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Risk Management(Buss 043) (Dbmg 026) Question Paper

Risk Management(Buss 043) (Dbmg 026)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME: 2 HOURS

INSTRUCTIONS
Answer three questions.
Question is compulsory.
Question One
Define risk management.
(2 Marks)

What is the difference between physical hazard, moral hazard, morale hazard and legal hazard?
(8 Marks)

Explain the steps in risk management process.
(8 Marks)

Explain any four benefits of risk management.
(8 Marks)

Discuss why gambling cannot be a matter of insurance.
(4 Marks)

Question Two
Discuss briefly the primary benefits of forming captives.
(14 Marks)

List down six different types of captives.
(6 Marks)

Question Three
Briefly explain the qualities of an insurable risk.
(10 Marks)

Explain different classes of insurance.
(10 Marks)

Question Four
Explain clearly the advantages and disadvantages of self insurance. (20 Marks)

Question Five
Buildings in flood zones are difficult to insure by private insurer because the ideal requirements of an insurable risk are difficult to meet. Identify the ideal requirements of an insurable risk.
(10 Marks)
Private insurance provides numerous coverage that can be used to meet specific loss situations. For each of the following, identify a private insurance coverage that would provide the desired protection.
Emily, age 28, is a single parent with two dependant children. She wants to be certain that funds are available for her children’s education if she dies pre-maturely.
Danielle, age 16, recently obtained her driver’s license. Her parents want to make sure they are protected if Danielle negligently injures another motorist while driving.
Jacob, age 30, is married with two dependants. He wants his income to continue if he becomes totally disable and unable to work.
(10 Marks)

Risk Management(Buss 043) (Dbmg 026) Question Paper

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