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Risk Management Assignment #2 Question 1 Given the fact that the functions of insurers vary somewhat from insurer to insurer, explain the following five (5) functions that an insurer may carry out. i. Production ii. Underwriting iii. Rate making iv. Managing claims and losses v. Investing and financing (25 marks) Question 2 a. Explain the importance of the appraisal clause in property insurance. (4 marks) b. State the purpose of the recovered property clause in dealing with salvage and clearly explain the purpose of the declaration page found in insurance contracts. (12 marks) c. Discuss three (3) reasons why exclusions are found in insurance contracts? (9 marks) (Total 25 marks) Question 3 a. State the law of large numbers. Explain why this principle is so critical in the setting up as well in the subsequent operation of an insurance company. (7 marks) b. i. Fill in the blank spaces below: \"When the probability of loss is small, a large number ______units is needed for an acceptable degree _______than is commonly recognized.\" (2 marks) ii. Calculate the number of exposure units required to guarantee a 0.1 % degree of accuracy when the probability of loss is 0.05 and the degree of confidence is two standard deviations. (6 marks) c. Mr. Alston Jacan is covered under a group health insurance policy administered by his employers Nigeria Steel, Inc. This policy has an annual deductible of $8,000 and a coinsurance of 80%. Mr. Jacan presented medical bills on two occasions. The first bill in the sum of $7,000, how much reimbursement is he entitled to? He later submitted further medical bills amounting to $55,000, how much reimbursement is he entitled to? Explain the decisions taken. (7 marks) d. What is the intended purpose of imposing a deductible under an insurance contract? (3 marks) Question 4 a. Explain the difference between experience rating and retrospective rating. (5 marks) b. Discuss any three (3) factors against self-insuring worker's compensation. (12 marks) c. Insurance is an institution which operates on some fundamental principles such as the principle of: i. subrogation ii. indemnity iii. utmost good faith iv. insurable interest Explain each of these. (8 marks) (Total 25 marks)