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Title Name Amity Solved Assignment MBA Insurance 4th Sem for Risk Management
University AMITY
Service Type Assignment
Course MBA
Semester Semester-IV-Insurence Course: MBA
Short Name or Subject Code Risk Management
Commerce line item Type Semester-IV-Insurence Course: MBA
Product Assignment of MBA Semester-IV-Insurence (AMITY)
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Solved Assignment


  Questions :-

                                                                          Risk management assignment 

ASSIGNMENT A
Q1)  A factory owner has started his business with an initial investment of Rs. 6 lakhs where he has invested for starting up his production activities for Rs. 3.50 lakhs. Over a certain period of time, the owner engages his entire production team for producing 1,000 additional units per day which has exceeded its present production capacity by 10%.  Which type of risk has been taken by factory owner which has superceded his existing production.

Q3)  In a clinical trial of a drug to prevent migranes, 2 of 100 people taking the drug experience a migrane(2%), compared with 4 of 100 people taking a placebo(4%). It is concluded that there were 2% (4%-2%) fewer migranes in taking the drug. Which fundamental statistical analysis of risk reduction has been applied in testing the drug?

Q6)  The forecasters predicted that the city will be warm with 5 degree Fahrenheit temperature than the historical average. Using this information,the ABC company anticipates that its revenues would be affected by that kind of weather. But the same company would most likely purchase an insurance policy for protection against damages caused by a flood and hurricane. Determine which kind of alternative to insurance products a company can opt for hedging against winters?

Q7)  Mr. X while undergoing treatment for his cancer has applied to insurance company for recovering the amount of his overall treatment. He has submitted the reports of all the details related to his diseases and the costs involved during the surgery. During the treatment, his doctor have detected a certain kind of tumor and found it to be incurable. Mr. X have only recovered Rs. 1,50,000 including the medical expenses but have not recovered the money for incurable tumor. He further have filed an RTI with IRDA for recovering the expenses of that incurable tumor so that he can approach highly specialized doctor in U.S.A. Determine which principle IRDA should follow for helping Mr. X to recover the full amount of his surgery.

Q8)  The major disruption caused by consistent earthquakes in Nepal have lead to a major destruction in the commercial areas resulting in heavy lossesfor the country. The due diligence committee of Nepal Government are inspecting the major affected areas for the re-establishment of new offices and buildings. Estimate the calculation method used by the underwriters of the due diligence committee for helping the Nepal Government for fixing their budget for the rehabilitation of the entire country.

 

 

Case Study

Q1. You are a Risk manager at Wills. You are required to roughly estimate the overall costs of risk associated in entire aircraft operations?

Q2. You are an underwriter of this company. Study from the internet the average costs involved in aircraft operations and calculate Probable.

3.Analyze what kind of documents are needed by Wills for conducting Risk Inspection?

 

 

Assignment Part C

Question No.  1          Marks - 10

________________________________________

What is defined as a decline in or disappearance of value due to a contingency?         

Options          

  1. Financial Loss
  2. Material Loss
  3. Emotional loss
  4. Unexpected loss

 

 

Question No.  2          Marks - 10

________________________________________

Risk management facilitates an organization in the avoidance of a great financial losses which ultimately results into?   

Options          

  1. Financial loss
  2. Bankruptcy
  3. Gains
  4. Adversities

 

 

Question No.  3          Marks - 10

________________________________________

Which techniques will be used for managing the risks, once the risks have been identified and assessed?           

Options                      

  1. Avoidance
  2. Reduction
  3. All of the above
  4. Transfer

 

 

Question No.  4          Marks - 10

________________________________________

Which category of risk includes risks that are so large or catastrophic that they either cannot be insured against or the premiums that would be infeasible?

Options          

  1. Risk Avoidance
  2. Risk Reduction
  3. Risk Retention
  4. Risk Transfer

 

 

Question No.  5          Marks - 10

________________________________________

Which category of risk is defined as the subjective judgment that people make about the characteristics and severity of a risk?          

Options          

  1. Risk Identification
  2. Risk Perception
  3. Risk Retention
  4. Risk Transfer

 

 

Question No.  6          Marks - 10

________________________________________

Which of the following describe the reasons for the causes of operative risks? 

Options                      

  1. Internal and External Fraud
  2. Employment Practices and Workplace Safety
  3. Client, Products and Business Practices
  4. All of the above

 

 

Question No.  7          Marks - 10

________________________________________

Which funds have been set aside by the project team for addressing the unforeseen events that cause the project costs to increase?     

Options                      

  1. Business Planning Funds
  2. Governmental Funds
  3. Reserve funds
  4. Contingency Funds

 

 

Question No.  8          Marks - 10

________________________________________

Which statistical technique makes  assumptions about distributions relating to the severity and the frequency of the individual losses? 

Options                      

  1. Monte Carlo Simulation of Distributions
  2. Normal Distribution
  3. Poisson Distribution
  4. Bionomial Distribution

 

 

Question No.  9          Marks - 10

________________________________________

Which type of risk arise out of the nature of the society that we live in are largely uninsurable and those that arise due to some physical occurrence depend for their insurability on the circumstances?         

