2: FIN 361. Chapter 2. Risk management and Insurance 1. This assignment has one case application to be solved 2. Due date is Sunday, March 27, 2022. Class time at 10:00 am. 3. Assignment should be prepared in good hand writing or printed. 4. The assignment can be submitted as group (4 students for each group at the maximum). Also, the assignment can be submitted on individual basis. 5. Late submission and email submission are not allowed by any means CASE APPLICATION There are many instances of insurance fraud. For exam ple, Gloria Eun Hye Lee, 36, owned the Prince and Prin- cess Pet Boutique in Las Vegas. Lee and her husband were facing huge financial problems and were bankrupt In an attempt to resolve the situation, Lee attempted to burn down the store and use her insurance money. However, the security cameras in the store captured the event and foiled her attempt at insurance fraud. Fortunately, the sprinklers doused the flames and no animals were killed. Lee was tried and was given a sentence of 5 to 14 years. Explain which of the requirements of an insurable risk are met and which are not met by the arson peril