Introduction To Insurance Question Paper

Introduction To Insurance

Course:Bachelor Of Commerce

Institution: Kenyatta University question papers

Exam Year:2009

BMS 101
INTRODUCTION TO INSURANCE
10TH SEPTEMBER 2009
INSTRUCTIONS: Attempt question one and two others

QUESTION ONE

A) Define the following terms as used in insurance.

a) Insurable interest.

b) Uncertainty.

c) Peril.

d) Risk identification.

e) Premium loading. (10marks)

B) Discuss the requisites of insurability in the modern insurance practice. (14marks)

C) The world economic crisis has forced people globally to make hard financial choices. There has emerged two schools of thought, namely those for insurance protecting and those against insurance protecting. Discuss the factors for and against insurance protection for the benefit of helping the people to make an informed choice. (6marks)

QUESTION TWO

a) Explain the purpose and the intention of the principle of proximate course clearly justifying how it fits in the insurance practice. (8marks)

b) Discuss the principle of indemnity and explain the method of its provision. (7marks)

c) Outline and explain the participants in the insurance markets. (5marks)

QUESTION FOUR

a) Discuss the concept of risk. (5marks)

b) In common business conversation, how is the word 'risk' used? (5marks)

c) Discuss the classification of risk. (10marks)

QUESTION FIVE

What are the challenges facing the insurance industry in Kenya? Discuss giving appropriate examples where necessary. (20marks)

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