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...
-
As the purchaser of a new house, Patty Loveless has signed a mortgage note to pay the Memphis National Bank and Trust Co. $14,000 every 6 months for 20 years, at the end of which time she will own...
-
Zumbahlen Inc. has the following balance sheet. How much total operating capital does the firm have? Cash $ 20.00 Accounts payable $30.00 Short-term investments 50.00 Accruals 50.00 Accounts...
-
According to Einstein's theory of relativity, light should bend when it passes through a gravitational field. This was first tested experimentally in 1919 when photographs were taken of stars near...
-
The Foxridge Investment Group buys and sells rental income properties in southwest Virginia. Bill Hunter, president of Foxridge, has asked for your assistance in analyzing a small apartment building...
-
CVP analysis is useful in examining total costs, along with fixed and variable costs. CVP analysis illuminates how changes in assumptions about cost behavior and the relevant range in which those...
-
The Alfredo Fragrance Company produces only one product, a perfume called Hint of Elegance. Hint of Elegance consists of two secret ingredients blended into an exclusive fragrance, which is marketed...
-
a) Describe the typical relationship among the company that undergoes an audit, its investors and the auditor? (8 marks) b) Suggest the benefits and drawbacks for a long-term relationship between the...
-
What is the value of the following expression? 100+61 +(-3)+(-1)
-
There is a society of seven individuals, 1,2,3,4,5,6,7), who are connected in a social network as below. If there is a link between two individuals, then that pair of individuals are friends. If...
-
Pretend you are a long-short hedge fund manager. This time create a 10 stock portfolio with potential high alpha plays (both positive and negative alpha stocks). You may reuse several of the stocks...
-
Group Project: Building a Dream Team (20%) Objective of this Assignment: Select and justify a leader for a given project. Instructions: Length : Your report is to be four (4) to five (5) single...
-
Solve ibg== log.x + log, 2 x = 10 16
-
Prepare the official payroll for a Visual designer, who has 2-month seniority. He has a temporary contract. Base salary: 1,950. Collective bargaining: 100. Productivity: 6 / day. It has two...
-
The Smiths buy a house. They borrow 80 percent of the purchase price from the local ABC Savings and Loan. Before they make their first payment, ABC transfers the right to receive mortgage payments to...
-
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...
-
When a honeybee flies through the air, it develops a charge of +17 pC. How many electrons did it lose in the process of acquiring this charge?
-
Falling raindrops frequently develop electric charges. Does this create noticeable forces between the droplets? Suppose two 1.8 mg drops each have a charge of +25 pC; these are typical values. The...
-
A housefly walking across a surface may develop a significant electric charge through a process similar to frictional charging. Suppose a fly picks up a charge of +52 pC. How many electrons does it...
Study smarter with the SolutionInn App