CHAPTER ONE INTRODUCTION 1.1     BACKGROUND OF THE STUDY

Insurance industry is a very vital aspect of Nigeria economy and its important roles cannot be emphasized. In the project work the researcher want to identity the history of insurance industry in Nigeria economy and also the actual roles and the importance of insurance industry to the common man and the society at the large. Such roles and importance include in every sectorof the economy:aviation, like the banking sector, agricultural sector, sector, business sector and even educational sector (tertiary). Also the project work, is focused institution and all the necessary measures that can be used to improve the Nigeria insurance up to the world standard.

After, the Second World War, Nigeria experienced a lot of improvement and after the introduction of workers compensation act 1940 and the road traffic act 1945 which came into force on 1st April 1, 1950. This was after when Nigeria got her independent there was a rapid increase in insurance industry and some of the foreign companies were bought over as indigenous insurance companies. As Nigeria insurance industry increase. It was discovered that the industry were operated by some in experience people, and led to problem and the government arrested the situation by appointing Dr. Karlreichel in October 1999 a virgule nations expert is the most far reaching action of government, geared at improving insurance business in Nigeria and the establishment of the national insurance corporation of Nigeria (NICON) in July 1969. In June 1990, the post of the suprelulendant and deputy supper intendance was created.

During the era of president Olusegunobansajo launched the National Health Insurance Scheme (NHIS) on the 29th may, 2005. The present stage has thus exhibited the features of the “take of phase’, the market is greatly boosted by legislative provision for compulsory insurance, set owned by industries that the industrial map of the company again with indirect effect of boosting the insurance business new legislation is passed with a view to indulgencing the insurance industry and providing a strong financial base for the companies and ensuring a high standard of insurance practice in Nigeria.

1.2     STATEMENT OF PROBLEM

In this section, the researcher is focused on the prevalence problem that has led to not making insurance count in Tertiary  Institutionusing ken Saro Wiwa polytechnic as a case study. This problems militating against the making insurance count in schools ay be seen as a result of non-insurance student’s perception about insurance in the polytechnic.

1.3     OBJECTIVE OF THE STUDY

The objectives that made the researcher to go into the topic as follows:

1. To understand the concept of insurance.
2. To ascertain the importance of insurance intertiary institution.
3. To know the role students play in promoting insurance in the various schools.
4. To know the problems of marketing insurance in Ken Saro Wiwa polytechnic and outside the schools.
5. To know the way forward in convincing non-insurance students about the importance of insurance.

1.4     RESEARCH QUESTIONS

The following questions shall be used in the course of the research study.

1. What are the importance of insurance to the tertiary institutions
2. Is there difficulty in making insurance count in tertiary institution?
3. What is the perception of non-insurance students?
4. What roles do management and students play to promote insurance in tertiary institutions?

1.5     SCOPE OF THE STUDY

This research work carried out in different institutions. However, it is believed and hoped that the result of this work may be applied with advantage to other tertiary institutions in and outside the country.

1.6     RESEARCH METHODOLOGY

H0: Studentshave no significant roles in making insurance count

H0I: Studentshave no significant role in making insurance count.

H02: There is no impact of insurance in tertiary institution

H02: There is impact of insurance in tertiary institution

1.7     SIGNIFICANCE OF STUDY

This study is meant to highlight the importance and roles of insurance in tertiary institution insurance not only help in reducing the burden on the public but reducing claims fluctuation. The study will be beneficial to the students (student and non-student of insurance), the management of schools. In tertiary institutions across the country who have the quest for more knowledge. In promoting insurance it will also serve as a frame work for scholars and student who is researching into similar topics the study is also intended to provide a yard stick of various organization who may be interested on the subject matter making insurance count.

1.8     SCOPE OF THE STUDY

The scope of this study is not limited to only insurance students but also non insurance students.

1.9     DEFINITION OF TERMS

Tertiary: this refers to order rank of importance that is tertiary education.

Institution: a large important organization that has a particular purpose.

Student: a person who is studying at a university or other place of higher education.

Perception: the ability to see, hear, or become aware of something through the senses.

Insurers: a person or company that undermost an insurance risk: the party in an insurance contract undertaking to pay compensation.

Insured: a person, group or organization whose life or property is covered by an insurance policy.

Insurance: a system where an insurance company upon the receipt of a certain amount of money from a person agrees to pay compensation or render certain services to that person, if and whenever that person suffers the kind of loss that was specified in the insurance agreement.