Pricing an insurance product for the Kenya school of law tuition and bar exam fee
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Education insurance is one of the risk mitigation mechanisms adopted by parents and guardians to secure their dependents' future. This approach largely helps guardians against the risk of being unable to pay for the dependents' education due to several fmancial shortfalls. Traditionally, several insurance companies have come up with this kind of product targeting the parents and guardians. The product has worked effectively in the market for a good number of years. However, the need to save for professionalism and the performance of students in the professional field has led to questions around the insurance industry. This study has taken a different tum and developed a whole new product based on the behavior and outcome of major professional trainings and qualifications. The study developed a savings plan for the Kenya School of Law tuition fees for the advocates. It was realized that by paying a premium of KSH 4,542 for 4 years while still in campus, the students can be able to comfortably go through the KSL training without fmancial difficulties. In addition, the study also developed an insurance cover that caters for retakes and resist in case of a failure in some of the bar exams. Buy paying a single premium ofKSL 8,750, the students are in a position to redo a number of papers that they fail.