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Insurance Practice(Buss 043) Question Paper

Insurance Practice(Buss 043)

Course:Accounting, Finance& Investments

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME: 2 HOURS

Instructions: Answer Question ONE and any other TWO.
Question One
Define the following terms:
(10 Marks)
Insurance
Risk Management
Policy Document
Risk Identification
Frequency & Severity of Risk
Explain the classical development of insurance since its inception.
Discuss various objectives of risk management with special emphasis on pre-loss & post-loss objectives.
(15 Marks)

Question Two
State and briefly explain the major types of risks.
(10 Marks)
Discuss the principles of insurance and their importance to the insurance contract.
(10 Marks)

Question Three
Which techniques are employed by risk managers to identify risks present in a particular setting?
(10 Marks)

Explain the forms of risk transfer.
(10 Marks)

Question Four
Discuss the difference between life assurance and other forms of insurance.
(5 Marks)
Discuss the common elements of the insurance policy.
(5 Marks)
What is the principle of social insurance.
(3 Marks)
Explain the forms of risk transfer.
(7 Marks)

Question Five
Jane while taking a car insurance policy stated that only her and her husband would drive the car. Suppose that Martin, her son who is in campus stole the car to go and visit his friends and had a serious accident on the way, will the insurance company pay? Why? Please explain your answer.
(10 Marks)
What is the role of the Kenyan government in risk management? (10 Marks)

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