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risk management financial
Fundamentals Of Risk And Insurance 11th Edition Emmett J. Vaughan ,Therese M. Vaughan - Solutions
Identify and explain the general liability exposures facing a business
Identify the major coverages of a Commercial General Liability Policy
Explain the purpose and intent of each of the exclusions in a Commercial General Liability Policy
Explain the difference between an occurrence general liability policy and a claims-made liability form
Describe the coverages offered in ISO’s Information Security Protection Policy
Identify and differentiate among the four types of commercial automobile insurance policies
Identify and differentiate among the three broad classes of automobiles that may be insured under a Business Auto Policy
Explain the liability of a common carrier and explain how this exposure is generally insured
Identify and differentiate among the types of bailment and explain the liability associated with each class
Explain how bailee liability coverages differ from other forms of liability insurance
Describe the characteristics of commercial excess liability policies and commercial umbrella liability policies
Why does the Workers compensation and Employers Liability Policy not contain a specific statement of the benefits it provides?
What is the purpose of the Other States Coverage optionally available under the Workers Compensation and Employers Liability Policy? Why is it needed?
What basic forms of general liability insurance are included in the Commercial General Liability Policy?
What conditions led to the introduction of the claimsmade form to the general liability field?
Why is it advisable for an employer to purchase liability coverage for nonowned autos, even though the firm’s employees may carry their own insurance?
What three basic types of liability insurance are provided under the Garage Coverage Form?
Underwhat circumstances is acommoncarrier liable for damage to goods in its custody?
Describe the coverages provided by ISO’s Information Security Protection Policy.
Distinguish between the coverage provided by the Garage Coverage Form and that provided by Garagekeepers Coverage.
Joe Smith has been in the plumbing business as a sole proprietor for the past 35 years and is planning to retire.His insurance agent has told him he should continue to carry Products and Completed Operations Liability coverage.Do you agree with the agent’s recommendation?Why or why not?
The liability exposures of a business firm are more complex than those of an individual. What characteristics of the business firm make this so?
In recent years, some firms have suffered large data breaches, increasing the focus on cyber security. Find an example of a firm that suffered a data breach. How effectively did itmanage the aftermath of the breach?How could an insurer be helpful?
Three housewives decide to go into business publishing cookbooks. They forma corporation, having been told that the corporate form of ownership carries limited liability.They decide not to purchase any form of liability insurance for the corporation on the grounds that their loss in the event of an
Of the liability exposures discussed in this chapter, which do you suspect are the most frequently overlooked in programming liability insurance for business firms?
You have opened a new motel with an attached restaurant and cocktail lounge. What liability coverage will you consider essential in your insurance program?
Identify the three parties to a surety contract and describe their roles?
Distinguish between suretyship and insurance
Identify and describe the five main categories into which surety bonds may be classified
Describe the coverage provided by trade credit insurance policies and distinguish between“extraordinary coverage” and “general coverage”
Describe the purpose of credit enhancement or financial guarantee insurance
A property and liability insurance agent is generally authorized to bind coverage. This is not true with respect to surety coverages. Why not?
Joe Schwartz is the principal stockholder in a small construction company specializing in concrete work. He needs a performance bond to obtain a contract to build a city swimming pool. However, the surety company has refused to issue the bond unless Schwartz personally signs a co-indemnity
Is the treatment of suretyship and trade credit insurance in the same chapter a logical combination? What is the similarity or dissimilarity in their natures on which you base your answer?
Some experts believe the business of financial guarantors is more like banking than insurance, and the guarantors should be regulated like banks. Do you agree or disagree?
In most states certified public accountants licensed by the State Board of Accountancy are required to post a surety bond or show evidence of an accountant’s professional liability policy. Based on your understanding of surety bonds, what do you think is the basic difference between the
Briefly distinguish between an insurance contract and a surety bond.
In what way is the underwriting process different for surety bonding and fire insurance?
Who is the obligee under a labor andmaterials bond?Who, in addition to the obligee, benefits from the existence of a labor and materials bond?
For which type of bond would the underwriting standards be more severe: a bid bond or a construction contract bond?
There are five bidders on a construction job. The average bid on the job is $2.5 million, and the bids of four bidders range from $2.4 to $2.6 million. The fifth bidder submits a bid of $2 million and is awarded the contract and is applying for a bond. What will the underwriter’s reaction be?
Explain the purpose of a joint-control provision used in connection with surety bonds.Withwhat types of bonds is this provision required?
Describe the difference between the dishonesty form and the faithful performance form of the public official bond.
Describe theways inwhich trade credit insurers assist their customers with credit risk management.
Describe the two broad categories of financial guaranty insurance.
Describe the business activities of financial guarantors that created their financial difficulty in 2007 and 2008.
Identify the three major decisions thatmust be made in buying life insurance and the sequence in which the decisions should be made?
