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Introduction To Risk And Insurance Question Paper

Introduction To Risk And Insurance

Course:Bachelor Of Commerce

Institution: University Of Nairobi question papers

Exam Year:2010

1. a) Define risk (3mks)
b) Briefly discuss the economic cos of risk both from a micro and macro-economic perspective giving examples.( 7mks)
2. a)Risk can broadly be classified into six categories. discuss the six classifications giving examples. (6mks)
b) write short notes on the following classes of insurance (4mks)
i) Contractors all risks
ii) Marine cargo
iii) Professional Indemnity
iv) Fire industrial
c) Briefly explain the following principles of insurances clearly indicating how they are applied in insurance practice.
i) insurable interest
ii) utmost good faith
iii) contribution
3. a Briefly define insurance. what are the key features of an insurance contract as a risk transfer mechanism? (10mks)
b) What are the main advantages of insurance to the buyer (5mks)
c) " Insurance plays a significant economic and social role in the country's economy."Briefly outline the key benefits of insurance to justify the above statement. (15mks)
4. a) explain why a proposal form is very important document in the underwriting process? (5mks)
b) i) Briefly explain the difference between a "peril" and "hazard" giving examples (5mks)
ii)Distinguish between Moral, Physical and Morale hazards with examples and explain how thy affect risk. (10mks)
c) Briefly explain the following types of life insurance products and the key benefits they provide to the insured.
i) whole life insurance
ii) term assurance
iii) endowment insurance
iv) unit-linked life insurance (10mks)

Introduction To Risk And Insurance Question Paper

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