LAGOS STATE UNIVERSITY

FACULTY OF MANAGEMENT SCIENCES

DEPARTMENT OF INSURANCE

RESEARCH QUESTIONNAIRE
Dear Sir/Ma,

I am a final year student of the Lagos State University conducting a study on “effect of risk
attitude on demand for insurance among micro small and medium scale enterprises in Lagos State,
Nigeria”. In order to successfully carry out this research, this questionnaire is being sent to you for
the purpose of obtaining necessary information that will aid the study. Your assistance in filling
this questionnaire will be highly appreciated. You are assured that any information provided will
be treated with utmost confidentiality.

Thank you for your cooperation

Research Student
GSM:
E-mail (s):
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Please indicate your answer by ticking (√) the option that is most appropriate
SECTION A: BACKGROUND INFORMATION OF RESPONDENTS.
i. Indicate your gender
1 [ ] Male 2[ ] Female

ii. Indicate your age bracket

1[ ] 18 but Less than 30 2[ ] 30 but less than 40 3[ ] 40 but less than 50
4[ ] 50 but less than 60 5[ ] 60 and above

iii. Indicate your marital status

1[ ] Single 2 [ ] Married 3[ ] Divorced
4[ ] Widow 5[ ] Separated

iv. Indicate your educational qualifications

1[ ] Bachelor’s Degree / HND 2 [ ] Master’s Degree
3[ ] Doctorate Degree 4 [ ] Professional Certificate (s) (please specify) …………
5 [ ] Others ………………………. (ND, SSCE, GCE etc.)

v. Indicate your income bracket annually (Naira)

1[ ] Less than 50,000 2 [ ] 50,000 but less than 100,000 3 [ ] 100,000 but less
than 300,000

1
 4[ ] 300,000 but less than 500,000 5[ ] 500,000 but less than 1,000,000 6[ ]
1,000,000 and above

vi. Indicate your years of experience on the job

1[ ] Less than 5 year 2 [ ] 5 years but less than 10 years 3 [ ] 10 years but less
than 15 years
4[ ] 15 years but less than 20 years 5[ ] 20 years and above

SECTION B: Risk Aversion

Loss reduction
Using a five-point Likert scale from ‘1’ = strongly disagree to ‘5’ = strongly agree; please indicate
by ticking the appropriate box that explain the extent to which you agree or disagree with the
following statement that reflect your agreement or disagreement being possibly influenced by
survey items below
Survey items/questions Strongly Disagree Undecided Agree Strongly
Disagree Agree
I prefer low risk projects to low risk projects
I use my contingency fund to reduce potential
losses
Acquisition of loss reduction training help me
to maintain a good risk management culture
I buy insurance in a bit to reduce or minimize
potential loss

Risk Preference
Using a five-point Likert scale from ‘1’ = strongly disagree to ‘5’ = strongly agree; please indicate
by ticking the appropriate box that explain the extent to which you agree or disagree with the
following statement that reflect your agreement or disagreement being possibly influenced by
survey items below
Survey items/questions Strongly Disagree Undecided Agree Strongly
Disagree Agree
I prefer high risk projects to low risk projects
I often venture into new markets, which promotes
the performance of my business
Committing a large amount of money to high-risk
projects has helped to improve the profitability of
my business
Venturing into unknown business without an
insurance policy can increase my cost of operation.

SECTION C: Insurance Demand

Awareness Creation
Using a five-point Likert scale from ‘1’ = strongly disagree to ‘5’ = strongly agree; please indicate by
ticking the appropriate box that explain the extent to which you agree or disagree with the following
statement that reflect your agreement or disagreement being possibly influenced by survey items below
2
 Survey items/questions Strongly Disagree Undecided Agree Strongly
Disagree Agree
Insurance promotional tools has to a large extent,
satisfy needs.
Insurance awareness has helped in providing a
more sophisticated approach to insurance service
delivery
Increased marketing communication has increased
the insurance demand in my organisation
Insurance awareness helps in determining the suitable
life assurance product.

Insurance Patronage
Using a five-point Likert scale from ‘1’ = strongly disagree to ‘5’ = strongly agree; please indicate by
ticking the appropriate box that explain the extent to which you agree or disagree with the following
statement that reflect your agreement or disagreement being possibly influenced by survey items below

Survey items/questions Strongly Disagree Undecided Agree Strongly

Disagree Agree
Increase in the promotional tool of life insurance
policies has increased my demand for insurance
Insurance education increases the insurance demand
in my organization
My organizational sales force have added values due
to their level of life assurance policies advertisement
I buy insurance policy as they venture into new
business