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principles of risk management

Questions and Answers of Principles Of Risk Management

Joseph is the named insured under a Homeowners 3 policy (special form) with a liability limit of $100,000 per occurrence and a $1000 limit for medical pay- ments to others. For each of the following
Martha rents an apartment and is the named insured under a Homeowners 4 policy (contents broad form) with a liability limit of $100,000 per occurrence and $1000 medical payments. For each of the
Explain whether each of the following losses would be covered under Section II in the homeowners policy. If the exposure is not covered, explain how coverage can be obtained.a. The insured owns a
Jerry and Lois Gower own and operate the Gower Painting Co. The couple is insured under a Home- owners 3 policy with no special endorsements. The policy has a $100,000 per occurrence limit for per-
Identify the parties that are insured for liability coverage under the Personal Auto Policy (PAP).
Describe the liability coverage in the PAP.
Explain the medical payments coverage in the PAP.
Describe the uninsured motorists coverage in the PAP.
Explain the coverage for damage to your auto in the PAP.
Explain the duties imposed on the insured after an accident or loss.
Describe the major features of the uninsured motor- ists coverage (Part C) in the PAP.
Does the PAP cover you if you are driving a vehicle in a foreign country? Explain your answer. APPLICATION QUESTIONS
Fred has a PAP with the following coverages: Liability coverages: $100,000/$300,000/$50,000 Medical payments coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision
Stereo tapes valued at $500 are stolen from Fred's car. The car was locked when the theft occurred.m. While driving a rented golf cart, Fred accidentally injures another golfer with the cart.
Janet has a PAP with the following coverages: Liability coverages: $100,000/$300,000/$50,000 Medical payment coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision
Describe each of the following approaches for compensating auto accident victims: Financial responsibility laws Compulsory insurance laws Unsatisfied judgment fund Uninsured motorists coverage
Explain the meaning of no-fault auto insurance and the rationale for no-fault insurance laws.
Describe each of the following methods for providing auto insurance to high-risk drivers: Auto insurance plan Joint underwriting association (JUA) Reinsurance facility
Identify the major factors that determine the cost of auto insurance to consumers.
Explain the suggestions that consumers should follow in shopping for auto insurance.
a. Explain the meaning of no-fault auto insurance.b. What is the difference between a monetary thresh- old and a verbal threshold?c. Describe the major types of no-fault laws.d. List the arguments
Explain the suggestions that consumers should follow when shopping for an auto insurance policy. APPLICATION QUESTIONS
All states have financial responsibility or compulsory insurance laws that require motorists to carry at least minimum amounts of auto liability insurance.a. What are the various ways in which proof
Uninsured motorists coverage is another approach to the problem of uninsured drivers.a. Explain the advantages of the uninsured motorists coverage in meeting the problem of uninsured drivers.b.
Some states have passed some type of no-fault auto insurance laws to compensate injured auto accident victims.a. Describe the no-fault benefits that are typically paid in a state with a no-fault
Society has the problem of providing auto insurance to high-risk drivers, including irresponsible drivers, drunk drivers, and drivers who habitually break traf- fic laws. An automobile insurance plan
Describe the following ISO dwelling forms: Dwelling Property 1 (basic form) Dwelling Property 2 (broad form) Dwelling Property 3 (special form)
Explain how a mobilehome can be insured.
Identify the types of property that can be insured under a personal articles floater.
Explain how recreational boats can be insured.
Explain the basic provisions of the national flood insurance program.
Explain the major characteristics of a personal umbrella policy.
The 150 dwelling program has several forms. Describe the characteristics of each of the following:a. Dwelling Property 1 (basic form)b. Dwelling Property 2 (broad form)c. Dwelling Property 3 (special
A personal articles floater (PAF) provides comprehen- sive protection for valuable personal property. Give three examples of property that might require cover- age under a PAF instead of a standard
Why are buildings in flood zones difficult to insure by private insurers?
Dan has a personal umbrella policy with a $1 million limit. The self-insured retention is $250. Dan has a homeowners policy with no special endorsement and an auto insurance policy. The policies have
Explain the basic provisions in the building and personal property coverage form, including Covered property Optional coverages Additional coverages Extensions of coverage
Identify the causes of loss that are covered under the following forms: Causes-of-loss basic form Causes-of-loss special form Causes-of-loss broad form
Explain how a business income loss is determined under the business income (and extra expense) coverage form.
Explain what is covered by each of the following ocean marine policies, including Hull insurance Cargo insurance Protection and indemnity (P&I) insurance Freight insurance
Identify the types of property that can be covered by an inland marine insurance policy.
Describe the major provisions in a businessowners policy (BOP), including Coverages provided Additional coverages Optional coverages
The business income (and extra expense) coverage form contains a number of policy provisions. Explain the following provisions:a. Business income lossb. Coverage of extra expenses
