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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 and any Other TWO Questions

Question 1
a) Giving appropriate examples, explain the following principles of insurance.
(i) Principle of indemnity (3 marks)
(ii) Principle of utmost good faith. (3marks)
b) Describe the various types of risks that face individuals and organizations (10marks)
c) Identify the basic types of liability exposures and give an explanation of each. (14marks)

Question 2
a) The burden of risk represents some costs to the risk manager. Discuss (10marks)
b) With the use of practical examples, demonstrate how the insurance mechanism works. (10marks)

Question 3
a) It is not possible to insure all possibilities of loss at a reasonable price. Briefly explain the characteristics of an insurable risk. (12marks)
b) Distinguish between the various classes of insurers based on type of business. (8marks)

Question 4
a) Describe the various functions carried out by insurers. (14marks)
b) Under long term business discuss
(i) Endowment policy (3 marks)
(ii) Whole life assurance (3marks)

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