INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The term religion has been faced with diverse views. The Oxford Dictionary defines religion as the belief in and worship of a superhuman which exact control and power as a personal God or gods. Emile Durkheim defined religion as the giving of reference and a unified system of beliefs and practices to sacred things, set apart or sacred beliefs and practices which unite into one single moral community called a church. Durkheim, Emile (1915). Max Lynn Stackhouse, defined religion as "a comprehensive worldview or 'metaphysical moral vision which is upheld to be true and accepted as binding. Insurance is viewed as a means of protection from financial loss. It involves managing risk and it is primarily used to hedge against the risk of a contingent or uncertain loss. Insurance entails safeguarding against unforeseen circumstances or negative occurrences that can likely cause harm or loss to a business or livelihood, or taken as a hedge against the risk of upcoming negative circumstances. The insurance industry has been greatly affected by poor patronage due to the negative attitude towards the industry thereby leading to poor performance. Its acceptance and possible patronage is influenced by the attitude and subjective norms of religious belief. Therefore, the Understanding of consumer patronage of insurance policies constitutes a pivotal issue, because it involves not only monetary but sensitive religious and cultural aspects of business life. The study seeks to appraise the impact of religion on the purchase of insurance in Nigeria.
1.2 STATEMENT OF THE PROBLEM
Religious believes constitute a dominant issue in Nigeria. The many religions which exist inculcate values, norms and believe system on faithfuls and also seek to enforce it. The purchase of insurance policy is greatly affected by the ultimate believe in God for protection which both the Christian and Muslim religion upholds. The insurance companies in Nigerian are therefore faced with the challenge of patronage of insurance policies. The problem confronting the study is to appraise the impact of religion on the purchase of insurance in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The Main Objective of the research is to appraise the impact of religion on the purchase of insurance in Nigeria; The specific objectives include
1 To determine the relevance of insurance in Nigeria.
2 To determine the impact of religion on the purchase of insurance in Nigeria.
1.4 RESEARCH QUESTIONS
1 What is the relevance of insurance in Nigeria?
2 What is the impact of religion on the purchase of insurance in Nigeria?
1.5 STATEMENT OF THE HYPOTHESIS
The statement of the hypothesis for the study is stated in Null as follows
HO The impact of religion on the purchase of insurance in Nigeria is low.
1.6 SIGNIFICANCE OF THE STUDY
The research proffers an appraisal of the impact of religion on the purchase of insurance in Nigeria. It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.
1.7 SCOPE OF THE STUDY
The research proffers an appraisal of the impact of religion on the purchase of insurance in Nigeria.
1.8 LIMITATION OF THE STUDY
The study was confronted with logistics and geographical factors.
1.9 DEFINITION OF TERMS
RELIGION DEFINED
Religion is the belief in and worship of a superhuman which exact control and power as a personal God or gods
INSURANCE DEFINED
Insurance is viewed as a means of protection from financial loss. It involves managing risk and it is primarily used to hedge against the risk of a contingent or uncertain loss
AUTO INSURANCE DEFINED
Auto insurance is an insurance policy which protects the policyholder against the risk of financial loss in the event of a vehicle accident.
HEALTH INSURANCE DEFINED
Health insurance is an insurance policy which cover the cost of medical treatments.
DISABILITY INSURANCE DEFINED
This is an insurance policy which covers the risk of Disability
LIFE INSURANCE DEFINED
Life insurance policy covers the risk associated with the death of a person . It provides a monetary benefit to a dependant family or other designated beneficiary,
