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WHY CONSUMERS ARE NOT EAGER TO TAKE UP LIFE AND NON LIFE INSURANCE ( A CASE STUDY OF ALLCO INSURANCE PLC)

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CHAPTER ONE
1.1 INTRODUCTION
Insurance is a tool by which facilitates of a small number are compensated out of funds, (Premium Payment) collected from plenteous insurance, company pays back for Financial uses arising is safeguard against uncertainties.
It provides financial recommence for loses suffered due to incident of unanticipated events, assured within policy of insurance.
Insurance essentially is an arrangement where the loses experienced by few are extended over several who are exposed to similar risks.
But despite the facts that insurance helps societies and individuals prepare for a disaster beyond expectations, and reduce the effect of a disaster on both house-hold and societies, many consumers don?t always cavalier to take-up life and non-life insurance because they do not have the real understanding of why they ought to do so.
Consumers recognize the fact that insurance provides peacefulness in the societies, but not every one cares to take up insurance.
Though getting insurance for an asset does not mean that the asset is protected against risks or its uncovered to risk is reduced, it only implies that incase the assets suffers any loss, the insurance company bears the lose and compensates the assured by identifying the assured.
Insurance companies collect premium to provide security for the purpose of loss is paid out of the premium collected from the assuring public and the insurance company act as trustees to the amount collected.

1.2 OBJECTIVES OF THE STUDY
The objectives of this topic why consumers are not eager to take up life and non-life insurance is to:-
(i.) To expose consumers to the efficiency and effectiveness of insurance company.
(ii.) To increase the number of people taking up insurance.
(iii.) To correct the mistakes and errors made by past consumers.
(iv.) To identify the reasons why consumers do not take up life and non-life insurance.
(v.) To enlighting the people to the merit in taking up insurance.
1.3 SIGNIFICANCE OF THE STUDY
(i.) To protects mortgaged property.
(ii.) To affords peace of mind.
(iii.) For financial stability.
(iv.) To provide security and safety against the loss on a particular event.
(v.) To help people to quickly recover from damage of loses
(vi.) To spread the financial loss of insured members over the whole of the insuring community by compensating the unfortunate members of the public from the money gathered from the premium paid by all members.
1.4 IMPORTANCE OF INSURANCE TO THE SOCIETY
PRIMARY IMPORTANCE
The primary importance of insurance is to spread the financial community by compensating the unfortunate.
Members of the public from the money gathered from the premium paid by all members. In view of this, the contribution of each member of the public (Insured) must be commensurate with the expectation of his claims and the possible extent of such claim.
However, the insured is secure in the knowledge that the protection of the insurance fund is behind him should any kind of misfortune arise consequently, the insurer benefit from investigation income and any profit made while the broker live on commission obtained from the services rendered on behalf of his client and the insurance companies.
SECONDARY IMPORTANCE
Since insurance is contributing to the welfare of the individual or society, its secondary importance can be considered under several headings some of these are as follows:-
A Means Of Savings:- Though most people find it difficult to save, an insurance policy is often, a very suitable way of providing for future occurrence.
Investment By Insurer:- The insurers have accumulated vast resources from various insurance premiums though investment with government or private enterprise.
This helps considerably in the over all development of the economy.
1.5 SCOPE AND LIMITATION OF THE STUDY
For the purpose of this study the research topic is limited to ALLCO INSURANCE PLC. And it shall cover areas like:-
(i.) History of the company.
(ii.) Objectives of the organization
(iii.) Mission statement of the organization
(iv.) Vision statement of the organization
(v.) Organizational chart
1.6 HISTORY OF THE COMPANY
ALLCO Insurance Plc Commenced Operations in Nigeria in 1963, as an agency office of American life insurance company (U.S.A). It was incorporated as a Nigerian company and later become full subsidiary of its parent company in 1970.
The company became a public liability company in 1989, and was listed on the floor of the Nigerian stock exchange in December 1990.
ALLCO Insurance Group currently has an authorized share capital of million with a strong financial base and sound technical capability. ALLCO prides itself as a leading insurance company with the capacity to underwrite all classes of insurance business, including life, oil, and energy risks.
ALLCO various ranges of products are designed to meet the specific needs of its clients.
ALLCO is currently leverages on the technical partnership arrangement with the world?s largest insurance conglomerate, American International Group (A.I.G) in the area of international business operations.
A.I.G is currently capitalized in excess of US and 100 Billion. ALLCO insurance are able to ?Tailor? specific insurance to meet customers needs. Which rates are competitive and commensurate with the risk presented.

ALLCO Insurance P.L.C Product are:-
Fire and Specials Perils.
Consequential Loss.
Householders and House Breaking.
All Risks.
Cash in Transit.
Workmen?s Compensation.
Public Liability and Product Liability.
Marine
Contractor?s all Risk.
Automobile Insurance.
Fidelity Guarantee.
Personal Accident Insurance.
Combined Workmen?s
Compensation and Group per Account
Travel Insurance
Machinery Breakdown
Plant all Risk
Bond Insurance
Electronic Equipment Insurance
Oil and Gas.
FIRE AND SPECIAL PERILS
Fire policy insures properties such as Building, Plant, Machinery, Office Furniture and other content stock house hold goods, personal effects and the likes with coverage extended to rent (Receivable and Payable) against damage by fire, lighting, explosion and natural perils like:- Strom, Flood strike riot and earth quake.
OBJECTIVE OF THE COMPANY
(i.) To ensure the timely payment of consumers premium.
(ii.) The company meet specific needs of it?s clients.
(iii.) The company provides liability of difficulties that are faced in the company.
(iv.) The company quickly and efficiently serves it customers.
Mission Statement of the Company
ALLCO Insurance P.L.C mission Statement:- Is to exists, to create, and protect wealth for it?s customers.
Vision Statement of the Company
ALLCO Insurance P.L.C vision statement:- Is to become the indisputable leader in all market its choose to play in.
Core Values
ALLCO Insurance P.L.C core values are:-
(i.) Service Excellence.
(ii.) Trust
(iii.) Team Spirit
(iv.) Entrepreneurship
(v.) professionalism

1.8 DEFINITION OF TERMS
OPTION HEADING DEFINITION
1. Term Assurance This is a kind of life assurance, which is fixed for a period in which the assures is returning for a premium undertakes to pay the sum assured dies within the period of term stated in the policy.
2. Insurer This is an entity that insures others against loss or damage of goods and properties.
3. Premium This is the amount that is been paid by the policy owner to the insurance company who sells and services insurance policy
4. Public Liability This kind of policy that insures the policy holder against his legal liability to members of the public.
5. Indemnity This is a principle that says an assured should not collect more from insurance than the amount of loss.
6. Agent An agent is an authorized or licensed representative of an insurance company who sells and services insurance policy.
7. Policy It is the legal document issued by the insurance company that outlines the general terms and conditions of the insurance:- Is the condition which the insured will be financially compensated.
8. Endowment Assurance It is a contract which provides that the assurance will pay the sum assured when the life assured reaches a certain age or when he dies.
9. Claim This is a demand made by the
insured person to the insurer for the payment of benefit under a policy claims to one?s insurance company:- ?Which is known as first insurance company? which claims made by one person to another persons company are called ?3rd party claims.
10. Utmost Good Faith A principle or contract which requires both parties of the insurance contracts to deal in good faith.

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