No need for any explanation, please just provide answers for these multiple-choice questions.

16- There are three basic rules of risk management proposed in the text. The first and most important of these is

Select one:

a.don't risk a lot for a little.

b.consider the odds.

c.don't risk more than you can afford to lose.

d.insure bigger risks, prevent the smaller ones.

17- The unearned premium reserve of the XYZ Insurance Company was $10 million on December 31, 2020. On December 31, 2021, the unearned premium reserve was $11 million. The company wrote $12 million in premiums during 2021. Its earned premiums were

Select one:

a. $10 million.

b. $ 9 million.

c. $21 million.

d.$11 million.

18. The primary consideration in deciding how to deal with a particular risk is

Select one:

a.the cost of insurance.

b.the probability that the loss will occur.

c.the potential loss severity and one's ability to bear it.

d.the expected value of the loss.

19-The reinsurance arrangement in which the reinsurer does not pay unless the loss reaches a certain size is

Select one:

a.an excess-loss treaty.

b.a surplus treaty.

c.a facultative agreement.

d.a quota share treaty.

20-Financial risk management encompasses management of

Select one:

a.operational risk, strategic risk, and credit risk

b.compliance risk, credit risk, and strategic risk

c.pure risk, speculative risk, and strategic risk

d.credit risk, market risk, and liquidity risk