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principles of risk management

Questions and Answers of Principles Of Risk Management

Explain the yearly rate-of-return method for determining the annual rate of return on the saving component in a life insurance policy.
Describe the suggestions to follow when purchasing life insurance.
Understand how life insurance premiums are calculated.
a. Why is the interest-adjusted cost method a more accurate measure of the cost of life insurance?b. Briefly describe the surrender cost index as a method for determining the cost of life
Briefly explain the yearly rate-of-return method that policyowners can use to determine the rate of return on the saving component of a cash-value policy.
What is a low-load life insurance policy? Explain.
Allison is trying to complete her income-tax return. A number of questions have come up about life in- surance. Explain the tax treatment of each of the following.a. Allison is the beneficiary named
Show how an annuity differs from life insurance.
Describe the basic characteristics of a fixed annuity and a variable annuity.
Describe the basic characteristics of a traditional tax-deductible individual retirement account (IRA).
Explain the basic characteristics of a Roth IRA.
Explain the income-tax treatment of a traditional IRA and a Roth IRA.
Explain the major health-care problems in the United States.
Explain the basic characteristics of individual major medical insurance.
Identify the basic characteristics of health savings accounts (HSA).
Describe the key characteristics of long-term care insurance.
Describe the major characteristics of disability-income insurance contracts.
Describe the guidelines to follow when purchasing individual health insurance.
What are the four major problems in health care in the United States?
a. Describe the basic characteristics of major medical insurance.b. Why are deductibles and coinsurance used in a major medical policy?
Briefly explain the major characteristics of a health savings account.
Explain the following renewal provisions that appear in individual medical expense policies:a. Optionally renewableb. Nonrenewable for stated reasons onlyc. Guaranteed renewabled. Noncancellable
Briefly describe the guidelines that consumers should follow when individual health insurance is purchased.
Brittany, age 28, purchased an individual major med- ical insurance policy with a lifetime limit of $1 million, a calendar-year deductible of $250, and an 80-20 per- cent coinsurance provision.
Fred and Janet and their two daughters, Kelly and Karen, are insured under an individual major medical policy that covers the entire family. The policy has a calendar-year deductible of $500 that
Mark, age 25, is insured under an individual major medical policy with a lifetime limit of $2 million. The plan has a calendar-year deductible of $500, 80-20 percent coinsurance, and an annual
Jeff currently earns $3000 per month. He has an indi- vidual disability-income policy that will pay $2000 monthly if he is totally disabled. Disability is defined in terms of the worker's own
a. If Jeff is severely injured in an auto accident and cannot work for four months, how much will he collect under his policy?b. Assume Jeff returns to work but can only work part-time until he
Explain the underwriting principles followed in group insurance.
Describe the basic characteristics of group term life insurance.
Explain the major characteristics of the following group medical expense plans: Basic medical expense insurance Major medical insurance Dental insurance
Describe the basic characteristics of the following managed care plans: Health maintenance organizations (HMOs) Preferred provider organizations (PPOs) Point of service plans (POS)
Show how group short-term disability-income plans differ from group long-term disability plans.
Describe the major characteristics of cafeteria plans.
Briefly describe the following types of group life insur- ance plans:a. Group term life insuranceb. Group accidental death and dismemberment insur ance (AD&D)c. Group universal life insurance
a. Identify the benefits provided by basic medical expense plans.b. Briefly describe the major characteristics of the fol- lowing group major medical insurance plans.
Supplemental major medical insurance
Comprehensive major medical insurance
a. What is a managed care plan?b. Briefly explain the basic characteristics of the fol- lowing types of managed care plans: (1) Health maintenance organizations (HMOs) (2) Preferred provider
The Health Insurance Portability and Accountability Act (HIPAA) places restrictions on the employer's right to deny or limit coverage for preexisting conditions.a. How is a preexisting condition
Group term life insurance and group universal life insurance have different characteristics and objectives. Compare (1) group term insurance with (2) group universal life insurance with respect to
Margo, age 35, was severely injured in an auto acci- dent. She is covered under her employer's preferred provider organization (PPO) plan. The plan provides major medical insurance with a $2 million
Jane, age 28, and John, age 30, are married and have a son, age one. Jane is covered under her employer's group medical expense plan as an employee. Jane is also covered under John's plan as a
Both plans have the same coordina- tion-of-benefits provision.a. If Jane is hospitalized, which plan is primary? Which plan is excess?b. If the son is hospitalized, which plan is primary? Which plan
Jason, age 25, graduated from college and accepted a job as an accountant with a large employer. The com- pany is subject to the Health Insurance Portability and Accountability Act (HIPAA) of 1996.
When group dental insurance plans are initially installed, the insurer is exposed to a high degree of adverse selection. Describe the various cost controls that can be incorporated into the dental
Explain the basic features of private retirement plans, including: Minimum age and service requirements Retirement ages Vesting rules
Distinguish between defined-contribution and defined-benefit retirement plans.
Describe the basic characteristics of Section 401(k) plans.
Explain the major features of profit-sharing plans.
Describe the basic characteristics of Keogh plans for the self-employed.
Identify the major features of SIMPLE retirement plans for small employers.
A qualified retirement plan must meet certain mini- mum coverage requirements to receive favorable in- come-tax treatment. Explain the ratio test, which sat- isfies the minimum coverage requirement.
