State five duties each of the following.
(a) insurance brokers
(b) insurance-agents
(c) Nigerian Insurers Association.
Explanation
(a) Duties of Insurance Brokers:
(i). They act as professional intermediaries between the insuring public and the insurance companies.
(ii) They place insurable risks with insurance companies on behalf of the insuring
(iii) They provide expert advice on insurance business due to their better understanding and knowledge of the insurance market.
(iv) They offer free technical advice to their would be clients most especially on covet required, claims procedure, policy document interpretation, etc.
(v) They operate through delegated authority where qualified personnel are employed to provide quality service to the insuring public.
(vi) They inspect the subject matter of insurance on behalf of: e insurer.
(vii) They offer underwriting services to the insurer.
(viii) They assist the proposer in completing• proposal form.
(b) Duties of Agents:
(i) They introduce the insuring public to insurance companies.
(ii) They collect premium on behalf of the insurer.
(iii) They assist the proposer in completing proposal forms.
(iv) They pay the premium collected immediately to the insurance companies.
(v) They canvass. for insurance business on behalf of the insurers.
(vi) They maintain a register of their clients.
(c) Duties of Nigerian Insurers' Association:
(i) To promote and uphold the universally accepted standard of business ethics.
(ii) To protect and promote the common interest of insurers in Nigeria.
(iii) To use modem technology in maintaining and disseminating information globally.
(iv) To create and sustain positive image of the insurance industry in maintaining
(v) To hold discussions with government and regulatory bodies on issues affecting insurance business in Nigeria.
(vi) To collect, collate and disseminate statistical information relating to insurance.
(vii) To create better understanding of insurance by all sections of the society
(viii) To maintain good relationship with. other associations in the insurance industry such as NCRIB, ILAN FRAN, ARIAN, RIMSON.
(ix) To encourage professional integrity among its members.
(x) To guide their members in complying with all aspects of laws regulating insurance business in Nigeria.
(xi) To advise insurer on any action taken by the government.
(xii) To carry out researches on insurance and other related disciplines
(xiii) To foster good relationship with the members of the insuring public.