<br />Risk and insurance management model questions <br />Answer three of the following questions (5 questions)<br /><ul><li>Risk is incidental to life. Explain the various ways in which people may react to risk.
Mention four of the restrictions imposed on risks.
Explain how the type of cover available differs according to the period for which the insurance operates.</li></ul>Indicate whether the following sentences are True of False, and correct the wrong sentences :( 15 questions)<br /><ul><li>A risk manager is concerned with the control of his company’s insurance programme.
Calling the insurer the treasurer of the insurer fund is not quite accurate because he is really the owner of the fund.
Insurance helps to reduce the number or amount of losses by the system of rating and other means.
The primary function of insurance may be said to be spreading financial losses over the insuring company.
The final step in the risk management process is monitoring the results of risk management decisions.
Viable insurance requires loses to be reasonably unexpected because it is impossible to insure any event, which is expected.
Insurance depends upon the “law of large numbers” because small claims are not worth insuring.
All risks cannot e insured commercially because the policy documents would be too complicated.
The functional classification of insurance means that business is categorised by the subject matter insured.
A statutory classification of insurance is to be supplied for statistical data supplied to government for control business.</li></ul>Choose the correct answers from the following:( 15 questions)<br /><ul><li>Lloyd’s underwriters are:
Independent underwriters based at Lloyd’s London.
Not authorised to transact the premium for a proposed risk.
Individuals employed by Lloyd’s to assess insurance risks.