INSURANCE OBJ:
1-10: DBABBCBCBB
11-20: CABBEEDABB
21-30: EAAACEADAA
31-40: CBBDEDBCBA
41-50: CABEBCBBAA
51-60: BEAABDCCAA
*NECO INSURANCE*
*NECO INSURANCE*
*NUMBER ONE*
(1a)
Risk transfer in the context of risk management refers to the process of shifting the financial burden of a potential loss or liability from one party to another. It involves transferring the risk exposure to a third party usually through insurance contracts indemnity agreements or other contractual arrangements.
(1b)
(PICK ANY THREE)
(i) Pure Risks: These are risks that involve the possibility of loss or no loss with no chance of gain. Examples include natural disasters accidents and theft.
(ii) Speculative Risks: These are risks that involve the possibility of loss no loss or gain. Speculative risks are typically associated with investment activities such as stock market trading or entering new markets.
(iii) Operational Risks: These risks arise from the day-to-day operations of an organization. They include risks related to internal processes technology human resources and legal compliance.
(iv) Financial Risks: These risks pertain to financial activities and transactions such as currency exchange rates interest rates credit defaults and market volatility.
(v) Strategic Risks: Strategic risks arise from the strategic decisions and actions taken by an organization. These risks are associated with uncertainties in business models competition market changes and technological advancements.
(vi) Reputational Risks: Reputational risks are associated with negative publicity or damage to an organization's reputation. These risks can arise from factors such as product recalls customer dissatisfaction ethical misconduct or public controversies.
(1c)
TABULAR FORM
-INSURABLE RISK-
(PICK ANY THREE)
(i) Probability Estimation: Insurable risks have a calculable probability of occurrence and can be statistically measured and predicted.
(ii) Financial Coverage: Insurable risks can be covered by insurance policies allowing individuals or organizations to transfer the financial risk to an insurance company.
(iii) Pooling of Risks: Insurable risks can be spread across a large number of insured individuals or entities enabling the insurance company to manage them collectively.
(iv) Premiums: Insurable risks require payment of premiums by the insured parties to the insurance company to obtain coverage.
(v) Contractual Agreement: Insurable risks are typically governed by contractual agreements between the insured and the insurance company.
(vi) Loss Limitation: Insurable risks typically involve losses that are limited in nature and can be quantified in monetary terms.
-UNINSURABLE RISK-
(i) Uncertain Probability: Uninsurable risks have an uncertain or incalculable probability of occurrence making it challenging to predict or measure them accurately.
(ii) Lack of Financial Coverage: Uninsurable risks are not covered by standard insurance policies as it is not possible to transfer the entire financial risk to an insurance company.
(iii) Individualized Nature: Uninsurable risks are specific to each individual or organization making it difficult to spread the risk across a larger pool.
(iv) No Premium Payments: Uninsurable risks do not involve the payment of premiums as there is no insurance coverage available for such risks.
(v) Non-Contractual Nature: Uninsurable risks do not generally involve contractual agreements with insurance companies.
(vi) Unlimited Loss Potential: Uninsurable risks may involve losses that are unlimited in nature and cannot be easily quantified in monetary terms.
(1d)
(PICK ANY ONE)
(i) Risk Identification
(ii) Risk Assessment
(iii) Risk Analysis
(iv) Risk Response Planning
(v) Risk Monitoring and Control
INSURANCE
(4a)
(i)Role: A loss adjuster works for the insurer to assess and investigate claims and determine the amount of compensation payable to the insured, while a loss assessor works for the policyholder to assess the damage and negotiate with the insurer for a fair settlement.
(ii)Responsibility: A loss adjuster is responsible for managing the claims process and ensuring compliance with the insurance policy, whereas a loss assessor is responsible for facilitating the claims process and advocating for the policyholder's interests.
(iii)Expertise: A loss adjuster typically has expertise in insurance and claims management, while a loss assessor has expertise in assessing damage, estimating repair costs, and negotiating settlements.
(iv)Payment: A loss adjuster is paid by the insurer and may receive a commission on the settlement amount, while a loss assessor is paid by the policyholder and may receive a percentage of the settlement amount or a fixed fee for their services.
(4b)
(i)Promoting Economic Growth: Insurance companies provide protection against risks that businesses face, such as liability claims, theft, and damage to property. By doing so, insurance reduces the financial burden on businesses and allows them to focus on their core operations. This, in turn, encourages entrepreneurship, innovation, and investment, which can lead to economic growth and development.
(ii)Encouraging Risk Management: Insurance encourages policyholders to adopt risk management practices to reduce the likelihood of claims. For instance, an insurance policy for a property may require that the owner install smoke detectors or a security system to minimize the risk of loss. By encouraging policyholders to manage risks, insurance companies can reduce the probability and severity of claims, which helps to keep premiums affordable.
(iii)Payment of Claims: When policyholders suffer losses, insurance companies pay out claims promptly and efficiently, allowing policyholders to recover financially from adverse events. This may include providing financial support for medical expenses, property damage, or lost income. The prompt payment of claims enables policyholders to return to normal life or business operations faster than would otherwise be possible, which can help to reduce the overall economic impact of a loss.
