DISCUSSION QUESTION: There are several techniques available for managing risk. For each of the following risks,...

DISCUSSION QUESTION: There are several techniques available for managing risk. For each of the following risks, identify an appropriate technique or combination of techniques, that would be appropriate for dealing with risks.

a. A family head may die prematurely because of a heart attack.

b. An individual’s home may be totally destroyed in a hurricane.

c. A new car may be severely damaged in an auto accident

d. A negligent motorist may be ordered to pay a substantial liability judgment to someone who is injured in an auto accident.

e. A surgeon may be sued for medical malpractice.

Expert Solution

a.A family head may die prematurely because of a heart attack.

This risk can be managed by taking a life insurance. The insurance company guarantees a death benefit to the beneficiaries upon the death of the insured. This provides financial protection to the dependents of the insured.

b.An individual’s home may be totally destroyed in a hurricane.

This risk can be managed by taking an home insurance. It is an insurance, which covers a private residence from perils such as burglary, earthquake, flood, vandalism, fire, lightening and many more. It provides financial protection against disasters. It can protect a private residence against the damage to the property and personal possessions inside.

c.A new car may be severely damaged in an auto accident

This risk can be managed by taking an auto insurance An auto insurance is an insurance which provides financial protection in the event of an accident or theft. It provides medical payment for injury while driving the vehicle. It provides reimbursement in the event of an accident.

d.A negligent motorist may be ordered to pay a substantial liability judgment to someone who is injured in an auto accident.

This risk can be managed with vehicle insurance. It reimburses the person who has taken insurance when an accident is caused by a person who does not have insurance. Some insurance policies reimburses others for the damage caused by the insured.

e.A surgeon may be sued for medical malpractice

This risk can be managed with malpractice insurance. It is an insurance purchased by healthcare professionals, which protects them from the liability arising from negligent and wrongful practice. It protects healthcare professionals against patients who sue them.

I hope that was helpful :)

jeff jeffy answered 2 years ago

There are several techniques available for managing risk. For each of the following risks and risk-control...

There are several techniques available for managing risk. For each of the following risks and risk-control methods, give an example of how the method can be implemented. a. Avoidance: the risk of sinking (by human). b. Loss prevention: the risk of family head’s premature death because of a heart attack. c. Lossreduction(ingeneral):theriskofburningacar because of fire. d. Loss reduction (by duplication): the risk of losing accounting documentation. e. Loss reduction (by separation): the risk of losing all money by pickpockets during...

Explain the difference between market risk and credit risk. Are techniques for managing market risk appropriate...

Explain the difference between market risk and credit risk. Are techniques for managing market risk appropriate for managing credit risk? EMERGENCY PLEASE HELP

QUESTION TWO In managing risk, the funds for paying retained losses are generally secured from several...

QUESTION TWO In managing risk, the funds for paying retained losses are generally secured from several alternative sources, identify five (5) of them and explain in details with illustrations

Risk managers use a number of methods for managing risk. For each of the following, what...

Risk managers use a number of methods for managing risk. For each of the following, what method for handling risk is used?Explain your answer. a. The decision not to carry earthquake insurance on a firm's manufacturing plant b. The installation of an automatic sprinkler system in a hotel. c. The decision not to produce a product that might result in a product liability lawsuit. d. Requiring retailers who sell the firm's product to sign an agreement releasing the firm from...

Discussion: Managing Risks Associated with Compressing the Project Schedule What are the options for the project...

Discussion: Managing Risks Associated with Compressing the Project Schedule What are the options for the project team when it becomes clear from the network/PERT diagram and critical path that the project is scheduled to take longer than the sponsor and senior stakeholders expect? This is a common situation and it is important for project managers to prepare themselves to address this situation and systematically consider the options. We will start our schedule compression analysis with the assumption that all the...

identify each of the following risks as most likely to be systematic risk or diversifiable risk

In business, risk management is define as the process of identifying, monitoring and managing potential risks...

In business, risk management is define as the process of identifying, monitoring and managing potential risks in order to minimize the negative impact they may have on an organization. Illustrate the FOUR (4) important steps for risk management in chart.

Compare the following risks: Preventable risks, Strategy risks, and External risks. subject : risk management is...

Compare the following risks: Preventable risks, Strategy risks, and External risks. subject : risk management is construction

Answer each of the following questions related to managing labor relations. This unit's discussion board assignment...

Answer each of the following questions related to managing labor relations. This unit's discussion board assignment consists of the following activities: 1) Why do employees choose to join labor unions? 2) How have unions improved working conditions for US workers? 3) Give two examples for each question listed above.

1)Personal Risk Assessment and Risk Management Techniques‒Evaluate your OR your family’s personal, property, and liability risks...

1)Personal Risk Assessment and Risk Management Techniques‒Evaluate your OR your family’s personal, property, and liability risks and explore options for managing those risks Requirements (Personal Risk Assessment) ‒Select TWO of the following three categories of risk on which to focus your evaluation 1.Automobile-related risks Discuss both physical damage and liability risks for injury and property damage 2.Homeowner and/or Renter-related risks Discuss both property and liability risks for injury and property damage 3.Life and health-related risks ‒Include these 3 sections (at...

Question