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Insurance And Risk Management Question Paper

Insurance And Risk Management

Course:Diploma In Business Management

Institution: Kca University question papers

Exam Year:2010

1
UNIVERSITY EXAMINATIONS: 2009/2010
STAGE V EXAMINATION FOR DIPLOMA IN BUSINESS MANAGEMENT
DMS 201: INSURANCE AND RISK MANAGEMENT
DATE: APRIL 2010 TIME: 1½ HOURS
INSTRUCTIONS: Answer any THREE questions
Question one
Write short notes on the following fundamental terminologies
a)Insurance (4 Marks)
b) Hazard (4 Marks)
c)Proximate cause (4 Marks)
d)Re-insurance (4 Marks)
e)Subrogation (4 Marks)
Question Two
a) Outline the distinguishing characteristic between
i. Pure risk and speculative risks (5 Marks)
ii. subjective risks and objective risks (5 Marks)
b) Briefly describe the elements of insurable risk (10 Marks)
Question Three
a) Buying of insurance was the traditional role of risk management and was the key function of risk
managers. Apart from purchasing insurance, outline six other functions of risk managers
undertake. (12 Marks)
b) Highlight EIGHT benefits that an organization of your choice will obtain if they prepare their risk
management policy statement well (8 Marks)
2
Question Four
a) Many of the challenges faced by risk manages are often similar to those faced by other managers.
Discuss any FIVE characteristics that distinguishes risk management problem from other
management problems (10 Marks)
b) Describe the main functions of insurers (10 Marks)
Question Five
a) Describe FOUR elements that are legally binding in insurance contracts (8 Marks)
b) State in what respects the contract of life insurance is different from other types of insurance
(6 Marks)
c) Describe the THREE types of foreign exchange risk. (6 Marks)

Insurance And Risk Management Question Paper

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