Carefully follow the Instructions – Homework Guidelines and Submitting Homework to SafeAssign located in the Homework Section of BlackBoard. Hint: Read the questions carefully and be sure that you answer the questions asked. Many times students give correct information in an answer but that information is not the answer to the question. Also, utilize proper business writing techniques in your answers, i.e. be complete but concise, use proper grammar, sentence structure, spelling and punctuation. Double spaced please.
1. Refer to the article in the separate Blackboard Course listing RMI 2101 Bulk Pack Academic Year 2017-2018, under Topic 1, Optional Reading: “ N.J. Boardwalk Fire Blamed on Old Wiring Damaged by Hurricane Sandy”
a. Identify and briefly discuss one major type of pure risk illustrated in this article. Recall that there are three types of pure risk as discussed in class. (2 points)
b. Identify one example of a hazard illustrated in the article. (2 points)
c. What type of hazard is being illustrated by your example and Why? (2 points)
d. Explain why your answer is an example of a hazard in general. (2 points)
2. Refer to the article in the separate Blackboard Course listing RMI 2101 Bulk Pack Academic Year 2017-2018, under Topic 1, Core Reading: “ Wizards of Odds ” (Note: this article refers to risk as the probability of an event which is different than how we have defined this term in class as a measurement of uncertainty, however the article is still helpful in illustrating how people view risk differently)
a.) This article makes a case for the careful comparison and evaluation of two measurements of pure risk we discussed in class (the facts vs a person’s perception) Identify each. (4 points)
b.) What two High-risk hazards does the author think people underestimate? (2 points)
c.) What two Low-risk hazards does the author think people overestimate? (2 points)
3. Refer to the article in the separate Blackboard Course listing RMI 2101 Bulk Pack Academic Year 2017-2018, under Topic 1, Optional Reading, “On Location: The Risks of Movie Production”. Recall our discussion in class concerning the cost or burden of risk. Also read about this concept in Chapter 1 of your text under the heading ‘Financial Consequences of Risk’ on pages 1.12 – 1.14. and use 2 of these 3 components to answer this question properly.
Identify and briefly discuss two examples of the financial consequences of risk for a movie production company illustrated in this article. Briefly explain why each example you chose from the article represents a cost of risk. (5 points)
4. Refer to the bulk pack article in Topic 2: “Arranging Insurance for Health Clubs”
Among other things, this article discusses methods of Identifying Loss Exposures (Chapter 2) along with various types of loss exposures that are somewhat unique for health clubs.
Identify and briefly discuss two loss exposure identification methods illustrated in this article. Make sure you state specifically what type of loss each method is seeking to identify. (4 points)