OPPapers.com

Insurance In Ghana

2. DEFINITIONS
Cover Note: a temporary evidence of an insurance cover pending the issue of a policy document.
Insurer: a person licensed under PNDCL227 and ACT724 to carry on insurance business and an association of underwriters, but does not include an Insurance Intermediary.

Insurance business: the business of undertaking liability to indemnify a person in respect of loss or damage, and the liability to pay damages or compensation contingent upon the happening of a specified event and any business incidental to insurance and reinsurance business.

Policy document: A legal document which contains a pledge by the insurer to indemnify the policyholder against loss or damage which may be sustained or liability which may be incurred at some future date or time, subject to terms conditions and exceptions.

Premium: An amount or consideration paid for a contract of insurance

3. EXECUTIVE SUMMARY
From time immemorial risk has been with mankind. In ages past Insurance has been an integral part of risk management. There is an endless array of risk and perils that need be covered.
Just as in modern time that changes are taking place daily in our life; so has risk in present day environment also graduated in form, from normal daily accidents to sophisticated and complex risks, ranging from internet and cyber fraud through to hijacking and terrorism, not to mention multiple industrial explosions in recent times like events of Tema Shipyard and Somovision.
The occurrence of fire and its associated perils is rampant in our daily environment; Thus no prudent property owner dare leave to chance insuring against even in the light of adequate preventive mechanism that might be in place.
This internship report has been put together based on experience gained having served in the Fire department of SIC Insurance Company Limited, RRWO-Accra Area office with specific duties mainly categorized into three namely:
 New business
 Renewals
 Endorsement

4....