Question: Andrew owns a gun shop in a high crime area
Andrew owns a gun shop in a high crime area. The store does not have a camera surveillance system. The high cost of burglary and theft insurance has substantially reduced his profits. A risk management consultant points out that several methods other than insurance can be used to handle the burglary and theft exposure. Identify and explain two noninsurance methods that could be used to deal with the burglary and theft exposure.
Relevant QuestionsRisk 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 main manufacturing ...a. Define chance of loss.b. What is the difference between objective probability and subjective probability?Compare the risks of (i) Fire with (ii) War in terms of how well they meet the requirements of an ideally insurable risk.a. Explain the basic characteristics of social insurance programs.b. Identify the major social insurance programs in the United States.Avoidance is a risk-control technique that can be used effectively in a risk management program.a. What is the major advantage of using the technique of avoidance in a risk management program?b. Is it possible or practical ...
Post your question