Introduction To Insurance Question Paper

Introduction To Insurance

Course:Bachelor Of Commerce

Institution: Kenyatta University question papers

Exam Year:2010

KENYATTA UNIVERSITY
UNIVERSITY EXAMINATIONS 2010/2011
FIRST SEMESTER EXAMINATION FOR THE DEGREE OF BACHELOR OF
COMMERCE

BMS 101: INTRODUCTION TO INSURANCE

DATE: THURSDAY, 25TH NOVEMBER 2010
TIME: 11.00 A.M. 1.00 P.M.

INSTRUCTIONS: Attempt Question ONE and any other TWO
QUESTION ONE
a)
Define the following insurance terminologies:-
i)
Insurance interest [2 marks]
ii)
Uncertainty [ 2 marks]
iii)
Peril [2 marks]
iv)
Risk identification [ 2 marks]
v)
Premium loading [ 2 marks]

b)
Discuss the requisites of insurability in the modern insurance practice. [ 15 marks]
c)
The world economic crisis had forced people globally to make hard financial choices.
There has emerged two schools of thought, namely those for insurance protecting and
those against insurance protection. Discuss the factors for and against insurance
protection for the benefit of helping the people to make an informed choice . [5 marks]
d)
Outline and explain the participants in the insurance markets. [ 5 marks]

QUESTION TWO
a)
Explain the purpose and the intention of the principle pf proximate cause clearly justifying how it fits in the insurance practice. [ 8 marks]
b)
Discus the principle of indemnity and explain the method of its provision.[7 marks]

QUESTION THREE
a)
Discuss the concept of risk. [5 marks]
b)
In common business conversations, how is the word risk used? [5 marks]
c)
Discuss the classification of risk. [5 marks]

QUESTION FOUR
What are the challenges of the insurance industry in Kenya? Discuss giving appropriate
examples where necessary. [15 marks]

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