urgent pleasee

1. Kazi moto insured a motorvehicle against firewithMotoMotocompanybypaying

Kshs.300.000. later the car was destroyed at a garage and a compensation ofKshs.400,000

were paid. Using insurance terms, state what each of the following stand for;

a) Kazi Moto

b) Fire

c) Kshs 300,000

d) Moto Moto Company

2. Give the significance of the following principles to both the insurer and insured

i) Utmost good faith

ii) Indemnity.....

iii) Contribution

iv) Insurable interest..

3. The following are description of various insurance policies. Identify the name of the policy

described by the statement:

Description Policy

1 Covers an organization against losses which might arise as a result of debtors failure to pay their debts

2 Covers for the loss of profit due to interruption of business activities as a result of fire

3 Covers employees who may suffer injuries while on official duties

4 Covers partial or total physical disability caused to a person due to injury

4. State four reasons why few Kenyan take out life assurance policy

5. Define the following types of marine insurance losses:-

(a) Total constructive loss

(b) General average loss

6. State four conditions necessary for the operation of the principle of indemnity in insurance

7. Highlight four characteristics of an insurable scheme

8. Outline four benefits of the "Pooling of risks" to an insurance company

9. Describe the procedure of acquiring an insurance policy

10. A private warehouse owner insured his warehouse valued at Kshs.400, 000 for Kshs600, 000 against risk of fire. The warehouse was later destroyed completely by fire including goods worth shs 100,000.

Required:

i) Determine the amount of compensation paid by the insurance company

ii) Give a reason for your answer in (i) above