A businessowners policy (BOP) contains a number of coverages. Explain the following:a. Coverage of buildingsb. Coverage of business personal propertyc. Covered causes of lossd. Additional coverages
Michael owns a television repair shop that is insured under a commercial package policy. The policy includes the building and personal property coverage form and the causes-of-loss broad form. The
Never-Die Battery manufactures batteries for indus- trial and consumer use. The company purchased a commercial package policy (CPP) to cover its prop- erty exposures. In addition to common policy
An Ocean Transfer cargo ship was forced to jettison some cargo in a severe ocean storm. The various interests in the voyage at the time the property was jettisoned are the following: Value of the
The value of business personal property at Jennifer's business fluctuates periodically, which is due largely to fluctuations in the value of inventory on hand. Jen- nifer's property insurance policy
Richard owns and operates a small furniture store. In addition to Richard, the firm employs two sales repre- sentatives. Richard's agent advises him that the store can be insured under a
Identify the major liability loss exposures of business firms.
Describe the basic coverages provided by the commercial general liability (CGL) policy.
Explain the coverage provided by a workers compensation and employers liability policy.
Describe the important provisions of a commercial umbrella policy.
Identify the liability coverages provided by a businessowners policy (BOP).
Describe the basic characteristics of a professional liability policy for physicians.
Explain the coverage provided by directors and officers (D&O) liability insurance.
Define each of the following:a. Products liabilityb. Completed operationsc. Contractual liabilityd. Contingent liability
Ben owns an appliance and furniture store and is insured under a commercial general liability policy written on an occurrence basis. Explain whether Ben's CGL policy would provide coverage for each
Define theft, robbery, burglary, and safe burglary.
Identify the insuring agreements in the commercial crime coverage form (loss-sustained form).
Explain the difference between the discovery form and the loss-sustained form.
Identify the basic insuring agreements in a financial institution bond for a commercial bank.
Show how surety bonds differ from insurance.
Identify the major types of surety bonds and give an example of where each can be used.
a. Explain the difference between a discovery form and a loss-sustained form.b. What is the purpose of the retroactive date en- dorsement that might be attached to a policy writ- ten on a discovery
Patrick is the owner of a liquor store that is in- sured under an ISO commercial crime coverage form (loss-sustained form) with the following insuring agreements: Employee Theft Inside the
Explain the meaning of risk.
Distinguish between pure risk, speculative risk, and enterprise risk.
Identify the major pure risks that are associated with financial insecurity.
Understand how risk is a burden to society.
Explain the major methods of handling risk.
a. Explain the meaning of risk.b. How does objective risk differ from subjective risk?
a. What is the difference between peril and hazard?b. Define physical hazard, moral hazard, morale haz- ard, and legal hazard.
a. Explain the difference between pure risk and spec- ulative risk.b. How does fundamental risk differ from particular risk?
List the major types of pure risk that are associated with great financial insecurity.
Briefly explain each of the following methods of han- dling risk. Give an example of each.a. Avoidanceb. Loss controlc. Retentiond. Noninsurance transferse. Insurance
There are several techniques available for handling risk. For each of the following risks, identify an ap- propriate technique, or combination of techniques, that would be appropriate for dealing
Explain the basic characteristics of insurance.
Explain the law of large numbers. Describe the requirements of an insurable risk from the viewpoint of a private insurer.
Identify the major insurable and uninsurable risks in our society.
Describe the major types of insurance.
Explain the social benefits and social costs of insurance.
Certain requirements ideally should be fulfilled before a pure risk can be privately insured. Explain the six requirements of an insurable risk.
Identify the approaches that insurers can use to deal with the problem of a catastrophic loss.
a. Explain the basic characteristics of social insur- ance programs.b. List the major social insurance programs in the United States.d. Tyler, age 35, recently purchased a house for $200,000 that is
Compare the risks of (i) fire with (ii) war in terms of how well they meet the requirements of an insurable risk.
a. Private insurers provide social and economic bene- fits to society. Explain the following benefits of insurance to society. (1) Indemnification for loss (2) Enhancement of credit (3) Source of
Private insurance provides numerous coverages that can be used to meet specific loss situations. For each of the following situations, identify a private insurance coverage that would provide the
Define risk management and explain the objectives of risk management.
Explain the major risk control techniques, including Avoidance Loss prevention Loss reduction
Explain the major risk-financing techniques, including Retention Noninsurance transfers Insurance
Apply the principles of risk management to a personal risk management program.
a. Identify the sources of information that a risk manager can use to identify loss exposures.b. What is the difference between the maximum pos- sible loss and maximum probable loss?
a. Explain the meaning of risk control.b. Explain the following risk-control techniques.
Avoidance
Loss prevention
Loss reduction
a. Explain the meaning of risk financing.b. Explain the following risk-financing techniques.
Retention
Noninsurance transfers

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