Question #3 (25 points) Integrated risk management programs are new to many risk managers and the insurance companies that offer such programs. What additional expertise, aside from knowledge of property and casualty insurance, must an insurance company possess to offer integralec risk management products? Arisk manager self-insured a property risk for one year. The following year, even though no losses hac occurred, the risk manager purchasec property insurance to address the risk What is the best explanation for the change in how the risk was handed, even though no losses had occurred? How dc in insurance company mergers an insurance brokerage mergers impact the practice of risk management? a. What woulc be the effect of ignoring the time value of money when making risk management decisions? 6. What does the net present value of a loss control investment really represent to the owners of the organization? During a hard insurance market, a manufacturing company decided to self-insure its workers compensation loss exposure. The company hires a third party to administer the workers compensation claims Even though the risk was being selt-insured the fisk manager insisted that the third-party administrator maintain meticulous records When asked why such detailec records were necessary, the risk manager replied, *Scwe have a good story to tell an insurance company next year "What did the risk manager mean? Question #3 (25 points) Integrated risk management programs are new to many risk managers and the insurance companies that offer such programs. What additional expertise, aside from knowledge of property and casualty insurance, must an insurance company possess to offer integralec risk management products? Arisk manager self-insured a property risk for one year. The following year, even though no losses hac occurred, the risk manager purchasec property insurance to address the risk What is the best explanation for the change in how the risk was handed, even though no losses had occurred? How dc in insurance company mergers an insurance brokerage mergers impact the practice of risk management? a. What woulc be the effect of ignoring the time value of money when making risk management decisions? 6. What does the net present value of a loss control investment really represent to the owners of the organization? During a hard insurance market, a manufacturing company decided to self-insure its workers compensation loss exposure. The company hires a third party to administer the workers compensation claims Even though the risk was being selt-insured the fisk manager insisted that the third-party administrator maintain meticulous records When asked why such detailec records were necessary, the risk manager replied, *Scwe have a good story to tell an insurance company next year "What did the risk manager mean