CHAPTER ONE

1.0   INTRODUCTION

We can define insurance in two major contexts as an economic or social institution designed to perform certain function and as a legal contact between two parties. It can also be defined as a pool of risk whereby the unfortunate ones are being compensated. There unfortunate few who funds themselves victims of loss of properties or accident.

It is not only for the private ones but also for the commercial and industrial concern. It is carried out all over the word.

The practice, organization and management of insurance in modern items came with the advert of the colonialist. The majority of these companies were of British origin. British insurance companies soon appointed agents to cater for their business in Nigerian. Such agents consisted of bank and traders but later, Nigeria Trader and merchants were given power to secure insurance business, issue cover note and give helping hands in claims settlement.

There are a lot of insurance companies registered in Nigeria of which Kwara insurance brokers limited Ilorin owned by Kwara State Government is one.

Insurance companies are of different kinds. There are some specialists in one or more classes of insurance such as life, fire, marine and so on. In this work, we are going to limit ourselves to the fire, motor and life policies.

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