The Chief Risk Officer of Fast Learning Academy Ltd wants to include the total cost of risk for the company in his presentation at the next board meeting. The information obtained from the risk managers include the following: The monthly insurance premiums are R962 500 per month. The premiums provide insurance cover for items such as property, furniture and office equipment, business interruption and liability. The premium for unemployment insurance fund (UIF) is R400 000 per month. The contributions to Compensation for Injuries and Diseases are R462 000 per month. The company has submitted several claims through the past year. A total of 120 laptops were stolen at an average cost of R25 000 per laptop. An excess payment of R3 000 per claim is applicable for laptops. The academy has a fleet of 40 cars. An excess of R5 000 per claim is payable. The average damage per accident was R65 000 and 15 claims were submitted. The fleet is also equipped with tracking devices with a total cost of R760 000. The academy has cyber risk cover for R5 000 000, with an excess payment of R50 000 per claim. The insurance policy states that the insurer must