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business
principles of risk management

Questions and Answers of Principles Of Risk Management

What broad categories of risks are considered in an enterprise risk management program?
Why might the risk treatment method selected under a traditional risk management program differ under an enterprise risk management program?
How are a risk register and a risk map used in an enterprise risk management program?
Explain how the following terms are used in loss control investment decisions.a. Capital budgetingb. Time value of moneyc. Internal rate of return
What are the benefits of implementing an enterprise risk management program?
A risk manager self-insured a property risk for one year. The following year, even though no losses occurred, the risk manager purchased property insurance to address the risk. What is the best
What is the underwriting cycle? How do industry capacity and investment returns impact the insurance market?
What is meant by “securitization of risk”? How does a catastrophe bond differ from a regular corporate bond?
Explain the difference between a “retail” and “wholesale” intermediary and describe the two types of “wholesalers.”
The financial services field is currently experiencing consolidation and convergence. If both of these trends continue, what would we observe in the future?
Martin and his friend Jane are involved in a car accident. Martin, who was driving, has a car insurance. His car is damaged, and he has to send a notice to his insurer to initiate the claim
You are an underwriter for ABC Insurance. You received a life insurance proposal for medical insurance with premium payment. The prospect disclosed that he had undergone surgery to correct a
XYZ Insurance Company’s balance sheet shows that its total assets are valued at €320 million and total liabilities at €280 million. Based on this information, determine the owners’ equity for
Briefly discuss the two principal types of financial reserves needed to be maintained by property and casualty insurers.
The insurance company Helmet is considering acquiring BeSafe, a life insurance company. According to BeSafe’s most recent financial statements, its loss ratio stands at 0.9, and its expense ratio
Identify the various ways of measuring profit or loss for an insurance company.
For the past calendar year, the casualty insurance company Pillow reported the following financial information for a specific line of insurance:Incurred losses – $120 millionUnderwriting expenses
What are technical provisions, and why are they important?
The property insurer ABC incurred losses and loss-adjustment expenses of $750,000 in its car insurance line of business. The insurance company earns $1 million on premiums. The expected loss ratio is
What risks should be taken into account when calculating a life (re)insurer’s solvency capital requirements?
What are the main arguments against using insurance scores?
What is the rationale behind insurers using an applicant’s record in the underwriting and rating of auto and homeowner’s insurance?
Explain the meaning of policyholders’ surplus of an insurer.
Jane had a bike that was stolen. The bike cost €2,000 when it was purchased two years ago. A similar bike today can be purchased for €2,400. Assuming that the bike was 25 percent depreciated at
Xiao bought a new tea set for CNY 1,000 (Chinese yuan) and insured all their home assets on an actual cash value basis. The set was destroyed during a huge flood four years later. The property’s
a. Explain the principle of utmost good faith.b. What are its historical roots?
In property insurance, indemnification is based on the actual cash value. Give examples of different methods used in other types of insurance.
Julian, age 45, would like to determine how much life insurance to purchase using the human life value approach. He assumes his average annual earnings over the next 20 years will be $40,000. Of this
To calculate human life value, which costs need to be deducted from a person’s average annual earnings?
a. Define human life value.b. Describe the steps in determining the human life value of a family head.
Describe the three basic forms of life insurance.
Which types of families are likely to have the least need for a large amount of life insurance?
a. Explain the basic characteristics of universal life policies.b. Explain the limitations of universal life insurance.c. Compare and contrast the following features of universal life and indexed
Why do certain policies, such as universal life and variable life, contain substantial investment risk?
a. What is a preferred risk policy?b. Explain the basic features of second-to-die life insurance and describe a situation in which a policy might be appropriate.
a. How can all ownership rights in a life insurance policy be transferred?b. What are the sources of life insurance dividends?
Al was named the beneficiary in his mother’s life insurance policy. His mother died during the contestable period. The insurer denied payment, citing a material misrepresentation on the
Jolie has purchased a whole life insurance policy on June 30, 2008. The details of the policy are as follows:■ Basic plan sum assured RM200,000 with waiver of premium rider■ Accelerated critical
Briefly explain accelerated death benefits. What are the circumstances that could trigger payment of accelerated benefits?
a. What is a viatical settlement?b. What is a life settlement?c. Briefly explain the problem of stranger-owned life insurance (STOLI).
Why might the use of “grades” assigned by a life insurance company rating organization not be a reliable guide for consumers? Why might the use of “grades” assigned by a life insurance
Why might the use of “grades” assigned by a life insurance company rating organization not be a reliable guide for consumers?
Although both immediate and variable annuities can provide lifetime income to annuitants, they differ in important ways. Compare and contrast (1) an immediate annuity with (2) a variable annuity with
Explain the payment of benefits of a fixed annuity.
Juanita paid a life insurer $45,000 in exchange for an immediate life annuity. Juanita will receive $500 per month from the insurer, and her life expectancy is another 15 years (180 months). What is
Under the new U.S. Patient Protection and Affordable Care Act, what are the provisions provided to ensure the quality of healthcare with lower costs?
