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

a) Timbarak Enterprises is a company that deals with timber and timber products. In the six years that the company has been in operation, numerous accidents have occurred leading to losses and injuries to staff. Management has not been happy about this and wants the situation immediately addressed.
You have been newly appointed as the Risk Manager of Timbarak Enterprises. The management is seeking your advice as to how to proceed to reverse this alarming trend. Prepare a board paper to be presented to management outlining your proposed approach to the issue. (10 marks)
b) The life assurance contract has certain elements that set it apart from other types of contract. Exhaustively discuss these elements. (7 marks)
c) Insurance has a great impact on the socio-economic development of any nation. Outline the contribution of insurance to the Kenyan economy and its society. (6 marks)
d) Mr. Patel, the proprietor of Luthuli Electronics, had his shop broken into and goods worth millions of shillings stolen. He had taken a burglary policy with Mambo Leo insurance Company Limited and the policy was in effect at the time of loss. He presented his claim to the insurer but it was declined on account of breech of utmost good faith at the time of proposal.
As his insurer’s broker, advise Mr. Patel on the possible specific reasons the insurer could have declined the claim. What options are left to the insurer in the event of such a breach? (7 marks)

 

 

 

 

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