ANALYSIS OF THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE

ABSTRACT Every human being is faced with the possibility that one or more of the hazards which form part of life will sooner or later befall him and which may cause him pecuniary loss. This misfortune is uncertain as to time or period it will occur and this among others include: fire outbreak, accident or even death. It could be seen that all those are beyond human control as their occurrence cannot be controlled by the individual. For example, the family bread winner knows it is beyond his control to prevent death from coming his way. This therefore necessitates the need to take out insurance policy which suites every occasion.
Very few persons really take the trouble to read through their insurance policies in order to ascertain and note the terms and conditions of the insurance well in advance of a claim. Of the few who bother to read through the policies, only a small proportion of them actually understand them. The result is that when a claim arises and it is found that the particular loss is not covered by the terms of insurance contract, there is always the tendency to blame it all on the insurance company. There might, of course, be some ‘black sheep’ amongst the insurers, but a lot of this unpleasantness is due to a lack of understanding of the terms of insurance contracts generally.
The essence of this study therefore is to eliminate or at least to minimize such misunderstandings by stating the ‘rules of the game’ not only for the parties to the transactions but for those who may in the future decide to take an insurance policy.

TABLE OF CONTENTS COVER PAGE CERTIFICATION ABSTRACT TABLE OF CONTENTS DEDICATION ACKNOWLEDGEMENT TABLE OF CASES TABLE OF STATUTES INTERVIEWS AND PERSONAL COMMUNICATION LIST OF ABBREVIATIONS
CHAPTER 1 GENERAL INTRODUCTION 1.0.0INTRODUCTION 1.1.0BACKGROUND TO THE STUDY 1.2.0AIMS AND OBJECTIVES OF STUDY 1.3.0FOCUS OF STUDY 1.4.0SCOPE OF STUDY 1.5.0METHODOLOGY 1.6.0  LITERATURE REVIEW 1.7.0  DEFINITION OF TERMS (IF ANY) 1.8.0  CONCLUSION
CHAPTER 2 NATURE AND DEFINITION OF INSURANCE 2.0.0INTRODUCTION 2.1.0DEFINITION OF INSURANCE 2.2.0  HISTORICAL FRAMEWORK OF INSURANCE 2.3.0  NATURE OF INSURANCE CONTRACT 2.4.0  STATUTORY REGULATION OF INSURANCE LAW 2.5.0CONCLUSION
CHAPTER 3 THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE 3.0.0INTRODUCTION 3.1.0INSURABLE INTEREST 3.1.1  DEFINITION OF INSURABLE INTEREST 3.1.2  NATURE OF INSURABLE INTEREST 3.1.3  NECESSITY OF INSURABLE INTEREST 3.1.4  EFFECT OF LACK OF INSURABLE INTEREST 3.1.5  TIME FOR INSURABLE INTEREST 3.1.6  INSURABLE INTEREST AS A MEASURE OF RECOVERY 3.2.0UTMOST GOOD FAITH 3.2.1MATERIAL FACTS 3.2.2  EXCEPTIONS TO THE PRINCIPLE OF UTMOST GOOD FAITH 3.2.3  DISCLOSURE TO AGENT OF INSURER 3.2.4  DISCLOSURE AND PROPOSAL FORM 3.2.5DURATION OF DISCLOSURE 3.3.0  â€˜NO PREMIUM, NO POLICY’ 3.3.1PREMIUM 3.3.2THE POLICY 3.3.3CONCLUSION
CHAPTER 4 INDEMNITY, SUBROGATION AND PROXIMATE CAUSE AS OTHER PRINCIPLE OF INSURANCE 4.0.0INTRODUCTION 4.1.0INDEMNITY 4.1.1DEFINITION OF INDEMNITY 4.1.2PRINCIPLES OF INDEMNITY 4.1.3  METHOD OF PROVIDING INDEMNIT 4.1.4MARKET VALUE TEST 4.1.5LIABILITY OF INSURER 4.2.0SUBROGATION 4.2.1  THE PRINCIPLE OF SUBROGATION 4.2.2  LIMIT TO THE BASIS OF SUBROGATION 4.2.3  LEGAL BASIS OF SUBROGATION 4.2.4TIME FOR SUBROGATION 4.2.5  MODIFICATION OF THE PRINCIPLE OF SUBROGATION 4.3.0PROXIMATE CAUSE 4.3.1  DEFINITION OF PROXIMATE CAUSE 4.3.2  APPLICATION OF PROXIMATE CAUSE 4.3.3EXCEPTED PERILS 4.4.0CONCLUSION
CHAPTER 5 GENERAL CONCLUSION 5.0.0  CONCLUSION 5.1.0  RECOMMENDATION 5.2.0BIBLIOGRAPHY ARTICLES IN JOURNAL BOOKS94  NEWSPAPER REPORT