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ABSTRACT
An efficient exchange of information between the parties involved in an insurance transaction is necessary for an insurance firm to grow and enhance the economy. Insurance makes a substantial contribution by offering stability in the face of loss uncertainty and by aiding in losses through its reimbursement scheme. The information asymmetry test in the Nigerian life insurance market is the focus of this investigation. In order to do this, copies of questionnaires were used to collect data from University of Benin policy holders. In order to do this, we used test statistical approaches, and the results showed that moral hazard is quite prevalent in the Nigerian life insurance market. It also highlighted that adverse selection is a major problem for the Nigerian insurance industry.
