Property Insurance Question Paper

Property Insurance

Course:Bachelor Of Commerce

Institution: Kenyatta University question papers

Exam Year:2008

KENYATTA UNIVERSITY
UNIVERSITY EXAMINATIONS 2008/2009
FIRST SEMESTER EXAMINATION FOR THE DEGREE OF BACHELOR OF
COMMERCE
BMS 309: PROPERTY INSURANCE

DATE: Wednesday 26th November 2008
TIME: 11.00pm-1.00pm
Instructions: Answer Question ONE and any other TWO questions

QUESTION ONE
a)
Briefly discuss the merits and demerits of standard property insurance contract. (10marks)
b)
Discuss the factors that needs to be considered when underwriting and rating property for fire insurance. (8marks)
c)
Distinguish using examples the difference between perils of the seas and perils on the seas. (4marks)
d)
Briefly discuss Four major classes of ocean marine insurance coverage.(8marks)

QUESTION ONE
a)
Provide reasons why insurance contract contain exclusions. (12marks)
b)
Briefly discuss the duties of the insured after a loss occurs. (8marks)

QUESTION THREE
a)
Declaration are part of the policy layout that contains information the insurer uses to calculate premiums. Briefly discuss the contents of the declarations. (4marks)
b)
Highlight the four major property coverage in Home owners Insurance. (4marks)
c)
Property losses of dwelling and content may have a specified peril as their proximate cause. Briefly discuss any ten such specified perils that insurer may provide coverage for.(12marks)

QUESTION FOUR
a)
The personal auto policy has several important exclusions relieving the insurer of liability. Briefly discuss any five of such exclusions (10marks)
b)
What is property underwriting? Briefly explain the steps in the property underwriting process. (10marks)

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