-A person suffering from a terminal illness should reveal this information to the insurer. This policy covers the body of the ship against loss or damage that might be caused by sea perils. Transport, Communication, Warehousing, Insurance, Product Promotion and other topics included from Form One. Please note that insurance mediation is not applicable to Appointed Representatives. 5. Surplus notes' credit ratings are notched from the issuer rating of the insurer to reflect the notes' deep subordination and the regulatory environment. the loss must arise directly from the risk insured or be connected to the risk insured. Electronic Funds Transfer (EFT) Programs. According to this law, there should be a large group of people faced with similar risks and these risks spread over a certain given geographical area. Understand what is insurance, its types and benefits and 7 most important principles of insurance. If the policyholder dies within this period, his/her dependants are compensated. General average-This is a loss that occurs as a result of some of the cargo being thrown into the sea deliberately to save the ship and the rest of the cargo from sinking. retirement time. Cover is offered to domestic commercial and industrial premises, plant and machinery, equipment, furniture fittings stock e.t.c. Account Access. Government Employer provided insurance is an employee benefit. Forms 2 The forms and annexes and notes to the forms mentioned are those set out in the Appendix A. The Rough Notes Company, Inc., Circulation Department, 11690 Technology Drive, Carmel, IN 46032-5600. Copy link KCSE FORM 2 ART AND DESIGN NOTES (Opens in a new browser tab) Copy link KCSE FORM 1 MUSIC NOTES (Opens in a new browser tab) Copy link KCSE FORM 3 MUSIC NOTES (Opens in a new browser tab) Copy link BUSINESS STUDIES FORM 4 NOTES (Opens in a new browser tab) Copy link BUSINESS STUDIES FORM 3 NOTES (Opens in a new browser tab) This is the transfer of an insurance policy by an insured to another person. -Where the insured dies before maturity of contract, the beneficiaries are given these amounts. Insurance Information Institute 110 William Street New York, NY 10038 Tel. Term life or “temporary” insurance… The losses made are shared by the ship owners and the cargo owners proportionately as the effort was in the interest of both. The insurer pays all claims from the public upto an agreed maximum. Factors affecting the demand curve The insured here covers his life against death for a given time period e.g. In order for it to be an approved format the two pages must be copied onto a single double sided document. Note: Co-insurance is different from double-insurance in that in co-insurance company approaches another insurance company to help in covering the insured property while in double-insurance; it’s the insured who decides to approach different insurance companies to insure the same property against the same risk. 2. 3. 3.Employer Government Employer provided insurance is an employee benefit. Benefits of the “pooling of Risks” to insurance company. Keep your technical knowledge up to date with our fact sheets, practice notes, forms, letter templates and answers to frequently asked questions. Principles of insurance provide guidance to the insurance firms at the time they are entering into a contract with the person taking the cover. a person insures property of shs.300,000 for shs.600,000.If total loss occurs, he is compensated the correct value of the property i.e. It is proof of evidence that the insurer has accepted to cover a proposed risk. Note 2: “Schedule 15, Supplementary information”, is not part of an audited Form 1 submission and the name of this schedule will not appear in the “Table of Contents” on the electronic or hardcopy version of an audited Form 1 submission. Following is a brief description of the three basic kinds of life insurance. According to this receipt the company binds the Insurance from the date of the application until the policy is issued or the application is rejected. IN DEATH OR INCAPACITY . When this happens each of the affected party is soldy responsible for the loss that has occurred to his property. Differences Between a whole life policy and an Endownment policy. All Rights Reserved. All fields marked with an * are required. A cover note is a temporary insurance document. Pooling of risks enables an insurance company to create a common pool of funds from the regular premiums from different risks. (life has no money value, no amount of money can give back a lost or injured life). Life Insurance: There is a life insurance council that decides entire norms relating to life insurance in India; In fact life insurance plays different type of roles. Account Access. The companies It enables the company to re-insure itself with another insurance company. Premiums charged depends on the degree of risk, the higher the premium charged. Risks are also referred to as contingencies, hazards or perils and include: -Risks are real and unforseen.Methods to eliminate such risks has achieved very little and thus has necessitated the need for insurance. Employer 3. -These policies are issued by insurance companies to protect the insured against personal accidents causing; -If death occurs due to an accident, the insured’s beneficiaries are paid the total sum assured. Insurance-This is an undertaking or contract between an individual or business and an insurance an occurrence of risk(s) (i.e. Employee benefits are a form of The second group (group II A) has Beryllium (Be), Magnesium (Mg), Calcium (Ca), Strontium (Sr), Barium (Ba) and Radium (Ra). The types are: 1. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. MODULE - 2 Principles of Insurance Notes 41 Essentials of Insurance Contract DIPLOMA IN INSURANCE SERVICES (c) A third type of receipt is the unconditional binding receipt. a)price Unless the firm indicates otherwise, the FCA assumes that the arrangement given on the application form includes all of the activities that fall within the description of the controlled function. BOOK KEEPING FORM 2 9. Every person in the group contributes at regular intervals, small amounts of money called premium into a “common pool”. The rest of the money is invested in other businesses to earn profits. These people are called nominees. I wish to receive/continue receiving ROUGH NOTES MAGAZINE. Alternatively, their value might not have changed or might have increased to ksh.45 each. This will usually occur for properties that have great value and face great risk exposures that an insurer cannot successfully make compensation for e.g. Required fields are marked *, Insurance – Form 2 Business Studies Notes. 