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1. The death of a child of 7 years, in an "economic sense" is an example of Select one: O a. a. Personal Risk, risk of premature death O b. a. Personal risk O C. a. Person risk, risk of poor health O d. a. Liability risk1. In the county of ESSENFOLK, 25% of homes are damaged by fire in a given year, 15% are damaged by flood in a given year, and 10% are damaged both by fire and flood in a given year. A home is selected at random. If the home is damaged by fire, what is the probability that it is damaged by flood? Select one: O a. a. 2/3 O b. a. 2/5 O C. a. 3/10 O d. a. 11. A property insurer has 10,000 houses insured over a long period and on average 1% burn each year. If in some years 95 houses may burn and in other year, as many as 105 may burn. What is the Objective Risk Select one: O a. 1% O b. 10% O c. 5% O d. 100%1. A food company that agrees to deliver cereal at a fixed price to a supermarket for 6 months is specifically exposed to type of enterprise risk Select one: O a. a. Speculative risk O b. a. Strategic risk O C. a. Operational risk Od. a. Financial risk1. A bookkeeping account that is charged with actual or expected losses from a given exposure is an example of Select one: O a. a. Funded reserve O b. a. Credit line O C. a. Current net income O d. a. Unfunded reserve1. Which is the correct definition of Normal Loss expectancy Select one: O a. a. The dollar loss expected when both private and public protection systems are operative. O b. The dollar loss expected when a critical part of the protection system, such as an automatic sprinkler, is out of service or ineffective O C. a. The dollar loss expected when none of the private protection systems are functioning. The fire in this case would probably burn until stopped by a fire wall, until it burns all its fuel, or until the public fire department summoned by an outsider, arrives. O d. a. The dollar loss expected when all private and public protection systems are inoperative or ineffective.1. Select the incorrect row in the Risk Management Matrix listing below TYPE OF LOSSLOSS FREQUENCYLOSS SEVERITYRISK MANAGEMENT TECHNIQUE a. 1LowLowLoss prevention b. 2HighLowLoss prevention and Retention C. 3LowHighInsurance d. 4HighHighAvoidance Select one: O a. a. 1LowLowLoss prevention O b. a. 2HighLowLoss prevention and Retention O C. a. 3LowHighInsurance O d. a. 4HighHighAvoidanceObjective risk can be measured by all but the following Select one: O a. Standard Deviation O b. Mean O c. Variance O d. Coefficient of variationDamage to property from fire is an example of Select one: O a. a. Speculative risk O b. a. Pure risk O C. a. Fundamental risk Od. a. Enterprise risk1. The major social and economic costof insurance not include Select one: O a. a. Enhancement of debit O b. a. Reduction in worry and fear O C. a. Loss prevention O d. a. Fraudulent claims