Risks covered under the policy., Risk Management

Assignment Help:

An insurance company is investigating offering kidnap and ransom insurance. Policies are to be sold to multinational companies to provide cover for certain named employees who are based in or travel to a range of countries. The cover provides protection against losses incurred by the company and its employees (or their families) in the event of an actual/attempted kidnap or hijack.

The main benefits include:

• Reimbursement of ransom.
• Insurance against loss in transit of ransom.
• Insurance for additional outgoings, which may arise as a result of a kidnap or hijack.
• Payment of medical bills for actual injury or psychological care.
• Compensation for the stress and trauma suffered by employees or their families, for example as a result of threats made.
• Compensation for damage to property of the company or its employees.

(i) List the information that would be requested on the proposal form to aid in underwriting the policy.

(ii) (a) Describe the conflicts of interest that could exist between any of the insurance company, the employer and the employee.

(b) Explain how such conflicts could be reduced.

(iii) Describe how the insurer could provide assistance to its clients to help them manage or mitigate the risks covered under the policy.


Related Discussions:- Risks covered under the policy.

Post-loss objectives, discuss the post-loss objectives that would help firm...

discuss the post-loss objectives that would help firm recover

Defined contributionm, managing risks in investing defined contribution fun...

managing risks in investing defined contribution funds

Macroeconomic impacts of the crisis, No one thought that the financial syst...

No one thought that the financial system could collapse. It was assumed that sufficient safeguards were in place. Prosperity and stability were evidence that the system worked. Inf

Explain the meaning of risk management, Explain the meaning of risk managem...

Explain the meaning of risk management to an organisation Concept of risk: • What is risk? • Risk and decision making • Types of strategic risk • Six steps to managing strate

Execution of a risk analysis, Question: (a) What are the various option...

Question: (a) What are the various options to mitigate risks in an Information Security Management System (ISMS)? For each option specify an instance where it can be used.

Finance question, Suppose you are running an international business and are...

Suppose you are running an international business and are concerned about converting foreign currencies (the Euro in particular) back into U.S. dollars in September. A) What po

Importance or advantage of the working capital, Q. Importance or advantage ...

Q. Importance or advantage of the working capital? Working capital is the lifeblood and never centres of the business. Just like a blood ,that necessary , no business can run w

State about the management risk, State about the Management Risk Man...

State about the Management Risk Management, all said and done, is made of people who are mortal, fallible and capable of making a mistake or a poor decision. Errors made by

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd