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Risk Management(Buss 328) Question Paper

Risk Management(Buss 328)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2011

TIME: 2 HOURS

Instructions: Answer Question ONE and any Other TWO Questions.
Question One
A proposal form contains the details for a particular risk that the proposer wishes to insure. It contains both the general and particular questions. Explain the particular questions in the following insurance proposal form.
Fire Insurance
(4 Marks)
Public Liability Insurance
(4 Marks)
Explain the following terms as used in he insurance industry.
Underwriting the Insurance
Hazards
Involuntary Retention
Double Insurance
Insurable Interest
(10 Marks)
Explain how you will undertake the risk management process in a business enterprise.
( 7 Marks)
Explain the facts which are material to an insurance contract but need to be disclosed to the insurer by a person seeking insurance.
(5 Marks)

Question Two
Explain the essentials of insurable interest.
(4 Marks)
Explain application of insurable interest to the following main forms of insurance.

Life Insurance
Property Insurance

Liability Insurance
In circumstances when insurance cover is compulsory by law it is usual for certificate of insurance to be required by the statute. Explain the content a motor vehicle insurance certificate displayed in the motor vehicle insurance windscreen.
(6 Marks)

Explain the general characteristics of insurable risk.
(4 Marks)

Question Three
Explain the insurance sales cycle as used by insurance sales person in marketing insurance products.
(7 Marks)

Explain the functions of insurance regulatory authority.
(7 Marks)

Medical insurance policies are contracts of indemnity that enables the insured to claim not more than the cost of treatment. Explain the common exclusion under the medical policy.
(6 Marks)

Question FOUR
Explain FIVE unethical behaviours in selling insurance.
(5 Marks)

Explain the role of insurance brokers in the insurance industry.
(6 Marks)
Personal accident policies compensate the insured or their representative a sum of money in the event of the insured disablement or death by accident.
Explain the factors considered relevant in personal accident policy underwriting.
(5 Marks)
Explain the benefits covered by the policy.
(4 Marks)

Question Five
Explain the challenges facing insurance industry in Kenya and their possible solution.
(10 Marks)

Explain the benefits of insurance.
(6 Marks)

Explain why insurance industry need re-insurance.
(4 Marks)

Risk Management(Buss 328) Question Paper

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