ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Risk may be dealt with in a number of ways including transferring it to others or retaining it intentionally. Which one (1) of the following alternatives is a transfer of risk? OA) A monitored security system. OB) Self-insurance. OC) An agreement of purchase and sale. OD) Purchase of insurance.
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Transcribed Image Text:Risk may be dealt with in a number of ways including transferring it to others or retaining it intentionally. Which one (1) of the following alternatives is a transfer of risk? OA) A monitored security system. OB) Self-insurance. OC) An agreement of purchase and sale. OD) Purchase of insurance.
In insurance terms, a "peril" is frequently described as a cause of loss while an "exposure" is a hazard threatening a risk due to internal or external physical conditions. Which one (1) of the following is NOT a peril? OA) Lightning. OB) Natural gas heating. OC) Windstorm. OD) Burglary.
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Transcribed Image Text:In insurance terms, a "peril" is frequently described as a cause of loss while an "exposure" is a hazard threatening a risk due to internal or external physical conditions. Which one (1) of the following is NOT a peril? OA) Lightning. OB) Natural gas heating. OC) Windstorm. OD) Burglary.
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Step 1: Introduce the concept of risk management
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Step 2: Define risk transfer and retention
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Step 3: Elaborate on risk examples
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Step 4: Introduce the concepts of peril and exposure
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Step 5: Define and differentiate between peril and exposure
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Step 6: Use examples to illustrate the difference
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Step 7: Explain the correct option
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