Question one
a) Exhaustively discuss the principle of indemnity with regard to its meaning, how it is assessed, and how insurers indemnify insured’s when a claim occurs. (8 marks)
b) Insurers generally prescribe several remedies for bad physical hazards. Briefly outline the specific remedies that may be used. (5 marks)
c) In the assessment of risks, both physical and moral hazards have to be considered. With reference to the various types of insurance, outline how physical hazards may be evaluated. (7 marks)
Question Two
a) Define risk and discuss the various ways in which risk can be dealt with in a business enterprise. (6marks)
b) The premium is the financial consideration borne by the insured in consideration for the promise of indemnity undertaken the insurer in the event of a risk operating. Discuss the factors generally taken into consideration in arriving at a suitable premium rate to charge to policy holders. (4 marks)
c) As opposed to speculative risks, pure risks involve situations where there is only a chance of a loss or no loss. In non-life insurance, discuss the various categories of pure risks. (10 marks)
Question Three
a) The insurance mechanism offers various benefits to various parties. Discuss (5 marks)
b) Discuss how disputes may arise from a claim and suggest ways of resolving such disputes. (5 marks)
c) Discuss insurable interest with regard to its essential features, how it may arise and when it must exist in the various classes of insurance. (10 marks)
Question Four
a) Subrogation and contribution are corollaries of indemnity. Discuss (7 marks)
b) Briefly explain on the duration of the duty of disclosure inn respect to:
i) Common law
ii) Renewal
c) Discuss the motor insurance covers provided in the Kenyan insurance market. (8 marks)
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