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business
principles of risk management

Questions and Answers of Principles Of Risk Management

Briefly describe the Bodily Injury and Property Damage Liability coverage in a commercial general liability (CGL) policy.
Kathy owns a large retail electrical store that sells light fixtures, lamps, and electrical equipment. The firm is not insured for employee theft. A risk management consultant recommended adding an
Martin, 58, is widowed and lives with his friend Amanda, 50. Martin works as a taxi driver. His monthly income is around $1,300, though it varies across months. He owns an apartment with a current
Explain the factor(s) that can be ignored when deterring the cost of life insurance.
a. Explain the two principal types of interest-adjusted cost indexes.b. What are the factors that should be considered when using interest-adjusted cost data to compare insurance policies?
a. Sunrise Travel Ltd has fidelity guarantee insurance to cover any fraudulent acts of its staff and agents for a period of one year starting on January 1, 2012. A credit note was issued to a
When developing rates and premiums for a class of business, insurers need to take account of a range of internal factors, such as expenses and contingency loading. Outline how an underwriter must
AOL Company is an oil and gas company operating in Southeast Asia. The management decided to expand its commodity-based business to countries in Asia and Europe. What types of risk may be faced by
The chance of loss could be increased or decreased by different conditions, called hazards. For each of the following, identify the type of hazard.a. The presence of ice on the road.b. A motorist
There are several techniques of managing risk. Give an example of how each of the following risk-control methods can be implemented.a. Avoidance: the risk of sinking (by human).b. Loss prevention:
Alice lives in a house on the bank of a river. In the last 10 years, the river has flooded the surrounding areas six times, leaving Alice’s house partially damaged. As Alice lives in a flood-prone
Every company faces a variety of pure risks that can have serious financial consequences if a loss occurs. For each of the following threats, identify the category of risk. Explain your answer.a.
a. What is the definition of insurance?b. From the definition, identify four basic characteristics of insurance.
Imagine a situation where all students in your class decide to insure against the risk of failing a quiz in the form of a remedial class funded by premiums collected from the rest of the class.
a. Explain how society benefits from indemnification for loss. Give examples.b. Explain how conducting business in insurance costs society. Give examples.
While numerous government insurance programs are in operation across the world, social insurance is usually treated as a part of social policy, with each country having different solutions. List the
Explain the term social insurance.
Give at least four examples of fraudulent claims.
a. Explain how insurance can provide benefits to the community.b. Explain how insurance can be costly to society.
Why does nonlife insurance typically use the term “property and casualty insurance” rather than “property and liability insurance”?
a. Explain how a society benefits from loss prevention.b. Give at least three examples of loss-prevention programs supported by insurance companies.
Kind Sicherheit is a manufacturer of childcare safety products, primarily car seats and strollers. The products are sold directly to independent retailers in Europe. The company’s risk manager
Explain the difference between risk management and insurance management.
The Silver Drive company is a taxi operator in Singapore, which owns a fleet of 5,000 cars. The risk manager is considering a partial retention program for physical losses to company cars.a. Identify
a. What are the steps in the risk management process?b. Among all the steps in the risk management process, which is considered the most critical or important
Loss prevention and loss reduction are risk-control techniques that can be effectively used by an organization to manage risk exposure.a. Give an example of a company’s loss exposure where the
a. What is the meaning of value at risk (VAR)?b. To what type of asset is VAR applied?
What are the advantages of the direct response system for marketing life insurance?
Why are some mutual insurers referred to as “assessment mutuals”?
Describe the major categories of potential loss exposures that a risk manager should consider and identify.
The head of the risk management department at a car manufacturing company has identified the following crucial loss exposures: (1) defective product with slight probability and significant loss
Explain the advantages and disadvantages of retention as a risk-financing technique.
a. What are the reasons for creating a captive insurer?b. What is the difference between a single parent captive and a group captive?
a. What is self-insurance?b. What is a risk retention group?
Enterprise risk management programs differ from traditional risk management programs. What additional expertise, aside from knowledge of hazard risks, must a Chief Risk Officer possess?
Use a risk management matrix to illustrate how to choose risk management techniques depending on loss exposures.
Why might members of an organization resist the implementation of an enterprise risk management program? How can this resistance be overcome?
What are the steps in the enterprise risk management process?
What broad categories of risks are considered in an enterprise risk management program?
Why might the risk treatment method selected under a traditional risk management program differ under an enterprise risk management program?
How are a risk register and a risk map used in an enterprise risk management program?
Explain how the following terms are used in loss control investment decisions.a. Capital budgetingb. Time value of moneyc. Internal rate of return
What are the benefits of implementing an enterprise risk management program?
A risk manager self-insured a property risk for one year. The following year, even though no losses occurred, the risk manager purchased property insurance to address the risk. What is the best
What is the underwriting cycle? How do industry capacity and investment returns impact the insurance market?
What is meant by “securitization of risk”? How does a catastrophe bond differ from a regular corporate bond?
Explain the difference between a “retail” and “wholesale” intermediary and describe the two types of “wholesalers.”
The financial services field is currently experiencing consolidation and convergence. If both of these trends continue, what would we observe in the future?
Martin and his friend Jane are involved in a car accident. Martin, who was driving, has a car insurance. His car is damaged, and he has to send a notice to his insurer to initiate the claim
You are an underwriter for ABC Insurance. You received a life insurance proposal for medical insurance with premium payment. The prospect disclosed that he had undergone surgery to correct a
