Insurance And Risk Management(Buss 043) Question Paper

Insurance And Risk Management(Buss 043)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME: 2 HOURS

INSTRUCTIONS
Answer three questions. Question one is compulsory
Question One
Define the following terms as used in insurance is risk management
Insurance pool
(3 Marks)
Insurance contract
(3 Marks)
Risk management
(3 Marks)
Hazard
(2 marks)
Discuss five loss exposures that organizations are likely to find themselves in.
(10 Marks)
Explain five advantages that an organization can accrue for taking self insurance.
(10 marks)

Question Two
Discuss the importance of risk assessment to a risk manager.
(10 marks)
Explain the effect of poor risk oversight to an organization.

Question Three
When establishing a risk management process or initiative, its recommended that organizations examine the best practices in the area. Discuss.
With an aid of a diagram, discuss the main classification of risk showing the relationship in each.

Question Four
Explain the main role played by insurance companies in Kenya
Discuss the main duties of a risk manager in an organization.

Question Five
Mr. Patel bought a car in 2012 and insured it with the two insurance companies. Advice him on the risk involved in his venture
(10 marks)
Discuss three risk management tools that you use as a risk manager in your organization.
(10 marks)

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