CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
The concepts “insurance” has been defined by many authors and from different perspectives but all those definition are emphasizing on one things, that is being a pool of risk and also a risk transfer from one person to another.
According to Falgan J.I (1989). Insurance is defined as a social derive of reducing risk by combing a sufficient number of exposure units to make their individual losses, collectively
Insurance allows the individual insured to substitute a small cost (ie premium) for so large but uncertain loss (not to exceed the amount of insurance) under an arrangement whereby the fortunate many who escape loss will help the fortunate many who escape loss will help compensate the unfortunate few who suffer loss. The aim of insurance contract is to provide indemnity, ie compensation for injury or loss sustained. Insurance has two broad classes which include life and non-life insurance. Life insurance comprise of whole life assurance, term assurance, endowment assurance and anmioty whole non-life insurance consist of fire insurance, marine insurance, motor vehicle insurance, contractors “all risk” and engineering risk insurance miscellaneous insurance and oil and gas insurance, occupy a strategic position in an economy because it is the only business which exists for the survival of other business.
The marketing concepts is a philosophy of business that sates that the customer wants satisfaction as the economic and social justification of their wants at a profitable volume in an integrated business operation. The marketing concepts can also be said to be the philosophy that recognizes that the consumers is at the center of everything we do in business it’s concepts believers that without the consumers there can be no marketing and based on this it should be aimed at satisfying the need of the consumer. The following are some of the factors that enhanced the adoption of the marketing concepts.
a. MASS MARKERS AND MASS AFFLUENCE: The existent of well to do consumers: whose patronage, a discordant collection of producers would compete, inspires these producers to adopt the marketing concept. In this state of market competition, with consumers who are affluent, marketing concepts helps producers to sufficient satisfy these consumer so as earn.
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