PRINCIPLES OF INSURANCE 2008 (PRIVATE)
Time : 3 Hours Max. Marks:100
Instruction: Attempt any FIVE questions.
1. What is the main function of insurance? Describe briefly the “secondary” benefits which individuals, organization or the community as a whole gain from insurance.
2. Write detail notes on any TWO of the following:
(i) Construction Insurance
(ii) Engineering Insurance
(iii) Motor Insurance
(iv) International insurance
3. Outline the cover, terms and main exclusion I exceptions of the following classes of insurance:
(i) Property insurance (reference toPakistanand SECP market practice).
(ii) Business interruption and pecuniary insurance.
4.(a) Discuss the underwriting process from proposal to securing of cover.
(b) Discuss the claims process from intimation to settlement and Recovery.
5.(a) Outline a typical insurance market and discuss the role of each player (buyer, seller, intermediaries and ancillary service providers) in the industry.
(b) List the typical structure/contents of a policy & proposal form.
6.(a) Explain proximate cause in the context of contract fulfillment.
(b) Explain the princ4ple of indemnity & its application (as well as application of its corollaries) under a contract of indemnity.
7.(a) Explain utmost good faith and duty of disclosure issues and its enforcement in a typical insurance policy.
(b) Explain insurable Interest as subject matter of the contract.