Miti Mingi Ltd owned a timber yard in Molo with Ksh. 500,000/= worth of timber in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Miti Mingi Ltd owned a timber yard in Molo with Ksh. 500,000/= worth of timber in stock at any given time. Miti Mingi had insured the timber in the yard, but ceded control of the yard to Kuni Kavu Investments LLP in which Miti Mingi was a principal partner. a) Establish the insurable interest in the matter and whether Miti Mingi can pursue a claim under a policy. b) Identify the factors may vitiate an Insurance Contract and state the consequences of each factor. (4 Marks) (5 Marks) c) Define the terms 'assignment' and 'surrender' as used in an Insurance Contract? Explain the extent of the assignment of an insured's rights under the Policy of Insurance. (6 Marks) Miti Mingi Ltd owned a timber yard in Molo with Ksh. 500,000/= worth of timber in stock at any given time. Miti Mingi had insured the timber in the yard, but ceded control of the yard to Kuni Kavu Investments LLP in which Miti Mingi was a principal partner. a) Establish the insurable interest in the matter and whether Miti Mingi can pursue a claim under a policy. b) Identify the factors may vitiate an Insurance Contract and state the consequences of each factor. (4 Marks) (5 Marks) c) Define the terms 'assignment' and 'surrender' as used in an Insurance Contract? Explain the extent of the assignment of an insured's rights under the Policy of Insurance. (6 Marks)
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below a Miti Mingi Ltd has an insurable inter... View the full answer
Related Book For
Managerial Decision Modeling With Spreadsheets
ISBN: 9780136115830
3rd Edition
Authors: Nagraj Balakrishnan, Barry Render, Jr. Ralph M. Stair
Posted Date:
Students also viewed these accounting questions
-
At State University, a study was done to establish whether a relationship exists between students graduating grade point average (GPA) and the SAT verbal score when the student originally entered the...
-
Can anyone claim to have an insurable interest in a particular person or property?
-
The firm was initially capitalized with 500 000 as an S Corporation The firm purchased equipment for 450 000 with cash of 125 000 and a note payable of 325 000 It also acquired furniture for 120 000...
-
Why might cloud computing be greener than conventional computing alternatives? Research online and share examples suggesting that cloud firms could be less environmentally taxing than if a firm built...
-
The critical density for closure of the universe is pc 10 26 kg/m3 state pc in terms of the average number of nucleons per cubic meter.
-
Newsome Construction is considering erecting three office buildings. The time (in years) required to complete each of them and the number of workers required to be on the job at all times are shown...
-
Below is a list of transactions for July 20x6 for Painting Jobs Done Ltd in its first month of operations: Required 1 Record all transactions in the general journal. 2 Prepare a trial balance as at...
-
Interact CaseFASAB. Examine the Federal Accounting Standards Advisory Boards Web site at www.fassab.gov and prepare a brief report about its mission and structure and compile a list of organizations...
-
Question 11 (5 points) Under which inventory costing method could increases or decreases in income from operations be misinterpreted to be the result of operating efficiencies or inefficiencies?...
-
Select all that apply Actual output is used for variance calculations because Blank______. Multiple select question. budgeted output although useful for planning is outdated for analyzing performance...
-
Lester Inc., a merchandiser, provided the following partial list of income statement categories and amounts for the fiscal year ended June 30: Income Statement Category Amount Operating Income...
-
The Timoshenko beam model is more accurate than the Euler-Bernoulli beam model because it includes the effects of ___________________ and _______________________.
-
What is the objective of SAS No. 78?
-
How does the Sarbanes-Oxley Act of 2002 affect managements responsibility for internal controls?
-
Explain how an IT environment affects the segregation of functions
-
The sponsor of a project to move the loan processing system from C++ to the intranet is deciding whether the project should continue or be scrapped. The project has been plagued with issues. So far,...
-
Attached is a question. Assume that on 31 December 2019, an Australian firm set up a wholly owned firm in the US when the exchange rate between the Australian dollar (AUD) and the US dollar (USD) was...
-
The water in tank A is at 270 F with quality of 10% and mass 1 lbm. It is connected to a piston/cylinder holding constant pressure of 40 psia initially with 1 lbm water at 700 F. The valve is opened,...
-
A clerk of court is responsible for receiving and logging legal documents that are to be placed before the various judges to review and sign. She receives these documents on a first come, first...
-
The network in Figure 5.25 shows the pipeline transportation system for treated water from the treatment plant (node 1) to a city water supply system (node 14). The arc capacities represent millions...
-
The Fowler Martial Arts Academy trains young boys and girls in self-defense. Joan Fowler, the owner of the academy, notes that monthly revenue is higher when school is in session but quite low when...
-
Explain the trade-offs that inventory managers face when they reorder products or supplies. How is the reorder point computed?
-
Supply-chain management involves long-term partnerships among channel members that are working together to reduce inefficiencies, costs, and redundancies and develop innovative approaches to satisfy...
-
Assume that you are responsible for the physical distribution of computers at a web-based company. What would you do to ensure product availability, timely delivery, and quality service for your...
Study smarter with the SolutionInn App