-government: the government collects revenue by taxing the insurance industries and uses this revenue to provide public services.
- Creation of employment: there are many people employed in the
insurance industry.
- Creating confidence: the industry encourages businessmen to take
risks of investing.
- Investment funds: monies collected by insurance companies are
made available to investors as loans in various sectors of the
economy.
- Compensation: Compensation offered by the insurance industry
enables the economy to continue developing.
- Encourages saving: mobilizing long term savings from the
members of the public.
- Direct providing: can be used to secure loans loss prevention
encourage the insured.
Githiari answered the question on September 20, 2017 at 09:58
- Discuss various insurance policies under which an insurance company would not compensate
the insured in the event of the loss.(Solved)
Discuss various insurance policies under which an insurance company would not compensate
the insured in the event of the loss.
Date posted: September 20, 2017. Answers (1)
- Discuss various insurance policies that the owner of a supermarket may find it useful for the
business.(Solved)
Discuss various insurance policies that the owner of a supermarket may find it useful for the
business.
Date posted: September 20, 2017. Answers (1)
- Explain four benefits of the ‘pooling of risks’ to an insurance company(Solved)
Explain four benefits of the ‘pooling of risks’ to an insurance company
Date posted: September 20, 2017. Answers (1)
- Explain the factors that may make it necessary for an insurance company re-insure(Solved)
Explain the factors that may make it necessary for an insurance company re-insure
Date posted: September 20, 2017. Answers (1)
- Explain five benefits that could be enjoyed by a person who decided to take out an endowment
policy.(Solved)
Explain five benefits that could be enjoyed by a person who decided to take out an endowment
policy.
Date posted: September 20, 2017. Answers (1)
- Discuss four circumstances under which an insurance contract may be terminated.(Solved)
Discuss four circumstances under which an insurance contract may be terminated.
Date posted: September 20, 2017. Answers (1)
- Explain the meaning of the following terms as used in insurance (i) Uberrimae fidei (ii) Indemnity (iii) Third party motor vehicle insurance (iv) Contribution (v) Subrogation(Solved)
Explain the meaning of the following terms as used in insurance
i) Uberrimae fidei
ii) Indemnity
iii) Third party motor vehicle insurance
iv) Contribution.
v) Subrogation
Date posted: September 20, 2017. Answers (1)
- Describe the procedures that should be followed when taking an insurance policy(Solved)
Describe the procedures that should be followed when taking an insurance policy
Date posted: September 20, 2017. Answers (1)
- Outline four factors that a trader would consider in locating a warehouse(Solved)
Outline four factors that a trader would consider in locating a warehouse
Date posted: September 20, 2017. Answers (1)
- State four benefits that a government gets from a bonded warehouse(Solved)
State four benefits that a government gets from a bonded warehouse
Date posted: September 20, 2017. Answers (1)
- State four problems that may interfere with the effectiveness of face to face
communication.(Solved)
State four problems that may interfere with the effectiveness of face to face
communication.
Date posted: September 20, 2017. Answers (1)
- Highlight four factors that may limit the use of telephone as a means of communication
in Kenya.(Solved)
Highlight four factors that may limit the use of telephone as a means of communication
in Kenya.
Date posted: September 20, 2017. Answers (1)
- Give four reasons why a person would send a message by mail rather than by telephone(Solved)
Give four reasons why a person would send a message by mail rather than by telephone
Date posted: September 20, 2017. Answers (1)
- State five services offered by the post office.(Solved)
State five services offered by the post office.
Date posted: September 20, 2017. Answers (1)
- Outline four reasons why a business person may prefer written communication to verbal
communication.(Solved)
Outline four reasons why a business person may prefer written communication to verbal
communication.
Date posted: September 20, 2017. Answers (1)
- Discuss six factors that may discourage the use of pipeline as a means of transporting petroleum
products in a country(Solved)
Discuss six factors that may discourage the use of pipeline as a means of transporting petroleum
products in a country
Date posted: September 20, 2017. Answers (1)
- Explain the advantages of pipeline as a mode of transporting oil products(Solved)
Explain the advantages of pipeline as a mode of transporting oil products
Date posted: September 20, 2017. Answers (1)
- Discuss five factors that have hindered the expansion of railway transport in Kenya.(Solved)
Discuss five factors that have hindered the expansion of railway transport in Kenya.
Date posted: September 20, 2017. Answers (1)
- The oil pipeline has recently been extended from Nairobi to western Kenya. Explain five
benefits that may be accounted to the country from the extension(Solved)
The oil pipeline has recently been extended from Nairobi to western Kenya. Explain five
benefits that may be accounted to the country from the extension
Date posted: September 20, 2017. Answers (1)
- List four ways in which transport promotes growth of trade.(Solved)
List four ways in which transport promotes growth of trade.
Date posted: September 20, 2017. Answers (1)