Patrick works for a large insurance broker in London that specializes in international health insurance. He has received a phone call from Max and Chloe, who are traveling abroad for six months and
Briefly explain the following characteristics of longterm care insurance.a. Types of long-term care policiesb. Triggers to become eligible for benefitsc. Exclusionsd. Protection against inflation
State at least five general exclusions that are typically found in a private health insurance policy.
Maria, age 28, and Mike, age 30, are married and have a one-year-old son. Maria is covered under her employer’s group medical expense plan as an employee. She is also covered under Mike’s plan as
Different countries adopt different approaches to funding healthcare costs. Outline each of the following methods that may be used to fund healthcare internationally: Taxation, social health
What are some of the reasons for having a minimum participation requirement before a group is eligible for insurance?
What is the purpose of stop-loss insurance that is used with self-insured group medical expense plans?
Megaintel Sdn. Bhd. is a new small-sized company. The company, which has 28 employees, is in the process of establishing a retirement plan. The company is considering several qualified retirement
A qualified retirement plan must not discriminate in favor of highly compensated employees. Explain the ratio percentage test to evaluate discrimination.
Emma is a 34-year-old unmarried accountant with no dependents. She is employed by a small company with 45 employees. Emma is a very ambitious employee with great prospects for the future. Her current
a. Discuss the main advantages and disadvantages of defined-benefit retirement plans.b. Explain the different kinds of defined-benefit retirement formulas. What formula will you prefer to be applied
Briefly describe a funding agency and a funding instrument.
Define the eligible employee for participation in simplified employee pension (SEP).
Use the Global Health Observatory (GHO) data and compare the life expectancy of males and females in your country. Discuss the differences in life expectancy of males and females as well as those
What are the reasons for a government to provide a social insurance program?
Adam Smith is 48 and an IT consultant. He has a wife Lisa, 47, and three sons, Michael, 24, John, 22, and Alan, 5. John works as teacher and has his own apartment. Michael is Adam’s son from a
Define the eligibility requirements for social security disability insurance in your country. Compare these requirements with the requirements in the United States of America.
What are the benefits of delayed retirement? What does one have to take into account when considering delayed retirement?a. Explain the main purpose of the Medicare program.b. Briefly discuss all
a. Explain the main purpose of the Medicare program.b. Briefly discuss all parts of the traditional Original Medicare program. What types of coverage did these parts provide?c. Explain the concept of
Describe the main problems and issues connected to the state unemployment compensation program.
Daniel was involved in a road accident with a truck. He suffered serious injuries and was admitted to the hospital. The accident was caused by the negligence of a truck driver.a. For the purposes of
a. When does medical malpractice occur?b. What are the reasons for patients to sue physicians and other healthcare providers?
John occasionally borrows the car of his friend, Sophie. Sophie has a PAP with liability limits of 100/300/50. John also has a PAP, and his liability limits 250/500/50. John had an accident while
Sarah purchased a Personal Auto Policy with liability limits of 50/100/25. Sarah ran a stop sign and hit a van. The van sustained $15,000 in damages. The following bodily injuries were suffered by
Which of the following persons’ bodily injury or loss on property damage will be covered by the personal liability coverage under your homeowners insurance, section II?a. A pizza delivery boy slips
Nadja has just started working with an insurer’s personal lines team. On Nadja’s first day taking calls from the insurer’s customers, she receives a call from Tom. Tom and Elsa currently have a
Justin Simon is 21 years old and a junior accountant. He obtained a driving license when he was 18. He completed his driving training course at a training center famously known to have a complete
Ella works for an insurance broker in Dublin and is tasked with presenting insurers with a new proposal for home insurance. As part of this task, Ella has to identify and submit key risk
Jillian operates a sporting goods store in a rented location at a shopping mall. She is insured under a CGL policy with the following limits:Indicate the dollar amount, if any, that Jillian’s
Assuming that the details provided by consumers are correct and do not change, list at least four pieces of information that an insurer must include in a quotation to a consumer.
Samantha’s family was awakened by a loud noise coming from the rear portion of her house one night after the family had retired to bed. A gas cylinder had exploded in the kitchen and injured
An oil tanker was liable for a collision with a fishing vessel and incurred serious damages. The oil tanker was insured by an ocean marine hull insurance policy written with a collision liability
List the personal injuries covered under the personal umbrella policy.
Affected by the instability of oil prices, the value of a business personal property (BPP) of an oil-based ink manufacturer fluctuates constantly. The manufacturer has subscribed a property insurance
Francisca owns and operates a small photocopy center in a suburban shopping center. Francisca has protected herself from job-related injury or occupational disease by purchasing a worker’s
Explain whether the following situations are covered under a directors and officers (D&O) policy. Treat each situation separately.a. A marine and transport consultancy contracted to provide
Briefly explain which parties can be declared as insured by commercial general liability (CGL) policy.
As a matter of convenience or cost saving, a primary school—weighing the value of the activity to which the students will be transported against the various types of hazards involved—commonly
Section III of CGL states several limits of insurance. Briefly explain the following:a. General aggregate limitb. Product completed operations aggregate limitc. Personal and advertising injury

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