RMI 2101

Fall 2019

Homework Assignment 2

24 points

Due on Thursday, September 12, 2019 At 3:00 PM EST on Canvas/Turnitin

No hard copies will be accepted in class.All homework must be submitted on Canvas and time stamped by 3:00 PM EST on the due date.

Carefully follow the Instructions - Homework Guidelines and Submitting Homework to Canvas located in the Homework Module on Canvas.Hint: Read the questions carefully and be sure that you answer the questions asked.Many times students give correct information in an answer but that information is not the answer to the question.

Also, utilize proper business writing techniques in your answers, i.e. be complete but concise, use proper grammar, sentence structure, spelling and punctuation.Double spaced - please.

1.Refer to the bulk pack article in Topic 3: "Risks Under the Big Top".(Hint - reviewChapter 2 & 3 of the text and the lecture notes regarding the Types of Loss Exposures and Elements of Loss Exposure, i. Asset Exposed to Loss, ii. Cause of Loss, iii. Financial Consequences of Loss).

a.Consider the first step in the Risk Management Process.Identify and briefly explain two examples of methods that could be used by the Risk Manager of Ringling Bros. and Barnum & Bailey Circus to identify loss exposures.(4 points)

b. Identify and explain a Property Loss Exposure faced by the circus.

Then list the -1. Asset Exposed to Loss, 2. the Cause of Loss and the

3. Financial Consequences of Loss. (4 points)

c.Identify and explain a Liability Loss Exposure faced by the circus.

Then list the - 1. Asset Exposed to Loss, the 2. Cause of Loss and the

3. Financial Consequences of Loss.(4 points)

d.Identify and explain a Personnel Loss Exposure faced by the circus.

Then list the - 1. Asset Exposed to Loss, the 2. Cause of Loss and the

3. Financial Consequences of Loss.(4 points)

e. Identify and explain a Net Income Loss Exposure faced by the circus.

Then list the - 1. Asset Exposed to Loss, the 2. Cause of Loss and the

3. Financial Consequences of Loss.(4 points)

2.Refer to the bulk pack article in Topic 3: "Fidget Spinner Hazards Overlooked in Global

Rush to Market"

a.)What specific type of liability is illustrated in the article? Identify and explain.

(2 points)

b.)What does the article say is the cause of injury with fidget spinners and what

can be done to prevent it from happening in the future?Identify and explain.(2 points)