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Risk Management And Insurance Practice(Buss 043) Question Paper

Risk Management And Insurance Practice(Buss 043)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME: 2 HOURS

INSTRUCTIONS
Answer question one and any other three questions
Question One
Define the term "Risk management"
(3 Marks)
Explain the following concepts as applied in risk management
(12 Marks)
Uncertainty
Peril
Severity
Hazard
Using relevant examples, discuss the risk management processes
(15 Marks)

Question Two
Discuss why gambling can or cannot be a matter of insurance
(10 Marks)
In what ways do dynamic risks help a society when they occur
(10 Marks)

Question Three
Using relevant examples, explain the meaning and importance of the following principles applicable in insurance contract
(10 marks)
Indemnity
Insurable interest
Proximity cause
Subrogation
Discuss briefly the requisites of insurability
(10 marks)

Question Four
Discuss the major objectives of risk management
(10 marks)
Explain the importance of insurance to the insurer, insured and the society in general
(10 marks)

Question Five
Discuss five sources of risk for any enterprise
(10 marks)
List and describe five types of insurance
(10 Marks)

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