Identify the ways in which a consumer can determine the financial strength of a life insurer
Discuss the relative merits of term insurance and cash value insurance for meeting financial security needs
Explain how differences in cost among traditional life insurance policies can be compared
Explain how differences in cost among universal and variable life insurance policies can be compared
Discuss the deficiencies in the current price disclosure system used in the life insurance field
Briefly summarize the advantages and disadvantages of life insurance as an investment
Income may be divided into two components: consumption and savings. Into which of these components do you think expenditures on insurance should be put?
What underlying assumptions are embodied in the advice, “Buy term and invest the difference”? What do you think of this advice?
When deciding on the type of insurance to buy, “the question is not one of termversus permanent insurance at all, but rather it is a choice between permanent insurance and alternative forms of investment.” In comparing permanent insurance with alternative forms of investment, what do you
Some companies specialize in selling life insurance to college students. In many instances, the student is permitted to pay the first annual premium (and sometimes the second and third annual premiums) with a note.What do you think of this practice?
The guaranteed insurability option is a valuable form of protection, permitting an individual to insure his or her insurability up to some multiple of the face amount of the policy to which the option is attached. What do you think of the idea of marketing the guaranteed-insurability option by
List the three important considerations in selecting a life insurance company. How important is each relative to the other two?
Briefly outline the factors you would consider in deciding the answer to each of the three basic decisions involved in the process of buying life insurance.
Explain how the traditional net-cost system of life insurance cost comparison can be misleading to the consumer.
List and explain the most commonly offered objections to term insurance. How valid is each of these objections?
Briefly describe the tax advantage enjoyed by cash value life insurance as an investment. Does it have any disadvantages? Explain.
Why is it more difficult to evaluate a universal life product than a traditional whole-life product?
Identify the three factors used in life insurance ratemaking and explain how they are recognized in universal life insurance policies.
When selling universal life and other interest-sensitive life insurance policies, insurance agents frequently use a policy illustration that projects accumulated premiums and investment income. Identify the difficulties in making these projections.What should an individual look for when evaluating
Briefly discuss the taxation of life insurance policy exchanges.
“In life insurance, differences in premiums do not mean differences in cost.” Explain this statement.
Identify the categories of insurers classified by type of product
Identify the major categories of insurers classified according to form of ownership
Identify and describe the distinguishing characteristics of the different categories of insurers by form of ownership
Identify the different distribution systems that are used in property and liability and life and health insurance
Describe the major areas in which members of the insurance industry cooperate
Identify and describe the major areas in which insurers cooperate
Describe the evidences that indicate the extent of competition in the insurance industry?
Adam Smith wrote, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” To what extent do you believe that this observation holds true with respect to the various
“When an insurer is successful in its efforts to select insureds from the better than average classes, the gain in its competitive position is magnified by the impact of this success on its competitors.” Explain what is meant by this statement.
Agents frequently emphasize “service” in their advertising.What services should clients legitimately expect from their insurance agents?
Some government insurers compete with private insurers.To what extent does a government insurer have an unfair advantage over a commercial one? How can competition of government insurers with private insurers be justified?
Government insurance programs frequently involve a subsidy to certain segments of society. To what extent do you feel that this is preferable to the provision of insurance on a subsidized basis through the mandatory participation pools operated by private insurers?
List the types of insurers as classified by legal form of ownership, and briefly describe the distinguishing characteristics of each type.
Distinguish between an insurance agent and an insurance broker.What is the significance of the distinction from the insured’s viewpoint?
What is meant by the expression that independent agents “own their expirations”? Why is this of such great importance?
What are the characteristics of a health maintenance organization (HMO) that distinguish it from other types of insurers discussed in this chapter?
Briefly explain the sources of an insurance agent’s authority. How does the authority of a life insurance agent differ from that of a property and liability insurance agent?
What are the general methods of operation of Lloyd’s of London, and why does it receive such wide publicity?
Identify the various costs common to all insurers and explain the extent to which these costs may differ from one insurer to another.
How do you account for the fact that two insurers may charge significantly different premiums for identical coverage?
Describe the basic function of advisory organizations.In which lines of insurance are such organizations primarily found?
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.
Identify and explain the essential elements of a contract?
Explain how the general law of contracts applies to insurance contracts
Explain why the principle of indemnity is important to the operation of the insurance mechanism
Explain the ways in which the principle of indemnity is enforced in insurance contracts
Explain what is meant by the statements that insurance contracts are contracts of adhesion, aleatory contracts, conditional contracts, unilateral contracts, and contracts of utmost good faith
Define and explain the nature of waiver and estoppel
Explain the application of the doctrines of concealment and misrepresentation in the insurance transaction?
We have noted several instances in which the principle of indemnity is not enforced in the various fields of insurance. List the exceptions to the principle of indemnity with which you are now familiar and explain why each is permitted.
Your roommate and you have automobile insurance policies with identical coverage written by the same insurance company. You both drive the same year and model car, but his premium is $220 less than yours. He tells you that he was able to obtain the insurance cheaper by having the automobile
What is meant by the expression, “The policyholder gets the benefit of the doubt,” in connection with any interpretation of the provisions of the life insurance policy?
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