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Conditions that insurance contract must meet in order to be legally valid are;When it is for a legal purposeIf the term and conditions are accepted by both the insured and insurerIncase there is a payment and a considerationWhere the parties have legal capacity to contract
Steps to be followed when launching a claim form for stolen property are;Notify the insurerFilling a claim formInvestigating of the claimPreparation of the assessment report.Payment of the claim
Factors that may make an insurance company to re-insure are;Value of the propertyHigh risks of lossNumber of risks coveredNeed to spread the risksGovernment policy
Factors to consider when deciding on the salary of an employee are;Hours of workLevel of educationExperience of employeeValue of the workCost of livingNature of workAmount of work doneThe ability to payThe needs of the employeeThe terms and conditions of service
Roles played by insurance industry in promoting the development of Kenyan economy are;Employment creation insurance companies provided employment opportunities either directly or indirectly to individuals who would otherwise be unemployed.Insurance companies create confidence for the investors who are able to invest in risky but profitable areas in that they are assured of compensation in case of a loss.Insurance companies provide revenue for the government through profits realized and salaries for the employees when taxed.The business is continuous even with the occurrence of the risk because the insured is compensated. Thus business people conventure even in risky ventures.The amount contributed in the insurance company can be used as a security for a loanSome policies in life insurance encourages savings. The amount contribute is owners savings. This money can be invested later once the policies matures.