CHAPTER ONE
1.0 INTRODUCTION
Life is full of risk and every human being
is confronted with possibility that one day one of these hazards which form
part of life may befall them because one financial loss or the other. The
purpose of insurance is to indemnify the victims for the financial loss they
might have suffered as a result of these risks. Risk is a concept that denotes
a potential negative impact to an asset or some characteristic of value that
may arise from some present process or future event. In everyday usage,
"risk" is often used synonymously with the probability of a known
loss.
Paradoxically, a probable loss can be uncertain and relative in an
individual event while having a certainty in the aggregate of multiple events
(see risk vs. uncertainty below). Risk is the possibility of an event occurring
that will have an impact on the achievement of objectives. Risk is measured in
terms of impact and likelihood.
Insurance was not set out to climate and
cannot soften the blow in a purely financial sense of obtaining monetary compensation
to the victims thereby placing them in a financial position. The purchasing of
an insurance has been earlier describe as the insured person as a policy holder
in order to protect himself against a particular risk, take out a policy with
an insured, thereby passing over the risks to the insured on a payment of a fee
known as premium.
Life is associated with different kind of risk some of this risk
are insurable while some are not. The insurance industry in each devices
different type of insurance policy to carter for each one to the insurance
risk. The more consensual, one being marine, fire, life, aviation, motor,
person, accident and a lot of others.
Insurance as an industry did not exist in
Nigeria until the later part of the twentieth century. However, there existed
in Nigerian communities, some form of organize mutual social insurance schemes
which had the future of modern insurance.
Apart from the early social insurance scheme, insurance as an
industry is relatively new in Nigeria. The first operation branch of an
insurance company was open in Nigeria in Lagos in 1921 by the Royal exchange
assurance Plc. and it remain the only insurance company in Nigeria until 1949
when three British owned insurance companies were opened up.
As at the time
Nigeria got her independent operating insurance as risen to twenty five and
were mainly foreign owned. The insurance degree was prorogated to regulate the
way previous legislation did not do.
The insurance
company In Nigeria and the insurance industry are control by the federal
ministry of finance another offices of director of insurance. The insurance
departments of these ministries are responsible for the control activities of
insurance companies so as to ensure compliance electrets of 1976 and other
relevant regulation related to the business of insurance in Nigeria.
Royal Exchange
assurance Plc. engage themselves in the following types of risk, they are;-
loss of profit following the insurance personal inability, trained insurance,
private can insure motor cycle group, house holders comprehensive insurance and
all kind of risk.
Royal Exchange
Insurance Nig. Plc. as many branches within Nigeria with the head office in
Lagos and the incorporation number 6572 and the degree number that symbols
Royal Exchange insurance his degree 58 of 1920.
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