XYZ Insurance Company’s balance sheet shows that its total assets are valued at €320 million and total liabilities at €280 million. Based on this information, determine the owners’ equity for
Briefly discuss the two principal types of financial reserves needed to be maintained by property and casualty insurers.
The insurance company Helmet is considering acquiring BeSafe, a life insurance company. According to BeSafe’s most recent financial statements, its loss ratio stands at 0.9, and its expense ratio
Identify the various ways of measuring profit or loss for an insurance company.
For the past calendar year, the casualty insurance company Pillow reported the following financial information for a specific line of insurance:Incurred losses – $120 millionUnderwriting expenses
What are technical provisions, and why are they important?
The property insurer ABC incurred losses and loss-adjustment expenses of $750,000 in its car insurance line of business. The insurance company earns $1 million on premiums. The expected loss ratio is
What risks should be taken into account when calculating a life (re)insurer’s solvency capital requirements?
What are the main arguments against using insurance scores?
What is the rationale behind insurers using an applicant’s record in the underwriting and rating of auto and homeowner’s insurance?
Explain the meaning of policyholders’ surplus of an insurer.
Jane had a bike that was stolen. The bike cost €2,000 when it was purchased two years ago. A similar bike today can be purchased for €2,400. Assuming that the bike was 25 percent depreciated at
Xiao bought a new tea set for CNY 1,000 (Chinese yuan) and insured all their home assets on an actual cash value basis. The set was destroyed during a huge flood four years later. The property’s
a. Explain the principle of utmost good faith.b. What are its historical roots?
In property insurance, indemnification is based on the actual cash value. Give examples of different methods used in other types of insurance.
Julian, age 45, would like to determine how much life insurance to purchase using the human life value approach. He assumes his average annual earnings over the next 20 years will be $40,000. Of this
To calculate human life value, which costs need to be deducted from a person’s average annual earnings?
a. Define human life value.b. Describe the steps in determining the human life value of a family head.
Describe the three basic forms of life insurance.
Which types of families are likely to have the least need for a large amount of life insurance?
a. Explain the basic characteristics of universal life policies.b. Explain the limitations of universal life insurance.c. Compare and contrast the following features of universal life and indexed
Why do certain policies, such as universal life and variable life, contain substantial investment risk?
a. What is a preferred risk policy?b. Explain the basic features of second-to-die life insurance and describe a situation in which a policy might be appropriate.
a. How can all ownership rights in a life insurance policy be transferred?b. What are the sources of life insurance dividends?
Al was named the beneficiary in his mother’s life insurance policy. His mother died during the contestable period. The insurer denied payment, citing a material misrepresentation on the
Jolie has purchased a whole life insurance policy on June 30, 2008. The details of the policy are as follows:■ Basic plan sum assured RM200,000 with waiver of premium rider■ Accelerated critical
Briefly explain accelerated death benefits. What are the circumstances that could trigger payment of accelerated benefits?
a. What is a viatical settlement?b. What is a life settlement?c. Briefly explain the problem of stranger-owned life insurance (STOLI).
Why might the use of “grades” assigned by a life insurance company rating organization not be a reliable guide for consumers? Why might the use of “grades” assigned by a life insurance
Why might the use of “grades” assigned by a life insurance company rating organization not be a reliable guide for consumers?
Although both immediate and variable annuities can provide lifetime income to annuitants, they differ in important ways. Compare and contrast (1) an immediate annuity with (2) a variable annuity with
Explain the payment of benefits of a fixed annuity.
Juanita paid a life insurer $45,000 in exchange for an immediate life annuity. Juanita will receive $500 per month from the insurer, and her life expectancy is another 15 years (180 months). What is
Under the new U.S. Patient Protection and Affordable Care Act, what are the provisions provided to ensure the quality of healthcare with lower costs?
Patrick works for a large insurance broker in London that specializes in international health insurance. He has received a phone call from Max and Chloe, who are traveling abroad for six months and
Briefly explain the following characteristics of longterm care insurance.a. Types of long-term care policiesb. Triggers to become eligible for benefitsc. Exclusionsd. Protection against inflation
State at least five general exclusions that are typically found in a private health insurance policy.
Maria, age 28, and Mike, age 30, are married and have a one-year-old son. Maria is covered under her employer’s group medical expense plan as an employee. She is also covered under Mike’s plan as
Different countries adopt different approaches to funding healthcare costs. Outline each of the following methods that may be used to fund healthcare internationally: Taxation, social health
What are some of the reasons for having a minimum participation requirement before a group is eligible for insurance?
What is the purpose of stop-loss insurance that is used with self-insured group medical expense plans?
Megaintel Sdn. Bhd. is a new small-sized company. The company, which has 28 employees, is in the process of establishing a retirement plan. The company is considering several qualified retirement
A qualified retirement plan must not discriminate in favor of highly compensated employees. Explain the ratio percentage test to evaluate discrimination.
Emma is a 34-year-old unmarried accountant with no dependents. She is employed by a small company with 45 employees. Emma is a very ambitious employee with great prospects for the future. Her current
a. Discuss the main advantages and disadvantages of defined-benefit retirement plans.b. Explain the different kinds of defined-benefit retirement formulas. What formula will you prefer to be applied
Briefly describe a funding agency and a funding instrument.
Define the eligible employee for participation in simplified employee pension (SEP).
Use the Global Health Observatory (GHO) data and compare the life expectancy of males and females in your country. Discuss the differences in life expectancy of males and females as well as those
What are the reasons for a government to provide a social insurance program?
Adam Smith is 48 and an IT consultant. He has a wife Lisa, 47, and three sons, Michael, 24, John, 22, and Alan, 5. John works as teacher and has his own apartment. Michael is Adam’s son from a

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