This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
You're on a roll — here are the answers to the insurance questions: PART B: SHORT ANSWER (QUESTIONS 15-18) Q15. Andrew is a business man who imported some goods from overseas by ship for the first time. Which policy will he take out when his goods are being damaged? (1mk) Marine insurance or Cargo insurance* Q16. In insurance, who buy the insurance policy & pay the premium? (1mk) Policyholder or Insured* Q17. If you exported your commodities on a ship and if it's being damaged or robbed by sea pirate, what insurance policy will you take out to claim? (1mk) Marine insurance or Cargo insurance* Q18. Who is the party that issues the proposal form & collects premiums? (1mk) Insurer or Insurance company* PART C: EXPLANATION (QUESTION 19) Q19. Define the following terms/phrase in your own words. (Explain in not more than one sentence) a. insurers (2mks) An insurer* is a company or individual that provides insurance coverage, agreeing to compensate for specified losses in exchange for premiums. b. assessor (2mks) An assessor* is a professional who inspects and evaluates the extent of damage or loss for an insurance claim to determine the appropriate payout. c. experts in insurance (2mks) Experts in insurance* are professionals with specialized knowledge who provide advice, assess risks, or handle complex aspects of insurance policies and claims. You're almost done! Send me the next one 📸