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Buss 324: Risk Management Question Paper

Buss 324: Risk Management

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2010

FACULTY : BUSINESS AND MANAGEMENT STUDIES
DEPARTMENT : BUSINESS ADMINISTRATION
TIME : 2 HOURS
INSTRUCTIONS Answer Question ONE (compulsory) and any Other TWO Questions

Question 1
a) Describe the functions of the insurer in Risk Management. (10 Marks)
b) Define personal risk and explain the major personal risks. (10 Marks)
c) Discuss the benefits of insurance to the society. (5 Marks)
d) Briefly describe the techniques employed by risk managers to identify risks present in a particular setting. (5 Marks)

Question 2
a) What is an annuity? Briefly describe three situations in which an annuity might represent an appropriate risk management tool. (8 Marks)
b) Define and briefly explain the following types of disability income benefit plans:
i) Sick leave plans
ii) Salary continuation plans
iii) Short-term disability income plans.
iv) Long-term disability income plans. (12 Marks)

Question 3
a) Discuss the risk management tools. (10 Marks)
b) Explain the application of Risk Management in modern management circles. (10 Marks)

Question 4
a) Define the term Estate Planning and explain the objectives of Estate Planning (10 Marks)
b) Discuss the differences existing between a Bond and an Insurance contract. (10 Marks)

Question 5
a) What are the objectives of risk management? Discuss. (10 Marks)
b) Under what circumstances would a retro workers compensation plan be better than a self-insured one? (10 Marks)

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