1. In completing the form, insurers (particularly those which only maintain a Life insurance companies offer a wide array of policies to meet your needs as your personal circumstances change and evolve. of the employing person should be entered. Particular average-This occurs where there is a partial but accidental loss to either the ship or the cargo. insurance and bonds but excludes guarantees which fall under the "Credit/ Credit-Related" business class; “trade credit insurance policy” has the same meaning as in regulation 2 of the Insurance (Valuation and Capital) Regulations 2004. 2. It enables the insurance company to compensate those who suffer loss when the risks occur, The insurance company is able to spread risks over a large number of insured people, Surplus funds can be invested in for example, giving out loans or buying shares in real estates, It enables the insurance company to meet its operating costs by using the pool funds, It enables the insurance company to calculate to be paid by each client. Sometimes called an extended or special homeowners insurance policy form, the HO-3 covers almost any peril except those specifically excluded (such as earthquake, flood, landslide or mudslide, nuclear accident and sinkholes). It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or an underwriter.A person or entity who buys insurance is known as an insured or as a policyholder. -The losses may be as a result of embezzlement, fraud, arithmetical errors e.t.c, -The policies may cover specified employees or all the employees, 7) Workmen’s compensation (Employer’s Accident liability). It is the calamity or problem a person or business faces and results into losses. This category contains Business Studies Form 2 notes as aggregated from the various high school approved text books, including KLB, etc. A person can insure any property he has an insurable interest in. Advising the insured and would be policyholders on the best policies for their property e.t.c. c) Cash and / or Goods in Transit policies. (5mks), 1997 Explain four ways in which the insurance industry contributes to the development of Kenya’s economy. This is loss incurred by a business as a result of disruption of business in the event of the insured risk occurring. According to this principle, whatever remains of the property insured after the insured has been compensated according to the terms of the policy, becomes the property of the insure. This is a situation where an insurance company insures itself with a bigger insurance company called le-insurer for all or part of the risks insured with it by members of the public, Re-insurance indirectly insure an individuals risks.Re-insurance helps to reduce the burden on an insurance company when the loss is too high for a single insurer. The exercise of state insurance regulatory authority over surplus notes protecting insurers' capital position in times of stress is viewed as a credit positive for rating agencies. Registered in the UK number: 05350177. This principle does not apply in life assurance since it is not possible to value one’s life or a part of the body in terms of money. This document is a Professional Indemnity Insurance Certificate for Consultants . Compensation for injuries where one loses a part of his/her body can be done on a lumpsum basis. Mailing lists for active individuals, agencies, and insurance companies and order forms. This is a risk which results in a loss if it occurs and results in no gains if it does not occur. It covers the entire Business Studies Form 2 syllabus, for the preparation of national and local exams. d) Third parties liability-This is an insurance policy taken by the owner of the ship to cover claims that might arise from damage caused to other people’s property. (Insolvency is a state where a business is not able to pay all its liabilities from its existing assets), This is an undertaking by more than one insurance company to provide insurance cover for the same risk for an insured. Note; The assured person may be paid a certain percentage of the sum assured at intervals until the expiry of the policy according to the terms of contract. 4. These are people employed by an insurance company to complete expected losses and calculate the value of premiums. KNEC| KASNEB| KISM| Study notes and Revision materials for schools in Kenya. Chemistry Notes Form 2 PDF Download Free! This is taking of insurance policies with more than one company in respect to the same subject matter and the risk. The insured pays premiums to the insurance company to be compensated should the risk insured against occur or cause loss. It is significant because if one of the insurers is insolvent at the time the claim arises the insured can enforce his/her claim against the solvent insurer or if both insurers are solvent then they share compensation. Guidance Notes Amendments (Countering Proliferation Financing), September 2019 View. - FOR U.S. BUSINESS ONLY - * YES! put back to the same financial position he was in before the occurrence of loss. Included here are any equipment, furniture or machinery on the ship. Insurance is a means of protection from financial loss. It is used to mean that life contracts are not contracts of indemnity as life cannot be indemnified i.e. Step 2: If you are a new hire your Personnel Action form (PA) should be completed and processed before enrollment. Insurance does provide employment opportunities to members of the public. All premiums are inclusive of Insurance Premium Tax (IPT) at 12% Insurance2go is a trading name of Loyal Insurance Services Ltd. To submit this form please fill please fill out entirely and click the Submit button below. Fire insurance-This type of insurance covers property damage or loss caused by accidental fire. in collecting premiums from the insured and carrying out documentation work, making claim after collecting each insurers premium contribution e.t.c. The Government offers some types of insurance schemes which are aimed at improving/providing welfare to the members of the scheme such as medical services and retirement benefits. (8mks), 2004 Explain five benefits that could be enjoyed by a person who decided to take out an endowment policy.