What are the answers to the insurance questions about marine insurance, policyholders, insurers, and assessors?

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.