INTERNSHIP AT ZENITHE INSURANCE BUEA

CHAPTER ONE

INTRODUCTION

• Background to Study

        Uncertainty about the future (Risk), have always been an area of concern and focus in a global sense for insurance companies. As such, insurance companies are referred to as ‘’Risk Bearers’’. Risk, refers to a situation whose outcome is unknown or uncertain. Risk is the probability or the likelihood of an event occurring. There are two kinds of risk; insurable and non insurable.  In general, we can say, if there is no risk, there would not be an insurance or insurance industry.

             Insurance is an agreement, contract or a policy between the insurer and the insured whereby the risk of the insured are covered by the insurer under some specified terms. This policy is kept valid by insurance premium paid by a customer. Insurance is a probability (if) and not a certainty (when)                       

            Internship is an opportunity to integrate career related experience into an undergraduate education by participating in a planned and supervised work. It is an on-the-job learning experience in a work setting which is directly related to your personal interests and major field of study. It involves a planned, structured, and supervised, field-based experience where you learn about the demands and needs of a particular profession or industry.

           Internships, which originated in the U.S. in the early 1900s, are work-based educational experiences that relate to specific jobs, positions, occupations or professions. They are career oriented curricular endeavours of practical application. They can be served in the arts, education, health, communications, business, technology industries and many other areas. This internship report is an account of my study with Zenithe insurance Buea.

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1.2 Characteristics of Internship

• It contributes to the student’s personal and professional development through challenging work assignments.
• Must be completed before a student graduates from the university.
• Planned and controlled through consultation with the department or university so as to fit in undergraduate experience.
• It includes carrier related experiences that complement what is learnt in the classroom.
• A student will have a reflection and evaluation process at the conclusion of the internship.
• It builds upon the relationship that the University department has with employers.
• Internship is most successful when the student, university and employer all share the responsibility in making it a valuable experience. Involves a supervision component that is mentoring.

1.3 Objectives of Internship