Please answer all of the multiple choice questions from the chapter in your textbook (Objective Questions) and the following short answer questions (Review Questions in the textbook). You must answer each question fully to receive credit for the completion of this homework 1.) Describe how the scope of risks encompassed in enterprise risk management differs from those of traditional corporate risk management. 2.) Explain why interest in risk management has increased dramatically in the United States in recent years. 4.) Describe the difference between pure and speculative risks. Provide an example of each. 5.) Describe the process of risk diversification, noting the two conditions that must exist for diversification to be effective. 6.) Explain why auto and life insurance are two types of risk that are well suited to diversification by insurers through the use of risk pooling. 11.) How does social Insurance differ from private insurance? In your answer, explain why some loss exposures are insured better through social insurance than through private insurance. 12) Explain why it may be advantageous for people to get insurance protection from employee benefit plans instead of buying individual insurance policies. 13.) List and briefly describe the five steps in the risk management process. 14.) Describe four different types of risk that need to be addressed by the risk manager in a typical corporation. Discuss whether each of these four types of risk are equally important across different industries. 15.) Describe the difference between loss frequency and loss severity. 16.) Describe the three broad categories of risk handling techniques used by risk managers. In your answer, provide at least two specific examples of each technique Ils