Briefly explain the basic characteristics of a defined- contribution retirement plan.
a. Describe the basic characteristics of a Section 401(k) plan.b. Describe the basic characteristics of a Section 403(b) plan (also called a tax-sheltered annuity).
Explain the reasons why social insurance programs are established.
Identify the major benefits provided by the Old-Age, Survivors, and Disability Insurance (OASDI) program.
Identify the major benefits under the Medicare program.
Describe the basic objectives and important provisions of state unemployment insurance programs.
Explain the basic objectives and major provisions of workers compensation programs.
Explain the basic objectives of state unemployment insurance programs.
Explain the eligibility requirements for receiving un- employment insurance benefits.
Identify the major benefits provided under a typical workers compensation law.1. The OASDI program provides retirement benefits to covered employees and their dependents.a. Briefly describe the
(3) A retired worker's spouse, age 45, who is caring for the 12-year-old daughter of the retired worker (4) A divorced spouse, age 55, who was married to a retired worker for six years.
The OASDI program pays survivor benefits to eligible family members based on the deceased worker's earn- ings record.a. Describe the eligibility requirements for OASDI survivor benefits.b. Explain
(2) A son, age 19, who is attending college full- time. (3) A surviving spouse, age 55, who has no chil- dren under age 16 in her care. (4) A surviving spouse, age 60, who has been out of the labor
The OASDI program pays disability benefits to a dis- abled worker and eligible family members.a. Describe the eligibility requirements for OASDI disability benefits.b. Explain whether each of the
A critic of state unemployment insurance programs stated that "unemployment insurance programs are designed to maintain economic security for unem- ployed workers, but several critical problems must
Workers compensation laws provide considerable fi- nancial protection to workers who have a job-related accident or disease.a. Explain the fundamental legal principle on which workers compensation
Define negligence and explain the elements of a negligent act.
Explain the following legal defenses that can be used in a lawsuit: Contributory negligence Comparative negligence Assumption of risk Last clear chance rule
Apply the law of negligence to specific liability situations.
Explain the defects in the current tort liability system and the proposals for tort reform.
Explain the following tort liability problems: Medical malpractice crisis Corporate fraud and lax corporate governance Increase in asbestos lawsuits
a. Define the meaning of negligence.b. Explain the four elements of negligence.
a. Explain the reasons for the medical malpractice crisis in the United States.b. Identify several proposals for dealing with the medical malpractice problem in the United States.
Briefly explain the following tort liability problems:a. Corporate fraud and lax corporate governanceb. Increase in asbestos suits
a. Parkway Distributors is a wholesale firm that employs several outside salespersons. Emily, a salesperson employed by Parkway Distributors, was involved in an accident with another motorist while
Mathew was involved in an auto accident. He was judged to be 40 percent at fault in the accident, and the other party was judged to be 60 percent at fault. Mathew's actual damages were $50,000. Under
Identify the major homeowners policies for homeowners, condominium owners, and renters.
Explain the major provisions in Section I of the Homeowners 3 policy, including Section I property coverages Section I perils insured against Section I exclusions
Given a specific property loss situation, explain whether the Homeowners 3 policy would cover the loss.
Explain the insured's duties after a loss occurs.
Explain and give an illustration of the loss settlement provision in the Homeowners 3 policy.
a. Coverage A and Coverage B under a Homeowners 3 policy insure the dwelling and other structures against "risk of direct physical loss." Explain the meaning of this phase.b. Coverage C under a
The Section I Conditions section of the Home- owners 3 policy deals with the payment of losses to an insured.a. How is the amount paid for a covered loss to per- sonal property determined?b. How is
Michelle purchased a Homeowners 3 policy with no special endorsements to cover her home and personal property. A fire occurred and destroyed a wide screen television. Heather paid $4000 for the TV
Megan has her home and personal property insured under an unendorsed Homeowners 3 (special form)policy. Indicate whether each of the following losses is covered. If the loss is not covered, explain
Carpeting is damaged from the overflow of water from a bathtub because Megan left the water run- ning while answering the telephone. m. The home is badly damaged in a severe earth- quake. As a result
Sarah owns a valuable diamond ring that has been in her family for generations. She is told by an appraiser that the ring has a current market value of $50,000. She feels that the ring is adequately
Explain the personal liability coverage found in Section II of the homeowners policy.
Explain the medical payments to others coverage found in Section II of the homeowners policy.
Identify the major exclusions that apply to the Section II coverages in the homeowners policy.
Explain the following endorsements that can be added to a homeowners policy: Inflation guard endorsement Personal property replacement cost endorsement
Explain the suggestions that consumers should follow when shopping for a homeowners policy.
What is the meaning of an occurrence under Section II of the homeowners policy?
Briefly describe the following endorsements that can be added to a homeowners policy:a. Earthquake endorsementb. Inflation guard endorsementc. Personal property replacement cost loss settlement
Briefly explain the suggestions that consumers should follow when shopping for a homeowners policy. APPLICATION QUESTIONS
Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there are no special endorsements. Give reasons for your answers.
Indicate whether the following losses are covered under Section II of the homeowners policy. Assume there are no special endorsements. Give reasons for your answers.a. The insured's dog bites a

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