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.

State about the interest rate risk, State about the Interest Rate Risk ...

State about the Interest Rate Risk Variability in a security's return resulting from changes in the level of interest rates is referred to as interest rate risk. Such change

Analyse the risks as well as suggested responses, Question: You work in...

Question: You work in one of the major commercial banks of the island and your institution is contemplating venturing into Internet banking in the near future. As the risk m

What is material safety data sheet, Q. What is Material Safety Data Sheet ?...

Q. What is Material Safety Data Sheet ? 1. Material Safety Data Sheet is a formal document containing important information about the characteristics and actual or potential ha

Risk management, Risk Management Many organization and investors engag...

Risk Management Many organization and investors engage in activities designed to manage the risks they face. In the corporate world the managers' search to control business ri

Determine a process for communicating, Determine a process for communicatin...

Determine a process for communicating, resourcing and managing risk management strategies Establish a communication plan to implement the risk management framework that has been

risk in business, how to survie in this highly complicated worl

how to survie in this highly complicated world

Contingency plan, Part 1: Contingency plan Create contingency plans for the...

Part 1: Contingency plan Create contingency plans for the following scenarios: > One of your highly qualified consultants has given three months notice and is planning to move to a

Risk assessment, Scottie is a professional basketball player who plans to p...

Scottie is a professional basketball player who plans to play for three more years.  During the summer, he has been offered two different contracts by his current team.  The first

Differentiate between speculation and arbitraging, Question: a) Using i...

Question: a) Using illustrative and numerical example, differentiate between speculation and arbitraging in the context of foreign exchange market. b) One year borrowing and

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