**Understanding Risk Retention**Risk retention involves...**Select one:**- a. assuming the cost of an uninsurable risk- b. the possibility of loss or gain- c. self-insuring in the event of incurring uninsurable risk- d. stopping the activity that involves risk of loss- e. buying insuranceIn this context, risk retention refers to the practice of a company or individual retaining the financial responsibility for certain risks instead of transferring that risk to an insurance company. It typically involves setting aside funds to cover potential losses. This approach can be part of a broader risk management strategy. We are interested in identifying which option best represents this concept.

Risk retention is an individual or association's choice to assume liability for a specific danger it…

Risk retention involves... Select one: a. assuming the cost of an uninsurable risk b. the possibility of loss or gain C. self-insuring in the event of incurring uninsurable risk d. stopping the activity that involves risk of loss e. buying insurance

Risk retention involves... Select one: a. assuming the cost of an uninsurable risk b. the possibility of loss or gain C. self-insuring in the event of incurring uninsurable risk d. stopping the activity that involves risk of loss e. buying insurance

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Related questions

Q: Upon successful completion of the examination you may qualify for registration as an insurance…

A: Note: As per bartleby guidelines in case multiple questions are asked by the students then the…

Q: discovered

A: The answer to this question is the entity has very good controls over its purchases of raw materials

Q: If a stock’s intrinsic value exceeds its market price, then it is __________ and should be…

A: Intrinsic value is the perceived value or the calculated value of a stock which is calculated by the…

Q: The business risk of the company is heavily influenced by factors such as financial characteristics…

A: Business is filled with risk and uncertainty. It can't be move without risk.

Q: Assume that you are considering the purchase of a house. What examples of each of the four types of…

A: Risk mitigation is a technique to qualify for & lessen the consequences of threats faced by a…

Q: All of the following are sources of information to an insurance company pertaining to the…

A: Government tax records

Q: How does inventory management correlate with managing risk?

A: Inventory management is the name used to explain the process of managing – anti assets and other…

Q: Within the context of insurance companies, risk management mainly focuses on: Select one: a.…

A: Risk management in the context of insurance companies is a crucial aspect of the industry that…

Q: example of a risk management strategy used by insurance companies to mitigate underwriting risks

A: Risk management in insurance Risk in the insurance sector is much higher compared to the normal…

Q: Describe the distinguishing characteristics of the four approaches currently used to provide…

A: The four approaches that are used to provide automobile insurance to drivers who are unacceptable…

Q: 7. Which types of risk does talent management address? a. Environmental Risk b. Capability &…

A: The talent management process in the organisation is basically planning, recruitment, training and…

Q: Considering yourself as an insurance agent, explain your customer on various benefits of a family…

A: Insurance company provides a coverage over the risk for which the insured seeks coverage. The…

Q: Insurance companies are prohibited from practicing risk management. True or False

A: Risk management helps an organization to identify possible risks and outcomes before they actually…

Q: Generally, a mortgage's right of redemption will terminate by a judicial foreclosure sale. Select…

A: A mortgage's right of redemption typically terminates upon the completion of a foreclosure sale,…

Q: TRUE OR FALSE: Diagram 1 below is one way to frame a discussion of qualitive risk factors whether…

A: Risk management can be said as identifying and analyzing the possible threats to an organization and…

Q: Pls help ASAP

A: An insurance contract is a simple legal agreement between a person or business and an insurance…

Q: Write a 500 word essay on the importance of risk management policy at insurance companies to manage…

A: Risk management refers to the process of finding, analyzing and controlling the possible threats to…

Q: what is the importance of risk indentification and risk evaulation in risk management

A: A business functions in an environment that is dynamic and keeps on changing. As a result, it is…

Q: What are the risk-mitigating strategy for following risk in the company loss of physical assets…

A: A Small Introduction about Strategy of a Company A methodology is a drawn-out arrangement that…

Q: The auditor assessment of information risk influences the nature, timing and extent of the audit…

A: The auditor must consider the rationale for the evaluation given to the risk of substantial…

Q: You are a salesperson in an electronics company. At a recent trade exhibition, you met a supplier…

A: The justification behind which the possibility of the business chief with regards to the purchase of…

Q: discuss the requirements for the succeful implementation of eterprise risk management

A: In carrying out an enterprise risk management way to deal with risk, a bunch of cycles should be…

Q: Which of the following are the Federal Advisory Council responsible for? Check all that apply.…

A: The Federal Reserve System, often referred to simply as the "Fed," is a central pillar of the United…

Q: Identify the main risk you believe that clothing customers will be worried about.

