Explain the following terms as used in insurance business:

(a) Surrender value

(b) Days of grace

 (c) Ex-gratia payment

 (d) Endorsement

(e) Disclosure.
 

(a) What is a "discharge voucher"?

(b) State three duties each of the following in insurance claims: (.i) insured; (ii) underwriter.

(a) Explain the term "risk" in insurance.

(b) List and explain five features of insurance contracts. 

(a) What is endowment policy?

(b) Differentiate between the following terms:

(i) Third party and comprehensive motor insurance; (ii) • Death benefit and maturity benefit; (iii) Contracts of life and non-life insurance. 

(a) Differentiate between whole life and endowment assurance.

(b) State five uses of life assurance.

(c) List and explain two benefits covered under life assurance.