Executive Summary

Accounting unconsciously developed from the socio-economic and political needs of the society by tracking down the historical and current events in business and economics.

The inherent problems of measurement, proportion, recording, and coincidence of wants eased out by the introduction of a standard unit of measurement and ‘discharge’ system of bookkeeping.

This system however did not facilitate the determination of profit because it lacks a method of inventory valuation, cost ascertainment, and provision for depreciation. The emergence of the double-entry system was to minimize fraud, errors, misappropriation, and pilfering of assets.

The system in most cases allowed equity owners to have confidence in the works and reports of the stewards (management), who were entrusted with the capital assets of the owners.

The subsequent issues and development in accounting relating to the Generally Accepted Accounting Principles (GAAP), a period when owners entrust their resources to the management group for target objectives. Decisions by stakeholders on investment, takeover, merger and acquisition were normally based on non-qualification of auditors’ reports.

Finally today, accounting package scum information technology and computing are readily available to ensure timely production of financial reports at minimum cost, high speed and accuracy.

CHAPTER ONE

PRESENTATION OF COMPANY AND DESCRIPTION OF ITS MAIN ACTIVITIES.

 Presentation Of Zenith Insurance Company.

Zenith insurance –Buea located at molyko-buea (sosoliso) precisely on the left hand side of the road when coming from mile 17.

Zenithe Insurance Company Ltd went operational in Cameroon in the year 2005 with a capital of 500,000,000. With the approval of CIMA decree No06\32\MINEA, Zenithe insurance started with one insurance company in Douala which is today the operational headquarter of the company.

In the year 2006,the company opened doors to the first branch offices in Bamenda , Yaounde, and some within Douala around the areas of  Ndokoti, Bonamousadi , Bonaberi, village, just to name the few. In the year 2009, when the operating capital increased to 1,000,000,000, zenithe insurance company opened up many branch offices around the country.

Today, the company has branch offices in all regions in Cameroon, with some regions  hosting more than one branch office. South West Region for example has three zenith branch offices in Kumba, Limbe and Buea.

Zenith insurance company also affiliates with some individuals who operate as general agents in the country. these include; Agents General Les Meilleurs, Progress Assurance, Royal Agency, Agent General Noutong, Agent General Madone And Agent General Glorium Dei.

Zenithe insurance obtained the ISO certificate 9001-2008 in October 2011, proof of  its commitment to excellence ,aimed at the  permanent mastery and continued improvement of their product through respect and strict implementation of management procedures for quality services.

 

This internship program was carried out at the Zenithe branch office in Buea which started operational in year 2007.it was the first Zenithe branch office to start in the south west region of Cameroon, followed by the Limbe  branch office in the year 2008, and the Kumba branch office in 2010.

Aims And Objectives Of Zenithe Insurance.

• Quality service presented by ISO in the year 9001-2008 in October 2011.
• To provide the best insurance coverage to the public through the following of the CEMAC standard.
• To monopolize insurance in country.
• To sensitized the public of the importance of insurance in Cameroon and world at large.

Zenithe insurance has a well-structured organization that has led to its success in this part of the country. This good organization can be seen on the diagram below.

These insurance specialists are assigned or structured in order to help achieve some the goals and objectives of Zenithe insurance according to its products that its offered to the public. Zenithe insurance thus offered the various insurance coverage, ride or products to the society. These products include;

• Automobile insurance.
• Travel insurance.
• Health and Assistance insurance.
• Industrial Risk.
• Fire and Related Risks.
• Marine Hull and Cargo insurance.
• Computer All Risks.
• Machinery break dawn.
• Plant Machinery.
• Aviation Hull and Liability.
• Construction /Erection All Risks.

1.2   Description of   Department Of Focus.

Zenith insurance with it various department such as; the managerial department, underwriting/cashier department, the marketing/communication officer, commercial department and more, the intern was more focus but with the underwriting department.

This department was headed by a lady by name FORZUH FANI. This department does must or is responsible for most of the activities in this company such as;

The underwriting /cashier department does all the assessment of would be insured property and thus comes out with a total premium commensurate to risk involve.

More so according to the first step of taken an insurance contract, the underwriting department is in charge to provide the would be insured with a proposer form since it contains all the details of risks the proposal wants to insured.

Furthermore, after all assessment has been made and the proposer form has been signed, The underwriting department is one responsible to came out with a valid insurance contract or policy.

More still, the underwriting /cashier department equally calls all insured persons within that company to come for renewals of their contracts especially when contracts approaches their expiring dates

Financially, the accounting book of records and other important financial documents are being kept by this department. In addition , the underwriting /cashier department is responsible for the cash inflow and out flow of this company.

1.3   Objectives Of Internship.

1. To know the true meaning and how insurance operate in the field and the public at large.
2. To know and see how insurance principles are applied and met respectively in order to achieve their common goals and objectives.
3. To know how victims of insurance are compensated or indemnify accordingly.
4. To come out with a good research question that would help the entire society about the essence of insurance.
5. To sensitized the public about the purchase and marketing of insurance.