Insurance Brokerage Question Paper

Insurance Brokerage

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 410: INSURANCE BROKERAGE

DATE: Friday 28th November, 2008
TIME: 11.00 a.m. – 1.00 p.m.

INSTRUCTIONS
Answer question 1 and any other TWO questions.

Question 1
(a)
Discuss the fundamental changes that have taken place in insurance broking since the advent of the classical broker. [10 marks]
(b)
Explain some of the details to be captured for a small broker in producing a
statement of user requirement (SOUR). [10 marks]
(c)
One of the key functions of a broker is placing risks, explain the various activities undertaken by the broker in placement of a risk. [10 marks]

Question 2
(a)
Briefly explain the qualities a broker considers in choosing an insurer to underwrite a risk. [10 marks]
(b)
A broker plays a key role in claims handling. Explain the basic duties of a broker in claims handling. [10 marks]

Question 3
(a)
Describe the steps that should be followed by a broker in balance sheet tests to ascertain the real value of assets in the balance sheet of an insurer. [10 marks]

(b)
Explain the conventional and practical means of organizing a brokerage business in divisions or classes. [10 marks]

Question 4
(a)
Briefly explain why it is important for an insurance broker to continuously monitor the solvency of an insurance company. [10 marks]
(b)
Evaluate the basic methods available to a broker in carrying out an in-depth identification of risk. [10 marks]

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