Question: 3. Explain your answer for these two questions. (20 points, 10 points for each) a. What would be the effect of ignoring the time value

3. Explain your answer for these two questions. (20 points, 10 points for each) a. What would be the effect of ignoring the time value of money when making risk management decisions? (10 points) b. What does the net present value of a loss control investment really represent to the owners of the organization? (10 points) 4. What is the underwriting cycle in the insurance industry? Differentiate between a "hard" and a "soft" insurance market. (10 points) a
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