Question: Q1. SECTION B. Answer all QUESTIONS. State and explain by giving example the practice of marine insurance in which the actual loss exposure is shared

Q1. SECTION B. Answer all QUESTIONS. State and explain by giving example the practice of marine insurance in which the actual loss exposure is shared proportionally among all the insurers. (5 marks) Q2. State and explain briefly the principle of insurance which states that: (a) The person procuring an insurance policy must have personal interest in the subject matter. (b) All the rights and remedies which the insured had are transferred to the insurer after the insured is dully indemnified by the insurer. (15 marks) Doc. No.: EXM/F/03 Page No.: 2/5 Issue No.: 1 Last Update: 15/04/15 Approved: Provost Revision No.: 1.1 Date: 12/04/06 Author: EC 23. Explain the following principles of marine insurance: (10 marks) (a) Causa Proxima (b) Indemnity (c) Good faith. Q4. (a) As a Risk Management consultant. A client walks into your office and explains to you that he has set up a shipping business with the intention of trading in the light freight market and therefore requires your services in managing his risk associated with this business. Enumerate and explain the stages you will go through in order to be of help to him and also explain the risks he is likely to be exposed to (10 marks)

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