Question No 1: Mr.Ali was a taxi driver who owned a car purchased on 20th January 2005 for RO 6,500. He insured the car with ABC Insurance for the same amount. He also took a life insurance policy on his name which provides either maturity or death benefits whichever is earlier with profits, on the same date for RO 25,000 premium to be paid quarterly which amounted to RO 250 for 10 years. He also added EPDB in his life insurance with a benefit of RO 10,000. On 1 January 2020, he wanted to sell his old car and buy new one. He found a buyer Mr. Mohammed for his old car and gave the car to him for test drive. When the Mr. Mohammed drove the car for a test drive, the car met with an accident and got damaged. As the car had only third-party insurance Mr. Ali had to pay for the repairs and recovered the expenses from Mr. Mohammed as he was responsible for the accident. Later the car was also transferred to Mr. Mohammed at the ROP and while returning in the car again they met with a major accident and Mr. Ali died. The accident occurred due to the over speeding of truck who hit and left the place without waiting. On investigation the truck was traced using traffic camera and the court ordered the truck company to pay a compensation of RO 10000 to Mr.Ali's Family. Mr. Mohammed escaped with minor injuries and the car got scrapped. a) Identify and explain the two insurance terms and riders that can be related to the above case. (4 Marks) b) Explain the type of policy held by Mr.Ali for his car while he sold it to Mr.Mohammed. Explain the features of that type of policy offered by any company in Oman with all its features, advantages and disadvantages (300 words) (4 Marks) c) What will the total amount of money to be received by the family members on his death? Justify your answer. (2 Marks) Question No 1: Mr.Ali was a taxi driver who owned a car purchased on 20th January 2005 for RO 6,500. He insured the car with ABC Insurance for the same amount. He also took a life insurance policy on his name which provides either maturity or death benefits whichever is earlier with profits, on the same date for RO 25,000 premium to be paid quarterly which amounted to RO 250 for 10 years. He also added EPDB in his life insurance with a benefit of RO 10,000. On 1 January 2020, he wanted to sell his old car and buy new one. He found a buyer Mr. Mohammed for his old car and gave the car to him for test drive. When the Mr. Mohammed drove the car for a test drive, the car met with an accident and got damaged. As the car had only third-party insurance Mr. Ali had to pay for the repairs and recovered the expenses from Mr. Mohammed as he was responsible for the accident. Later the car was also transferred to Mr. Mohammed at the ROP and while returning in the car again they met with a major accident and Mr. Ali died. The accident occurred due to the over speeding of truck who hit and left the place without waiting. On investigation the truck was traced using traffic camera and the court ordered the truck company to pay a compensation of RO 10000 to Mr.Ali's Family. Mr. Mohammed escaped with minor injuries and the car got scrapped. a) Identify and explain the two insurance terms and riders that can be related to the above case. (4 Marks) b) Explain the type of policy held by Mr.Ali for his car while he sold it to Mr.Mohammed. Explain the features of that type of policy offered by any company in Oman with all its features, advantages and disadvantages (300 words) (4 Marks) c) What will the total amount of money to be received by the family members on his death? Justify your answer. (2 Marks)