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Fundamentals Of Risk And Insurance 11th Edition Emmett J. Vaughan ,Therese M. Vaughan - Solutions
Explain what is meant by vicarious liability
Explain the obligations of property owners to those on their property
Identify and describe the types of damages thatmay be awarded to an injured party and explain how each is determined
Explain the defenses to negligence
Apply the law of negligence to specific fact situations
Explain the problems in the tort system and identify the proposals for change
What conditionsmust exist before an individual may be held legally liable in a tort action?
Distinguish among invitee, licensee, and trespasser, and describe a property owner’s responsibilities to each.
Give an example of each of the following legal doctrines:res ipsa loquitur, scienter, and negligence per se.
Explain fully what is meant by the term vicarious liability, giving examples of several situations in which vicarious liability is likely to exist.
Identify the defenses that may be used against a tort action.
To what extent may parents be held liable for the acts of their minor children? Be complete and specific.
Distinguish between the concepts of contributory negligence and comparative negligence. Which doctrine is used in your state? Which do you feel is the more reasonable, and why?
What factors are considered in determining the amount of damages to which a person who suffers bodily injury is entitled in a tort action?
What is meant by the term absolute liability? Give three examples of absolute liability.
To what extent are the risk management techniques of avoidance, reduction, and retention suitable and adequate techniques for dealing with the liability risk?
At one time, it was felt that liability insurance would undermine the tort system, which has as its central theorem the concept that the individual responsible for injuring another should be made to pay for that injury. Do you think the existence of liability insurance causes one to be less careful
Schwartz had been troubled by burglars, so he installed a trap in his building with a shotgun rigged to fire when an intruder opened the door. Sam Burglar broke into the building and lost both legs when the shotgun discharged.Sam thereupon brought suit against Schwartz for damages. What defenses
Bodily injury awards have increased at a significant rate during the past two decades. Towhat do you attribute this increase?Were previous awards inadequate, or are the current ones excessive?
Because of a rash of liability suits and high judgments, many municipalities and government subdivisions have had difficulty in obtaining liability insurance for a decade.This seems ironic considering that a short time ago, such entities were immune from liability. To what do you attribute the
What major liability exposures do you as an individual in your current status as a student face? How are your exposures likely to change after you have completed your education?
Explain the distinction between a denial of payment by an insurer because there is no liability and denial because there is no coverage
Identify the coverage features under Section II of the homeowners forms
Describe the insuring agreements of liability insurance contracts generally and explain the insurer’s obligation to defend the insured
Explain the insuring agreement of the Section II Personal Liability coverage
Explain the insuring agreement of the Section II Medical Payments coverage
Recognize significant exclusions under the homeowners Section II
Describe the personal umbrella liability contracts, including qualification requirements and typical exclusions
List the available endorsements for broadening Personal Liability coverage
Why is liability insurance sometimes called thirdparty coverage?
Briefly explain the definition of the term premises as used in the Homeowners Policy with respect to Section II(liability) coverages.
Who is included within the definition of “persons insured”under Section II of the Homeowners Policy?
Briefly describe the coverage provided under the Medical Payments coverage under Section II of the Homeowners Policy. To whom does the coverage apply? To whom does it not apply?
Jones is playing golf and runs over her partner’s foot with a rented golf cart.Will the Personal Liability coverage or the Medical Payments coverage respond for the injury?
What coverage exists under Section II of the Homeowners Policy for those situations in which the insured feels a moral obligation but where no legal obligation exists?
Jones owns a vicious German shepherd. The dog bites a mail carrier about three blocks away from Jones’s premises. Discuss fully the coverage under Section II of the Homeowners Policy for this occurrence.
Briefly describe the Fire Legal Liability coverage found in Section II of the Homeowners Policy. To whom does it apply? What factors create the need for this coverage?
Explain the nature of the personal umbrella liability policy. In your explanation, be sure to point out the relationship of the umbrella to the underlying coverage and the application of the deductible.
Distinguish between a claims-made malpractice policy and an occurrence policy. What factors prompted the development of the most recent of the two?
For each of the following losses, indicate whether coverage would exist under Coverage E, the liability coverage, of Section II of the homeowners policy:a. A young lady of the insured’s acquaintance brings suit against him because of scurrilous remarks he made about her virtue.b. A cleaning lady
For each of the following losses, indicate whether coverage would exist under Coverage F, the Medical Payments coverage, of Section II of the Homeowners Policy:a. The insured’s 65-year-old mother-in-law, who is living in his house, falls down the basement stairs and is injured.b. The insured’s
For each of the following losses, indicate whether coverage would exist under the supplementary coverage for Damage to the Property of Others.a. The insured borrows a neighbor’s lawn mower;while it is left outside overnight, it is stolen.b. The insured’s nine-year-old son pours sugar in his
A friend, explaining his position with respect to liability insurance, states, “I don’t feel I need the high limits of liability because I don’t make that much money. If I were a doctor or a lawyer, I would carry higher limits of liability coverage, but since I am not, the $100,000 minimum
Mary Somers babysits for working mothers. She has 11 small children, ages two to four, in her care. She is concerned about potential liability if one of the children should be injured andwonders if her Homeowners Policy provides any coverage. What advice would you give her?
