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Chapter One of Impact of Religion on the Purchase of Insurance in Nigeria.
INTRODUCTION
BACKGROUND OF THE STUDY
The term religion has been faced with diverse views.ย Theย Oxford Dictionaryย definesย religionย as the belief in and worship of a superhuman which exact control and power as aย personal Godย or gods.ย Emile Durkheimย 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.ย Durkheim, Emileย (1915).ย ย Max Lynn Stackhouse, defined religion as “a comprehensive worldview or ‘metaphysical moral vision which is upheld to be true and accepted as binding. Insuranceย is viewed as a means of protection from financial loss. It involves managing risk and it is primarily used toย hedgeย 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.
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