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Bms 101 Introduction To Insurance Question Paper

Bms 101 Introduction To Insurance

Course:Bachelor Of Commerce

Institution: Pwani University question papers

Exam Year:2013

PWANI UNIVERSITY
EXAMINATION FOR THE DEGREE OF BACHELOR OF COMMERCE
END OF SESSION II DURATION:3HRS
INSTRUCTIONS:
Answer question One and any other Three questions
Question One
Insurance maybe defined as the process of collecting money into a “Pool” out of which the contributions, who suffer losses resulting from risks against which they want to protect themselves, are refunded so as to bring them back to the financial position they were before the loss occurred.
a)Critique this statement in view of some losses known to you to have occurred.(8marks)
b)How do you minimize risk of loss through accidents?(9marks)
c)Why do most people find it difficult to insure themselves?(8marks)
Question Two
Explain the following insurance principles.
i)Indemnity(3marks)
ii)Insurable risks(3marks)
iii)Insurable interest(3marks)
iv)Uberrimae fidei(3marks)
v)Subrogation(3marks)
Question Three
Describe the essential features of an insurance contract. Distinguish between insurance and assurance.(15marks)
Question Four
Explain the application and the use of the following state insurance plans.
a)NSSF (National Social Security Fund)(5marks)
b)NHIF (National Hospital Insurance Fund(5marks)
c)How far do you think the funds have succeeded in achieving government objectives?(5marks)
Question Five
The concept of insurance is based on the following:-
a)Risks(4marks)
b)Perils(4marks)
c)Hazards(4marks)
d)Probabilities(3marks)
Explain the above terms as they relate to insurance.
Question Six
a)Describe the range of products covered by a marine insurance.(5marks)
b)i)Explain the functions of Re-insurance companies.(3marks)
ii)Give an example of a subject matter that can be re-insured.(2marks)
c)Show why celebrities and football players are a lucrative market for insurance companies (5marks)

Bms 101 Introduction To Insurance Question Paper

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