Define and explain the meaning of the term risk?
Distinguish among the terms risk, peril, and hazard?
Identify and explain the classes of hazards?
Differentiate between pure risk and speculative risk?
Differentiate between fundamental and particular risk?
Describe the categories into which pure risk may be subdivided?
Identify and explain the principal methods of handling risk?
Define risk. In your definition, state the relationship between risk and uncertainty.
Risk may be classified in several ways. List the principal ways in which risk may be categorized, and explain the distinguishing characteristics of each class.
The distinction between “pure risk” and “speculative risk” is important because only pure risks are normally insurable. Why is the distinction between “fundamental risk” and “particular risk” important?
Explain how pure risk has an adverse effect on economic activity.
List the four types of pure risk facing an individual or an organization and give an example of each.
The text discusses the “burden of risk.” What are the two principal ways in which the impact of risk may be felt by an individual or an organization?
Distinguish between “perils” and “hazards” and give two specific examples of each.
Briefly distinguish among the three categories into which hazards may be divided and give an example of each.
Explain why the number of risks and the severity of losses increase over time.
With respect to each of the following, indicate whether you would classify the event or condition as a peril or a hazard: an earthquake, sickness, worry, a careless act, and an economic depression.
Two 9-year-old boys are watching a television replay of a boxing match between Muhammad Ali and Joe Frazier on a program called “Great Fights of the Century.”Since the fight took place before they were old enough to remember the outcome, neither knows who won and they bet on the outcome. Tom
Mike says, “The possibility thatmy house may burn is a pure risk for me, but if I buy insurance, it is a speculative risk for the insurance company.” Do you agree? Why or why not?
If risk is distasteful, how do you account for the existence of gambling, a pastime in which the participants indicate they prefer the risk involved to the security of not gambling?
What risks do you face as an individual? Which of these risks have you elected to retain and which have you transferred?
The probability of loss and its potential severity affect the intensity with which risk is felt by an individual. Would you find a 50 percent chance of losing $100 or a 5 percent chance of losing $1000 more distasteful? Why?
Describe the evolution of modern risk management and identify the developments that led to the transition from insurance management to risk management
Define and explain what is meant by the term risk management
Identify the various reporting relationships that the risk management function may assume in an organization
Identify the two broad approaches to dealing with risk that are recognized by modern risk management theory
Identify the four techniques that are used in managing risk
Describe risk management’s contribution to the organization
Distinguish risk management from insurance management and general management
According to the text, risk management represents the merging of three specialties. Identify these specialties and explain the contribution of each to modern risk management theory.
Identify the two broad approaches to dealing with risk recognized by modern risk management theory.
Identify and briefly describe the four basic techniques available to the risk manager for dealing with the pure risks facing the firm. Give an example of each technique.
The text states the emergence of risk management was a revolution that signaled a dramatic shift in philosophy.What was this change in philosophy?
Identify and briefly describe the six steps in the risk management process.
Briefly describe the development of risk management as a function of business in the United States. In your opinion, what were the primary motivating forces and the strategic factors that led to the development of risk management?
Describe the responsibility of the risk manager and the risk manager’s position within the organization.
What is the relationship between risk management and insurance management? In your answer, you should demonstrate an understanding of the difference between the two fields.
Identify two common misconceptions about risk management, and explain why these misconceptions developed.
Distinguish among traditional risk management, financial risk management, and enterprise risk management.
In some sense, a risk manager must be a “jack of all trades” because of the breadth of his or her activities.Identify several areas in which a risk manager should be knowledgeable, and explain why this would be useful.What type of educational background should a risk manager have?
In a large, multidivision company, risk management may be centralized or decentralized.Which approach, in your opinion, is likely to produce the greatest benefits?Why?
The American Risk and Insurance Association has argued that risk management should be added to the required core of knowledge in business administration.To what extent do you agree or disagree that risk management should be a required course in a business curriculum?
Identify and differentiate between the two broad approaches to ratemaking?
Explain the purpose of underwriting and describe the steps in the underwriting process
Identify the principal sources of information on which an underwriter may rely
Identify and differentiate among the various types of adjusters
Identify and explain the steps in the loss adjustment process?
List and briefly explain the steps in the underwriting process.
What sources of information are available to the underwriter?Explain the importance of each source. Why are multiple sources necessary?
Sales representatives of property and liability insurance companies sometimes refer to the “sales prevention department.” What department of the company are they referring to? Explain.
Why is the pricing of the insurance product more difficult than pricing of other products?
What is the difference between a premiumand a rate?
List and briefly explain the steps in the lossadjustment process.
Briefly explain the nature of retrospective rating plans and why they are used.
List several reasons for which a claim might be completely denied.
Name the various types of adjusters used by property and liability insurers.
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