This book offers readers a basic understanding of risk, insurance and its management in non-technical terms for an individual, a business or the home. This knowledge makes individuals or businesses conscious of the fact that a loss can occur in almost any activity and often helps to avoid the shock and disbelief that comes about as and when a loss occurs. By understanding these concepts, one can forecast potential losses and not only find ways to minimise their impact but also reduce the losses and their effects when they occur.

Every purchaser of an insurance product needs a basic knowledge of insurance: the benefits of the product purchased, the principles that govern the insurance product, the implicit benefits of insurance policies, the regulations that govern insurance contract between the purchaser and the insurance company. This knowledge does not only assist readers with access to the full benefit of the product purchased and better participants on the insurance market but understand the value of the insurance. It also provides the intricacies involved in the management of claims and why some claims for certain products purchased are delayed. It solves the paucity of work that explains the work that insurers perform to a person with little or no knowledge of insurance but discusses other avenues for investment for insurance companies.

Autorentext

Charles Andoh teaches risk management and insurance at the University of Ghana Business School. He has published research papers in risk management, insurance, finance and economics. He chairs the risk management, audit and compliance committee at Star Assurance Limited Company and a former head of Department of Finance. He was a member of the experts that developed personal financial management programme for public sector workers in the Kingdom of Lesotho. He has special interest in mathematical modelling, risk evaluation in investment decisions, stochastic volatility modelling, product pricing including rail, air and toll charges on highways.