A: In 2019, the apparel and fashion sector had phenomenal growth. Following a decline in recent years,…

Q: help

A: Note:As per the guidelines we are authorised to provide one answer at a time. Please provide the…

Q: insured voluntarily gives up the life insurance contract, the policy is A) Foreclosed B) Lapsed…

A: Ans: there is a minimum duration after which an insured can voluntarily give up his life insurance…

Q: Conduct a critical analysis on the impact of perceived risk in the context of making a decision to…

A: Perceived risk: Perceived risk is the uncertainty that a buyer experiences while purchasing things,…

Q: Search the Internet for the word “risk” to see how this is used in different contexts, e.g. in…

A: Risk is any uncertainty which can take place at any time. In organizations, they can control…

Q: Suppose you are E-commerce consultant in a multinational company. A company offers customers…

A: A company can use various marketing techniques to promote its products and increase revenues.

Q: In 5 to 8 sentences, answer the question: Am I a risk taker or am I risk averse? Since risk…

A: I see myself as a risk taker. But before taking the risk, I always evaluate all other options, weigh…

Q: Insurance is a way to decrease the financial risk from unexpected events, like an illness, car…

A: Insurance is a contract between an individual or entity (the policyholder) and an insurance company…

Q: I need help explaining South Carolina state’s insurance for residents. VS other states

A: A crucial part of guaranteeing financial security and safety for citizens of different states in the…

Q: You are a salesperson in an electronics company. At a recent trade exhibition, you met a supplier…

A: Product management is related to a business function that controls each level of a product's…

Q: Establish the risk appetite of the oil and gas organization and present the relevant risk appetite…

A: Risk appetite refers to an organisation's willingness and capacity to take on and manage risks to…

Q: 17 of 20 Ontario Regulation 991, Section 9, requires a certificate of coverage be issued to a member…

A: There are several risks that occur and that can influence the practices and working of the…

Question

**Understanding Risk Retention**

Risk retention involves...

**Select one:**

- a. assuming the cost of an uninsurable risk
- b. the possibility of loss or gain
- c. self-insuring in the event of incurring uninsurable risk
- d. stopping the activity that involves risk of loss
- e. buying insurance

In this context, risk retention refers to the practice of a company or individual retaining the financial responsibility for certain risks instead of transferring that risk to an insurance company. It typically involves setting aside funds to cover potential losses. This approach can be part of a broader risk management strategy. We are interested in identifying which option best represents this concept.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 of 2

VIEW

Step 2 of 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.

Similar questions

Pls help ASAP
what are the general requirements of the security rule
All the answers below are reasons for performing risk management EXCEPT. O a. Planning for known and unknown events O b. Ensure the occurrence of opportunities. O c. Elimination of issues O d. Reduce the impact of threats
Pls help ASAP
All of the following are considerations in risk assessment for framing health policies, except a. Does the outcome vary with degree of exposure, such as higher levels of exposure being more strongly associated with the outcome? b. Which groups are the most exposed to the factor(s) under consideration, and in what maginitude and frequency? c. Will an industry incur loss or see a narrowing of their profit margins if regulations to mitigate adverse health impacts of an associated product are implemented? d. What is the quality of evidence regarding strength of association between a potentially harmful exposure and an outcome?
Unsystematic risk can be reduced by buying:a. Stock in less interest rate sensitive companies.b. Stock of companies in the same industry.c. Stocks in numerous unrelated industries.d. Stocks in natural resource companies
Please answer fast I will rate for you sure....
No written by hand solution
Explain how companies can deal with risk
Since a risk is something that has yet to happen--and may never happen--how much time and effort should be spent planning and preparing for it?
7 Distinguish the systematic risk and idiosyncratic risk. Discuss how you can manage each type of risk.
Reena decided to order a pizza online. She called her favourite pizza delivery restaurant ‘Piping Hot Pizza’ and placed an order for a pizza over the telephone. The person at the other end of the telephone line took her order but explained that their computer system had crashed and therefore Reena would need to pay the delivery person directly when they arrived with her pizza. Reena agreed that she would pay the delivery person. Reena is furious because it has been three hours since she made the call to ‘Piping Hot Pizza’, and her pizza has still not been delivered. The restaurant is not answering their telephone. Reena would like you to advise her on the following: What are the essential elements of a contract? Explain if they exist in this scenario. Part B What are the potential remedies for a breach of contract (not in relation to the above scenario)?