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Insurance Assignment: Risk and Coverage Analysis

Part I

There are three parts to this assignment. Complete all three parts. Remember to cite any reference to outside sources using APA formatting. Part I

1.For each of the following scenarios, indicate whether or not an insurable risk exists, and explain why or why not:a.Rusting of an unprotected structure.b.A genetic defect affects 9 of 10 newborn males in a family.c.Developing a cancer.d.Eventual obsolescence of a personal computer.e.Losing money at the casino.

2.You are employed in the insurance industry. One night, you are at   a party and the discussion turns to the topic of insurance companies and how they rip-off the public with high premiums. Using your own words, explain and provide examples of FIVE benefits of insurance to society.

3.You are a risk manager assigned to inspect a locally owned and operated fast food restaurant. Define what a physical hazard is, and list EIGHT examples of physical hazards you would look for at this business. 4.There are many benefits for an insurer obtaining reinsurance to further spread their financial risk. Explain, providing an example for each of the following benefits

a.To increase the insurer’s capacity to write business

b.To maintain a proper reserve/liability balancePart II

5.John Smith advertises the sale of a television set for $500. The newspaper in which the ad is placed inadvertently shows the sale price as $300. The ad has been running for 10 days. Robert Brown answers the ad, but is told by Smith that the price is actually $500. Has a contract been formed with Brown’s acceptance of the advertised price? Explain.
6.A broker submits an application for automobile insurance to a company on behalf of a client. The broker is unaware that although his client is the registered owner of the vehicle to be insured, his client’s adult son is the actual owner and operator of the vehicle. This means that the client has provided false information on the insurance application. You are the underwriter on this risk and this information comes to your attention. What issues should you consider when you discover the actual facts of the ownership and operation of the insured automobile? 

7.ABC Insurance Company has issued a binder to cover property and liability coverages on Mr. White’s store. Shortly thereafter there is a burglary. During the investigation it is discovered that Mr. White did not have an alarm system to protect his premises. ABC indicates that coverage will not apply as such an alarm system is one of its absolute requirements. Can ABV be forced to honour the claim? Explain why or why not

8.During the investigation of a vehicle fire damage claim, a staff adjuster realizes that the claim may not be covered. However, he decides not to tell the insured, hoping to find other details that will confirm his first impression. Later, the insurer officially notes the insured that the policy does not apply to the loss. Unfortunately, the insured has already taken the vehicle to an autobody shop and they have started the repairs. What is the legal position of the insurer? Explain.  Part III
9.Define and describe a mortgagee. In doing so, also explain the provisions and conditions of a mortgage clause.

10.The insurer decides to cancel an insureds policy and sends notice by regular mail. Think about the Termination provisions. Is this a valid termination? Why or why not?

11.Determine how a coinsurance penalty would be applied in the following loss scenario. Please show your calculations using the coinsurance formula:Building Replacement Value$3,000,000 Coinsurance 90%Amount of Insurance $2,250,000 Amount of Loss$600,000

12.The Insurance Bureau of Canada is involved in several activities and provides a number of services to their members. Identify and describe these activities and services. Include in your answer a description of issues management, investigative services and insurance information.

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