Insurance is one of the most lucrative courses that you can study, even in Nigeria.
You can’t study this course in any monotechnics or colleges of education in Nigeria.
This course is under the faculty of administration.
Definition of Insurance from Different Viewpoints
The definition of insurance may be developed from several viewpoints: Legal, economic, business, social or mathematical.
Legal: From a legal standpoint, an insurance contract policy is used to transfer a risk for Premium [Price] from one party known as the insured or policyholder to another party known as the insurer or insurance carrier.
The burden of risk is shifted by a legally binding contract from the insured to the insurer. The insured by virtue of his contract, exchange the possibility of an unknown large loss for a comparatively small certain payment.
It is not really a guarantee against losses occurring but a method of assuring that repayment or indemnity will be received for losses that so occur as the result of the risk becoming a reality.
Economic: In an economic sense, insurance provides certainty or predictability aiming at reducing uncertainty with regard to pure risks. It accomplishes this result by a pooling or sharing of risk.
Business: As a business institution. Insurance has been defined as a plan by which large numbers of people associate themselves and transfer to the shoulder of all, risks that attach to individuals.
Insurance may be looked upon as an important part of the financial world where insurance serves as a basis for credit and a mechanism for savings and investment,
Insurance as a business is a common way of thinking about what insurance is, insurance has become a major part of the enterprise economy.
Social: Insurance may be defined as the social device for making accumulations to meet uncertain losses of capital, which is carried out through the transfer of the risks of many individuals to one person or to group of persons.
Wherever there is transfer of risk, there is an element of insurance.
Mathematically: Mathematical insurance is the application of certain actuarial [insurance mathematics] principles. Laws of probability and statistical techniques are used to achieve predictable results.
It is Important to recognize that the basis for a good description of the method of insurance is mathematics. A sound mathematical definition of insurance is a reasonable way of explaining what insurance is.
Insurance can be defined as a contract that exist between two parties called insured or policyholder who pay a certain amount of money called Premium in order to secure risk on his life & property to an insurer who indemnify the later whenever loss materializes.
Functions of Insurance
The primary function of insurance is to transfer the risk of others to insurance companies in payment of small consideration called premium.
Then, if a loss occurs on the subject matter of the insurance, the insured will be compensated to the tune of loss. This encourages businessman to invest in many projects.
- Provision of Employment: Insurance provides employment to all aspects of life; economists, accountants, statisticians, lawyers, secretaries, etc. Insurance experts are also employed to direct the risk management function.
- As an Investment: Insurance business encourages people to save. It is always said that life insurance is an investment. At the end, depending on the term and type of insurance cover/policy, the insured or the beneficiaries gain from the investment made by the policyholder.
- As a Business: Insurance is a business which struggles to for the survival of other business. Insurance companies by inuring the risks of other companies either private or government owned help them to survive.
- Provision of Advice: Insurance companies are also consultants, they advice businessmen on how they can reduce their risk exposure or eliminate the risk completely.
- Provision of Funds for Government: Insurance companies pay taxes to the government thereby providing funds for the government.
Job Opportunities For Insurance Graduates In Nigeria
So if someone finish studying insurance in Nigeria where can the person work or get a job in Nigeria.
There are two options that every insurance graduate have :
- To become self-employed [start an insurance company]: This is not easy because there may not be enough funds [capital] to start the company.
- Work in or for a company : There are lots of insurance companies in Nigeria. But the jobs are likely to be competitive. This is more easier than the later.
There are basically different types of insurance, they include but are not limited to:
- Car or Vehicle Insurance.
- Life Insurance.
- House Insurance.
- Business or Company Insurance.
- Health Insurance.
Admission Requirements To Study Insurance In Nigeria
Below are basic requirements that you should must if you really want to study insurance in Nigeria.
JAMB Subject Combination For Insurance
The core subjects that you will need when you want to write JAMB are : Mathematics, English Language, Economics & any other subject.
You can add any social science subjects to the subjects I listed above.
You might be wondering,”What subjects will I write in my Post UTME Exam?”
All universities and polytechnics that offer insurance in Nigeria do Post UTME except Lagos State University [LASU].
In your Post UTME, you will be given questions in the same subjects you sat for in JAMB.
Although, current affairs or general knowledge questions may be also added to your questions.
O Level Requirements For Admission
You can only use WAEC, NECO or GCE result as your O level result in JAMB or DE [Direct Entry].
If you want to study insurance in Nigeria, then you should have at least five  credit pass in some required subjects.
These subjects include: Mathematics, English Language, Economics & any two of accounting, business methods, government, statistics & geography.
This literally means that you can statistics & geography, government & accounting, geography & government, etcetra, to the three core subjects [maths, English & economics] in your O level result.
Direct Entry Admission Requirements
In case you have any certificate that you can use to gain admission via direct entry, read on to know the requirements needed for DE applicants.
You need two A level passes chosen from economics, accounts, business management, government, geography or statistics to gain admission via direct entry.
Cut Off Mark For Insurance In JAMB & Post-UTME
As there are different instituitions that offer insurance as a course in Nigeria, there is no exact cut off mark as it varies for each school.
Scoring 200 or above 200 in JAMB & scoring 50% or above 50% in your Post-UTME will increase your chances of gaining admission to study this course in Nigeria.
You should also note that this course is less competitive in terms of the number of people applying for it and when compared to other competitive courses like medicine, engineering, computer science, etc.
Universities That Offers Insurance in Nigeria
- Ahmadu Bello University [ABU].
- Jos University.
- University of Uyo [UNIUYO].
- Niger Delta University [NDU].
- Redeemers University.
Polytechnics That Offer Insurance In Nigeria