*NECO INSURANCE*
*NUMBER FIVE*
(5a)
An underwriter is an individual or a company that evaluates and assesses the risk associated with insuring a person property or event. They are responsible for determining the terms and conditions of insurance policies and calculating the premium that should be charged based on the level of risk involved.
(5b)
(PICK ANY FIVE)
(i) Age
(ii) Gender
(iii) Health condition
(iv) Smoking habits
(v) Occupation
(vi) Lifestyle choices
(vii) Coverage amount and policy type
(5c)
(PICK ANY FIVE)
(i) Surrender of the policy: If the policyholder decides to surrender the policy before it matures some insurers may offer a full return of premium.
(ii) Survival benefit: Certain insurance policies offer maturity benefits where the policyholder receives the total premiums paid if they survive until the end of the policy term.
(iii) No claims made: In certain types of policies if the policyholder does not make any claims during the policy term they may be eligible for a total return of premium.
(iv) Policy cancellation: If the insurer cancels the policy due to their own reasons they may provide a full return of premium amount.
(v) A money-back policy: Some insurance plans such as money-back policies provide periodic returns of a certain percentage of the premiums paid during specific intervals of the policy term.
(vi) Policy rider benefits: Certain riders or additional benefits attached to the main policy may offer a return of premium under particular circumstances such as critical illness or disability.
(vii) Policy terms and conditions: Specific terms and conditions stated in the insurance policy may allow for a total return of premium in certain situations or as specified in the contractual agreement.
(5d)
(PICK ANY TWO)
(i) Age and driving experience: Younger and inexperienced drivers typically pay higher premiums due to the higher likelihood of accidents and claims.
(ii) Driving history: A record of past accidents traffic violations or claims can result in higher premiums as it indicates a higher risk of future incidents.
(iii) Type of vehicle: The make model and year of the car can impact the premium. Sports cars and luxury vehicles may have higher premiums due to their higher repair costs.
(iv) Location: Insurance premiums can vary based on the location where the car is primarily parked or driven. Higher crime rates or accident rates in the area may result in higher premiums.
(v) Usage and mileage: The estimated annual mileage and purpose of the vehicle (e.g personal use commercial use) can influence the premium. Higher mileage or commercial use may lead to increased risk and higher premiums.
*NUMBER SIX*
(6a)
Personal accident insurance is a type of insurance coverage that provides financial protection in the event of an accident that results in bodily injury disability or death. It is specifically designed to offer you and your dependents financial support during such unforeseen situations.
(6b)
(PICK ANY SEVEN)
(i) Accidental Death Benefit: In the unfortunate event of your death due to an accident your family will be provided with a lump sum payout as per the policy terms.
(ii) Permanent Disability Benefit: If the accident causes permanent disability the policy will cover a certain percentage of the insured amount offering financial assistance for the long term.
(iii) Temporary Total Disability Benefit: If the injuries caused by the accident temporarily prevent you from working the policy may offer a weekly or monthly income replacement until you can resume work.
(iv) Medical Expenses Coverage: Personal accident insurance typically covers any necessary medical expenses resulting from an accident including hospitalization surgeries treatments and medications.
(v) Ambulance Charges: The policy may cover ambulance charges incurred while transporting you to the hospital following an accident.
(vi) Rehabilitation Support: In case of long-term disability the insurance policy may provide financial support for rehabilitation treatments physiotherapy and other necessary therapies.
(vii) Education Support: If you're a student personal accident insurance may provide financial assistance for your education in case the accident leads to permanent disability or death of the insured.
(viii) Accidental Fracture Coverage: Some policies offer specific coverage for fractures caused by accidents offering a lump sum payout for the treatment costs.
(ix) Coverage for Disability Enhancements: Personal accident insurance policies often provide additional benefits for specific types of disabilities such as loss of limb loss of eyesight loss of hearing etc.
(x) Worldwide Coverage: Many personal accident insurance policies provide coverage for accidents that occur anywhere in the world ensuring you are protected even when you travel.
(6c)
(PICK ANY THREE)
(i) Individual Personal Accident Insurance
(ii) Group Personal Accident Insurance
(iii) Travel Personal Accident Insurance
(iv) Student Personal Accident Insurance
(v) Daily Cash Personal Accident Insurance
*EXPLANATION*
(PICK ANY THREE)
(i) Individual Personal Accident Insurance: This form of insurance provides coverage to an individual policyholder. It offers financial protection in case of personal injury disability or death caused by an accident.
(ii) Group Personal Accident Insurance: This form of insurance is designed to cover a group of people such as employees of a company or members of an organization. It offers benefits similar to individual personal accident insurance but on a group scale. It can be more cost-effective and easier to administer for employers or organizations.
(iii) Travel Personal Accident Insurance: This type of insurance specifically covers accidents that occur during travel both domestically and internationally. It provides medical expenses coverage emergency medical evacuation trip cancellation and other related benefits.
(iv) Student Personal Accident Insurance: This variant is designed to provide protection to students against accidents that may occur on or off campus. It offers coverage for medical expenses disability education support and more.
(v) Family Personal Accident Insurance: This form of insurance covers the entire family against accidental injuries. It provides benefits for accidental death permanent disability medical expenses and other related expenses.
(vi) Daily Cash Personal Accident Insurance: This type of insurance provides a daily cash benefit while you are hospitalized due to an accident. It helps cover any loss of income during the hospitalization period.
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