Miss
1.1 BACKGROUND
Insurance is the pooling of risks by policyholders with the aim of indemnifying them from unforeseen risks. The primary function of insurance is to act as a risk transfer mechanism. The basic principle of insurance is that the losses of the few are paid by the many. Its underlying purpose is to provide protection against the risk of financial loss, thus giving peace of mind to the policyholders. Life insurance is also a means of creating an immediate estate fro one's dependants.
According to Sneyd, (1996) life insurance is a pooling plan; an economic device through which the risk of premature death is transferred from the individual to the group. Sneyd, (1996) asserts that, the contingency insured against has certain characteristics that make it unique. Sneyd, (1996) further states that, security and protection against losses or contingencies have existed in most societies. Life insurance has existed in most societies. Furthermore, various forms of insurance......
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