INSURANCE AND RISK MANAGEMENT SOLUTIONS TO STUDY QUESTIONS CHAPTER 1: Nature of risk and its management 1. Explain the meaning of risk. In your explanation‚ state the relationship between risk and uncertainty. Risk is defined as a condition where there is the possibility of an adverse deviation from an expected outcome. That is‚ there is the possibility of loss. Risk is a state of the real world in which a possibility of loss exists‚ while uncertainty is a state of mind characterised
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present form was the creation of Lloyds Association in 1774 in London. The merchants concerned with the marine insurance used to assemble In coffee house where the members of the Lloyds Association used to take marine insurance‚ or liability of marine perils‚ according to their financial position. Even today it is the leading party in whole of the world. The marine insurance was modified from time to time and then each country passed its own law regulating the marine insurance. The Marine Insurance
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“Many critics have suggested Hamlet chronicles the perils of life within a largely false and dishonest world. To what extent has this been your experience of Shakespeare’s play?” The world we currently know has experienced many stages and eras such as the Renaissance era and the New World Era. In each of these eras‚ falsehood‚ dishonesty‚ deceit and revenge all seem to grow rich‚ however remorse and guilt grow poor. Like a domino effect‚ with all this tremendous falsehood come fatal and destructive
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risk reducing measures. Governments‚ the private sector and the media build awareness of risks and risk-mitigation principles at national‚ regional‚ and community levels. Schools play an important role. Children from a young age must understand the perils to which their communities are exposed and the appropriate response behaviors. Education in the community is required to ensure that awareness building continues in adult life. The media run long-term campaigns on regional natural catastrophe risks
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PRODUCTS OF INSURANCE COMPANIES IN KENYAN ECONOMY The insurance companies offer a variety of products to the individuals‚ small and mid-sized businesses as well as to the large corporates in Kenya. Some of these product are discussed below; PRODUCTS TO INDIVIDUALS Travel insurance cover The cover provides the following benefits to the travelers especially using the airlines or rail: emergency Medical and related expenses‚ personal accident cover‚ reimbursement of travel and accommodation expenses
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TEST II 1. Explain what is “Total Failure of Consideration” and explain your understanding of cases Tyrie & Fletcher ? (6/5) Answer : Total Failure of Consideration is a condition where the insured has never had anything of value in return for the their own payment The risk may fail to run‚ resulting in a Total Failure of Consideration because of : ❖ The proposal may be withdrawn after the premium has been paid ❖ The Policy may be void for mistake or because there was
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UK operates no general duty to aid someone in peril‚ only where there is a certain relationship established. Using case law and legal principles an attempt to justify such a duty in today’s society shall be considered. In considering its merits and drawbacks‚ with reasoned opinion‚ this essay shall conclude whether the UK criminal law should impose such a duty. In UK law it is an offence to fail to take reasonable steps to assist another person in peril in certain situations. Such duties as those
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accounts-receivable records‚ inventory‚ furniture‚ machinery‚ supplies and even intangible assets such as trademarks. There are insurance companies that offer property insurance by named danger‚ like fire and theft. Others bid policies that cover many perils. Most basic multiple-peril policies comprise losses caused by fire and theft; however business owners can buy added kinds of coverage if they must. For an instance‚ a business in the Jakarta‚ Indonesia may want to purchase an earthquake-insurance policy. Businesses
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RISK & INSURANCE MANAGEMENT CASE – 1 a. With regard to the fuel oil prices risk: (1) Discuss how Juanita could use futures contracts to hedge the price risk. Futures contracts are one of the most common derivatives used to hedge the price risk. A futures contract is as an arrangement between two parties to buy or sell an asset at a particular time in the future for a particular price. The main reason that companies or corporations use future contracts is to offset their risk exposures
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in motor vehicle‚ damage to our homes‚ burglary and loss of property‚ income interruption for the family as a result of demise of breadwinner(s) are common insurable risks to which individuals are exposed. Businesses are exposed to fire and related perils risks‚ income interruption as a result of fire‚ damage to property among others. If a risk is not transferred to an insurance company then the individual or firm assumes the risk themselves deliberately or by default and in the absence of setting
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