positively 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 markets totaling over N5 Billion, they also employs a conservative but dynamic investment strategy geared towards increasing the company’s income and profitability.
More so, in managing life assurance funds money is pooled together with that of other investors to create a single strong fund that provide significant investors benefits which includes an instant increase in buying strength, thereby contributing towards economic development in Nigeria. However, life assurance fund are funds accumulated 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 unions 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. These practices are similar to mutual life assurance.
In addition to this, there are also the long-term needs to create and sustain an enabling environment that will engender safe practice against destructive runs in managing life assurance funds, protecting and ensuring fair play among insures in the industry.
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