QUESTION $1$

a$.$ Explain the mandate and governance structure of the Insurance Regulatory Authority $($IRA$)$ in Kenya $(4$ mks$)$

b$.$ Discuss how the principles of Utmost Good Faith and Indemnity are applicable to Marine Insurance $(4$ mks$)$

c$.$ In atleast $1$ page, argue the case for and against Privatization of Insurance Business in Kenya $(4$ mks$)$

QUESTION $2$

a$.$ Discuss why you cannot insure your neighbour$$s property and briefly explain atleast $4$ salient elements of insurable risk $(5$ mks$)$

b$.$ With atleast $2$ relevant examples in each case, discuss $5$ bases of classification of insurance policies in the world $(5$ mks$)$

QUESTION $3$

a$.$Policy conditions in life insurance may be grouped under various heads$$ Discuss this statement $(5$ mks$)$

b$.$ Discuss the major steps in the loss adjusting process as used in underwriting of insurance policies $(5$ mks$)$

QUESTION $4$

a$.$ Proximate cause is not very essential in case of life insurance contract'. Briefly explain $(2$ mks$)$

b$.$ Discuss the following policies applicable under motor insurance in Kenya $(6$ mks$)$

$($i$)$ Act Liability only

$($ii$)$ Third Party only.

$($iii$)$ Comprehensive Policy