1. Three rules of risk management proposed by Mehr and Hedges are discussed in this chapter. List these rules and explain the implications of each in determining what should be done about individual exposures facing a business firm.
2. Identify the reasons for self-insurance and the disadvantages of self-insurance.
3. List the types of insurers as classified by legal form of ownership,
4. Government insurance programs may compete with those of private insurers, may involve cooperation between government and private insurers, or may be a monopoly. Give an example of a government insurance program in each of these three categories.
5. Explain why the field of insurance has been regarded as a type of business that requires government regulation.
6. Distinguish among a domestic company, a foreign company, and an alien company.
7. Distinguish between "perils" and "hazards" and give two specific examples of each.
8. With respect to each of the following, indicate whether you would classify the event or condition as a peril or a hazard: an earthquake, sickness, worry, a careless act, an economic depression.
9. With respect to each of the following, indicate whether you would classify the event or condition as a peril or a hazard: an earthquake, sickness, worry, a careless act, an economic depression.
10. Distinguish among traditional risk management, financial risk management, and enterprise risk management.
11. Explain the dual application of the law of large numbers as it pertains to the operation of insurance.
12. Give examples of three uninsurable exposures and indicate why each is uninsurable.
13. What are the costs to society of insurance and what are the contributions that insurance makes to society that justify these costs?
2. Identify the reasons for self-insurance and the disadvantages of self-insurance.
3. List the types of insurers as classified by legal form of ownership,
4. Government insurance programs may compete with those of private insurers, may involve cooperation between government and private insurers, or may be a monopoly. Give an example of a government insurance program in each of these three categories.
5. Explain why the field of insurance has been regarded as a type of business that requires government regulation.
6. Distinguish among a domestic company, a foreign company, and an alien company.
7. Distinguish between "perils" and "hazards" and give two specific examples of each.
8. With respect to each of the following, indicate whether you would classify the event or condition as a peril or a hazard: an earthquake, sickness, worry, a careless act, an economic depression.
9. With respect to each of the following, indicate whether you would classify the event or condition as a peril or a hazard: an earthquake, sickness, worry, a careless act, an economic depression.
10. Distinguish among traditional risk management, financial risk management, and enterprise risk management.
11. Explain the dual application of the law of large numbers as it pertains to the operation of insurance.
12. Give examples of three uninsurable exposures and indicate why each is uninsurable.
13. What are the costs to society of insurance and what are the contributions that insurance makes to society that justify these costs?
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