Question: QUESTION 1 An insured obtained three policies from three different insurers on the same property against the same risk with the insurance amounts indicated in

QUESTION 1 An insured obtained three policies from three different insurers on the same property against the same risk with the insurance amounts indicated in the table below. Insurance Company Amount of Insurance (GHC) PRIME Insurance 165,000 AGORWU Insurance 235,000 AUTHENTIC Insurance 350,000 From the above table, calculate by showing working the amount to be paid to the insured by the insurers in the following situations in a group insurance plan: a. Proration based on face amount for GHC 450,000 loss (4 marks) b. Proration by amounts otherwise payable for GHC 200,000 loss (4 marks) c. Contributions by equal share for GHC 480,000 loss (4 marks) 1 d. Contributions by equal share for GHC 700,000 loss (4 marks) e. Contributions by equal share for GHC 850,000 loss (4 marks) QUESTION 2 a. Explain four reasons for exclusions or limitations b. What are the importance of insurable interest? c. Discuss the doctrines supporting utmost good faith d. Explain the four types of claim Adjusters (5 marks) (5 marks) (5 marks) (5 marks) QUESTION 3 a. Outline the benefits of insurance to society (5 marks) b. Explain the benefits of risk management 15 marks) c. Firms have various objectives for engaging in risk management. Discuss the pre-loss and post-loss objectives for risk management (10 marks)

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