Introduction To Risk And Insurance Question Paper

Introduction To Risk And Insurance

Course:

Exam Year:2011

1.a) Define risk and discuss why we must study the concept of risk and how it impacts on individuals and business.(4mks)
b) What are the characteristics of an insurable risk? What must we consider when insuring risks? (6mks)
c) Discuss the classifications of risk giving examples of each type and how they may be treated for insurance purposes. (6mks)

2. a) Explain and discuss characteristics of an insurance contract stating how it differs or similar to other forms of business contracts. (6mks)
b) What do you understand by the term “corollary”? Define and describe the principles of insurance that are corollary to each other. (8mks)

3. Write short notes on the following
a) Six steps in the process of risk management
b) Distinguish between physical and moral hazard
c) Explain briefly the various classes of theft insurance
d) Explain the expression “insurance is all about the law of large numbers”
e) Discuss the key risks involved in pension business. (20mks)

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