21 Oct 2017

IIBM -Risk Management and Insurance

Risk Management and Insurance

Do you think that Sparkler Mutual should pay for the loss? Explain your reasons.

      Multiple Choices:                                                                                                            
  1. HMOs charge employers a monthly fee called____________                            
  2. A coverage fee                                                                                                             
  3. The pro rata plan fee                                                                                                 
  4. The subrogation payment                                                                                        
  5. The capitation payment                                                                                            
  6. Which of the following alternatives is not a typical dividend option?                 
  7. Cash                                                                                                                              
  8. A lifetime income annuity                                                                                       
  9. Reduction of the next premium                                                                             
  10. Accumulation of the next premium                                                                      
  11. Choose the True statement about industrial life insurance.                                 
  12. It is less expensive than ordinary life insurance                                                 
  13. It is more expensive than ordinary life insurance                                              
  14. It is also called discount life insurance                                                                 
  15. It is widely used in estate plans                                                                              
  16. Replacement cost at the time of loss less depreciation is the definition of:       
  17. Actual cash value                                                                                                       
  18. Fair market value                                                                                                      
  19. The maximum covered loss                                                                                    
  20. The maximum replacement of loss                                                                       
  21. Assets that are readily available to pay claims are called_____________       
  22. Admitted assets                                                                                                         
  23. Accepted assets                                                                                                           
  24. Real assets                                                                                                                   
  25. Standard operating assets                                                                                        
  26. Stare demises means:                                                                                                    
  27. All things considered                                                                                                
  28. Innocent parties prevail                                                                                           
  1. It is impolite to stare
  2. To stand by decisions
  1. In most states the insurance commission is:
    1. Impeached
    2. Elected
  1. Appointed by the government
  2. Appointed by the governor
  1. The federal law that promotes a safe working environment for workers is:
    1. OSHA
  1. CERCLA
  2. Equal Opportunities Act
  3. Superfund
  1. The organization that collects data on insurance applicants is the:
  1. CBS
  2. MIB
  3. CIA
  1. FCAS
  1. The percent of uninsured Americans in 2001 was about:
  1. 14 percent
  1. 2 percent
  1. 4 percent
  1. 10 percent
Part Two:
  1. How would you explain Moral and Morale hazards?
  1. What do you understand by „Subsidization‟?
  1. What are „Waiver‟ & „Estoppel‟?
  1. Write a short note on „Patient‟s bill of rights.
 
 
Caselet 1
Vacancy Clause
The Roberts family owned a house in Alabama. It was insured with a fire insurance policy issued by the Sparkler Mutual Insurance Company. On April 1, the Roberts moved to Tennessee. Their son, Bob, remained in the Alabama home for an additional month. Thereafter, the home was rented to a tenant who lived in the home for the month of May. Mr. Roberts returned to the home irregularly, remaining overnight on July 4 and on a few other occasions. A few pieces of furniture remained in the home until August. On or about August 4, the home and its contents were destroyed by fire.
Questions:
  1. Do you think that Sparkler Mutual should pay for the loss? Explain your reasons.
  1. Did the family‟s absence affect the chance of loss in this case?
Caselet 2
Case for Discussion

Do you think that Sparkler Mutual should pay

Ed “Bonzo” Jones was a college student. He played outfielder on his fraternity‟s softball team. A home run was hit, and the ball went into an area of electrical transformers operated by the local utility, Total Power and Light Company. The electrical transformers were surrounded by a 5-foot wire fence that Jones claimed to retrieve the ball. Warnings signs were posted by the utility indicating the area was dangerous. It was later determined the gate to the area was left unlocked, although Jones did not use it to gain access. In retrieving the ball, Jones made contact with some equipment and was severely burned by the electrically. He was hospitalized for three months and suffered permanent disfigurement. His medical bills amounted to $300,000.
Questions:
  1. What arguments would you make if you were planning the legal defense of Total Power and Light Company?
  1. If you were on the jury in this case, would you award a judgment for damages to Jones? Explain your reasons.
 Do you think that Sparkler Mutual should pay
  1. If you were a large business with $ 10 million of property, would you want your primary insurer to purchase reinsurance? Explain your reasons. Would you prefer to deal with a small primary insurer who reinsured your risk or a large primary unsurer who did not purchase reinsurance?

that Sparkler Mutual

  1. Do you think a college education is necessary to perform the following occupations effectively?
  1. Life insurance agent
  2. Loss adjuster
  3. Property insurance underwriter
  4. Actuary
  5. Do you think a college education is necessary to perform the following occupations effectively?
  1. Life insurance agent
  1. Loss adjuster
  2. Property insurance underwriter
  3. Actuar

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