Explain the difference between a direct loss and an indirect or consequential loss. Why does non-life insurance typically use the term \"property and casualty insurance\" rather than "property and liability insurance\"? Explain the advantages and disadvantages of retention as a risk-financing technique. Describe the major categories of potential loss exposures that a risk manager should consider and identify. Explain the general rules of agency that govern the actions of agents and their relationship to insureds. Briefly explain the income tax deduction of traditional IRA contribution. If an endorsement conflicts with a policy provision, hovv is this problem resolved? Explain the major characteristics of an equity indexed annuity