Introduction To Insurance Question Paper

Introduction To Insurance

Course:Bachelor Of Commerce

Institution: Kenyatta University question papers

Exam Year:2008

KENYATTA UNIVERSITY
INSTITUTE OF OPEN LEARNING (IOL)
UNIVERSITY EXAMINATIONS 2007/2008
SECOND SEMESTER EXAMINATION FOR THE DEGREE OF BACHELOR
OF COMMERCE

BMS 101:
INTRODUCTION TO INSURANCE

DATE: Tuesday, 8th July, 2008

TIME: 1.00 p.m. – 3.00 p.m.
------------------------------------------------------------------------------------------------------------
INSTRUCTIONS:
? Attempt ALL questions.
? Clearly explain your answers
Q.1
The Kenyan Government has been carrying out reforms which is in line with its
economic recovery strategy. Insecurity has stood out as one of the main
challenges especially in the savings and investment areas. In your opinion as a
risk manager, write a paper on what should be done to help facilitate the
realization of its objectives without hindering the volume of funds for investment.

(25 marks)

Q.2
a)
Discuss the functions of insurance on the following lines:-

i)

To be individual

(5 marks)

ii)
To be business community

(5 marks)

iii)
To the society

(5 marks)

(15 marks)

b)
Discuss the special features of a valid insurance contract, giving examples
where appropriate.

(10 marks)

Q.3
a)
Define risk management from the insurance point of view. What are the
methods used in risk management?

(15 marks)

b)
The doctrine of insurable interest is very important in any insurance
arrangement. What main issues does this doctrine address?

(10 marks)

Q.4
Marine insurance differs significantly with other products of insurance in many
ways. Discuss the special characteristics of marine insurance showing why they
are unique to marine insurance.

(25 marks)

2

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