In insurance terms, a "peril" is frequently described as a cause of loss while an "exposure" is a hazard threatening a risk due to internal or external physical conditions. Which one (1) of the following is NOT a peril? OA) Lightning. OB) Natural gas heating. OC) Windstorm. OD) Burglary.
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- Lily believed that a prospective insured's building might be considered a highly protected risk. Which one of the following buildings is most likely to be considered a highly protected risk? A small building located in the middle of a very rural area A masonry noncombustible industrial complex that relies on its own water supply An office building without any public fire protection A large fire-resistive building with automatic sprinkler systemsClassify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos:a. A hurricane on the U.S. East Coast floods a regional warehouse destroying a large amount of stock.b. A machine on the plant floor breaks down for an hour.c. Bad weather on the weekend causes an increase in demand for umbrellas.d. A cool summer causes a decrease in demand for air conditioners for that season.e. The excavation process for a new manufacturing plant in the U.S. Midwest uncovers an archaeological find of such significance that no building can take place on that site and a new site for the plant must be found.f. Competitors to the iPad launch smaller tablet computers before the iPad mini is ready to launch, thus negatively affecting demand for the iPad.g. The Second World War caused auto manufacturers to switch to producing military vehicles.h. A drug is found to have dangerous side effects following its launch.i. The transportation disruptions, including the grounding of…Which of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it.
- The remaining part of the case and question below : Fortunately, shipboard emergencies are infrequent, but when they do occur they are problematic. For instance, the Costa Concordia hit a rock and sank off Italy, causing32 people to die. A generator fire on the Carnival Triumph stranded 4000 passengers for four days. Sporadically, viruses causing diarrhea and vomiting strike cruise ships, causingCarnival to take an infected ship out of service to eradicate all traces of the virus by sanitizing virtually every object on board.Although these incidents are costly, the cruise industry has a fatality rate three times better than airlines. Economic Issues Spending for a cruise is generally considered discretionary. During recessions, people are more apt to take shorter cruises and to embark from nearby ports rather than flying to faraway points of departure. Interestingly, however, in comparison with other segments of the tourist industry, cruise lines have fared well during economic…All of the following are sources of information to an insurance company pertaining to the insurability of an applicant except A) The applicant's personal appearance B) Medical examination report C) Agent's inspection report D) Government tax recordsUsing the basic risk management matrix, explain the following: a. When would you buy insurance? b. When would you avoid the risk? c. When would you retain the risk? d. When would you use loss control?
- The International Organization for Standardization is the first globally recognized standard related to risk management: a) True b) False7. Assume that there is a 9% rate of disk drive failure in a year. a. If all your computer data is stored on a hard disk drive with a copy stored on a second hard disk drive, what is the probability that during a year, you can avoid catastrophe with at least one working drive? b. If copies of all your computer data are stored on three independent hard disk drives, what is the probability that during a year, you can avoid catastrophe with at least one working drive? a. With two hard disk drives, the probability that catastrophe can be avoided is nothing. (Round to four decimal places as needed.)which of the following does not denote the type of classification of risks? a) Risk can be classified according to the nature of the attributes of the risks b) Risks can be classified according to its denominations c) Risks can be classified according to the timescale of impact after the event occurs d) Risk can be classified according to its origin
- Define each of the following terms:a. Acceptable risk of overreliance (ARO)Classify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos:a. A hurricane on the U.S. East Coast floods a regional warehouse destroying alarge amount of stock7. A piece of equipment has a lifetime T (measured in years) that is a continuous ran- dom variable with cumulative distribution function F(t) = 1 – e/10 – (1/10) e¯/10 for all t> 0. a. What is the probability density function of T? b. What is the probability that a piece of equipment survives more than 20 years? c. What is the probability that a piece of equipment survives more than 10 years but fewer than 20 years? d. What is the probability that a piece of equipment survives more than 20 years given that it has survived for 10 years? 8. For the equipment mentioned in Problem 7, a. Derive the failure rate function r(1), and draw a graph of the function. b. Without using the failure rate function, determine the probability that a piece of equipment that has survived 20 years of operation fails in the 21st year. c. Does r(20) accurately estimate your answer to part (b)? Why or why not?