Chris and Karen are married and own a three-bedroom home in a large Midwestern city. Their son,
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The family's home contains household furniture, personal property, a computer that Chris uses to prepare business tax returns on weekends, and a laptop computer that Karen uses while traveling. The Swifts also own three cars. Christian drives a 2004 Ford;
Chris drives a 2009 Pontiac for both business and personal use; and Karen drives a 2011 Toyota and a rental car when she is traveling. Although the Swifts have owned their home for several years, they are considering moving because of the recent increase in violent crime in their neighborhood.
a. Describe briefly the steps in the personal risk management process.
b. Identify the major pure risks or pure loss exposures to which Chris and Karen are exposed with respect to each of the following:
1. Personal loss exposures
2. Property loss exposures
3. Liability loss exposures
c. With respect to each of the loss exposures mentioned above, identify an appropriate personal risk management technique that could be used to treat the exposure.
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Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
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