A material fact is every circumstance which would influence the judgement of a prudent insurer in fixing the premium or determining whether he will take the risks.Briefly explain eight factors that must be disclosed to assist the insurer fix the premium and take the risks.

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September 10, 2016
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A material fact is every circumstance which would influence the judgement of a prudent insurer in fixing the premium or determining whether he will take the risks.Briefly explain eight factors that must be disclosed to assist the insurer fix the premium and take the risks.

QUESTION one:(20 MARKS)
A)A material fact is every circumstance which would influence the judgement of a prudent
insurer in fixing the premium or determining whether he will take the risks.Briefly explain
eight factors that must be disclosed to assist the insurer fix the premium and take the
risks. (8 marks)
b)Insurable interest is one of the insurance principles.Explain the circumstances that may give
risk to insurable interest. (6 marks)
c)Discuss how the principle of insurable interest may be applied to the main forms of
insurance.(6 marks)

QUESTION two:20 MARKS)
A)Discuss and identify the main challenge of insurance in Kenya.(10 marks)
b)Discuss the methods of providing indemnity.(10 marks)

 

 

 

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