Over insurance occurs when the insured states a value for the property being insured that is higher than the true value of property.one is only compensated the true value of property although the insured pays higher premium. Under insurance-this occurs Read More …
Author: KNEC notes and Past Papers
Reinsurance and Coinsurance
Re-insurance can be defined as a circumstance under which a firm may decide to insure itself with another large insurance company against the risk that is covering.the following are the circumstances for its occurrence; If the no of people insuring Read More …
The difference between insurance and gambling
INSURANCE GAMBLING Insurance is aimed at an unfortunate person who has suffered a loss. It assist a person to restore his financial position. The insured does not gain anything. In gambling the money gained is out of a win which Read More …
Comparison of Classes of Insurance
LIFE ASSURANCE GENERAL/PROPERTY The insured risk is bound to happen The event is insured against may not happen Appreciates in value.at the end of the stated period the sum assured is higher The sum insured remains the same. May be Read More …
Covers under Accident Policy
Motor policy – this can be third party or comprehensive. A third party is an agreement between another party who may be insured/whose property damaged by the insured vehicle and is usually compulsory in Kenya. A comprehensive is one which Read More …
Differences between Endowment and Whole life policy
Endowment policy Whole life policy Premiums are paid for a fixed period of time. Sum assured paid after expiry of the fixed period. The insured can decide maturity. Acts as a saving for insured or his dependant. Premiums paid are Read More …
Classes of Insurance Policies
Life assurance. General/property insurance. LIFE ASSURANCE. Inlife policy, the death of the insured person is bound to take place and only the time of occurrence is unknown.it can therefore be defined as a contract between the insurer and the insured Read More …
Principles of Insurance
These are rules and conditions that both the insurer and the insured must accept and strictly uphold specifically stated rules and conditions for the insurance contract to operate smoothly. 1.Contract uberima fides. This principle is known as ‘’utmost good faith’’. Read More …
Emerging Trends and Issues in Transport Management
Emerging Trends in Logistics In recent years, several strategic and technological changes have had a marked impact on logistics. Among these, three are worthy of mention: globalization, new information technologies and e-commerce. Globalization: An increasing number of companies operate at Read More …
Elements/Components of Physical Distribution
Customer service Customer service is precisely defined standards of customers‟ satisfaction which business owner intends to provide for its customers. Physical distribution system is normally set up to reach the customer satisfaction at the lowest possible cost. In today’s technologically Read More …