Question 3 (10 marks) Mr. Khalid is a manager in one of the companies. He created fabricated invoices to be paid to companies he controlled, he also worked in collusion with legitimate sellers and arranged for the payment of fake invoices from which he received bribes and he paid for personal goods and services with company money. The loss was estimated to be around RO 2 million. Instructions: a. Identify the insurance policy that is required to avoid the risk explained in the above scenario and discuss the coverage and benefits provided by this policy. (4 marks) b. Give two situations where the insurer can reject the insured claim under this policy. Give examples. (3 marks) c. Discuss the factors that insurer should consider when determining the premium rate in this policy (factors affect the premium). (3 marks) Question 3 (10 marks) Mr. Khalid is a manager in one of the companies. He created fabricated invoices to be paid to companies he controlled, he also worked in collusion with legitimate sellers and arranged for the payment of fake invoices from which he received bribes and he paid for personal goods and services with company money. The loss was estimated to be around RO 2 million. Instructions: a. Identify the insurance policy that is required to avoid the risk explained in the above scenario and discuss the coverage and benefits provided by this policy. (4 marks) b. Give two situations where the insurer can reject the insured claim under this policy. Give examples. (3 marks) c. Discuss the factors that insurer should consider when determining the premium rate in this policy (factors affect the premium)