Question 1
“There is increasing awareness in business circles of the fact that without proper management of risks before too long, there would be no business to manage”.
(i) Explain the term ‘Risk” relating to business organizations (4 marks)
(ii) Name and explain classifications of risks (16 marks)
(iii) What do you understand by the term “Risk Management” (4 marks)
(iv) Name and explain post-loss objectives of Risk Management (16 marks)

Question 2
(a) Who is a risk manager (2 marks)
(b) Explain six functions of a risk manager (12 marks)
(c) Enterprise risk management and project management are major areas of risk management. Explain activities in project management that require risk
Management (12 marks)
(e) Explain risks which is termed insurable by insurance firms (4 marks)

Question 3
(a) Explain common methods applied by organizations in dealing with risks (20 marks)
(b) Explain the difference between moral hazards and morale hazard (10 marks)

Question Four
(a) Explain certain elements of general law that form the prerequisites for an insurance contract to be legally binding (10 marks)
(b) Enumerate principles which govern the insurance contract and which must be observed by the parties to the contract (20 marks)

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