Options                      

  1. Fundamental Risk
  2. Personal Risk
  3. Pure Risk
  4. Particular Risk

 

 

Question No.  10        Marks - 10

________________________________________

Which type of risk reduction technique describes the excess risk occuring as a result of the changes in risk of a given activity or treatment in relation to a control activity or treatment?   

Options          

  1. Relative Risk Reduction
  2. Risk Transfer
  3. Absolute Risk Reduction
  4. Risk Retention

 

 

Question No.  11        Marks - 10

________________________________________

Which of the following disasters kill thousands of people and destroy billions of dollars of habitat and property each year? 

Options                      

  1. Earthquake
  2. Landslides
  3. Volcanic eruptions
  4. All of the above

 

 

Question No.  12        Marks - 10

________________________________________

Which technique involves different regions, different professions and different scientific fields, that becomes an important measure for human, society and nature for sustainable development?

Options          

  1. Disaster reduction
  2. Disaster assessment
  3. Disaster Mitigation
  4. Disaster Preparation

 

 

Question No.  13        Marks - 10

________________________________________

Which type of disasters are caused by ignorance, mistakes or knowingly done careless development activities?       

Options          

  1. Natural disaster
  2. Man-made disaster
  3. Biological hazards
  4. Displaced populations

 

 

Question No.  14        Marks - 10

________________________________________

What comprises disaster management strategies?

Options                      

  1. Relative Risk Reduction
  2. Risk Transfer
  3. Absolute Risk Reduction
  4. Risk Retention

 

 

Question No.  15        Marks - 10

________________________________________

The risk control measures fall into which of the following categories?   

Options          

  1. Physical protection
  2. Procedural protection
  3. Educational protection
  4. All of the above

 

 

Question No.  16        Marks - 10

________________________________________

Which measure attempts to reduce the frequency of loss associated with inescapable risks by preventing the occurrence of loss?         

 Options         

  1. Risk avoidance
  2. Loss prevention
  3. Loss reduction
  4. Retention

 

 

Question No.  17        Marks - 10

________________________________________

When an insurance company transfers a part of risk to other companies is known as?          

Options                      

  1. Reinsurance
  2. Portfolio effect
  3. Financial capacity
  4. Risk Transfer

 

 

Question No.  18        Marks - 10

________________________________________

Which principle helps to analyze the transfer of financial effect of risk to another party ?     

Options                      

  1. Risk Avoidance
  2. Risk reduction
  3. Risk transfer
  4. Risk Retention

 

 

Question No.  19        Marks - 10

________________________________________

Which method reduces portfolio risk or some business risks involving future transactions?   

Options          

  1. Leading
  2. Hedging
  3. Lagging
  4. Insurance

 

 

Question No.  20        Marks - 10

________________________________________

Which principle states that one who has indemnified another’s loss is entitled to recover compensation for any liable third party who is responsible? 

Options                      

  1. Principle of Contribution
  2. Principle of Indemnity
  3. Principle of Subrogation
  4. Principle of Insurable Interest

 

 

Question No.  21        Marks - 10

________________________________________

Which principle provides a practical method of collecting data related to the subject matter or the risk to be covered by the insurance company?     

Options          

  1. Principle of Utmost Good Faith
  2. Principle of Indemnity
  3. Principle of Subrogation
  4. Principle of Insurable Interest

 

 

Question No.  22        Marks - 10

________________________________________

Which principle is the fundamental principle that strongly supports the principle of indemnity, which holds that, an insured must be made good the loss that he has actually suffered?        

Options          

  1. Principle of Utmost Good Faith
  2. Principle of Contribution
  3. Principle of Subrogation
  4. Principle of Insurable Interest

 

 

Question No.  23        Marks - 10

________________________________________

Which principle states that the insurer paying the claim has right upon other insurers to pass or transfer part of his burden?  

Options          

  1. Principle of Utmost Good Faith
  2. Principle of Contribution
  3. Principle of Subrogation
  4. Principle of Insurable Interest

 

 

Question No.  24        Marks - 10

________________________________________

Which contracts are traded both on established exchanges  and Over-the-Counter market (OTC)? 

Options                      

  1. Derivatives
  2. Insurance
  3. Contract of good faith
  4. Contract of Subrogation

 

 

Question No.  25        Marks - 10

________________________________________

Which groups tend to be comprised of companies with similar risk profiles where each member of a pool shares the profits and losses of the pool through a so-called joint and several liability arrangement?

Options                      

  1. Captive Insurer
  2. Risk Retention Groups
  3. Self-Insurance Groups
  4. Risk Prevention Groups

 

 

Question No.  26        Marks - 10

________________________________________

Which financial instruments are used by the companies as part of a risk management strategy to reduce the risk associated with adverse or unexpected weather conditions?      

Options                      

  1. Credit securitization
  2.  CAT Bonds
  3. Finite risk products
  4. Weather Derivatives

 

 

Question No.  27        Marks - 10

________________________________________

What are the three categories of financial risks?  

Options                      

  1. Market Risk
  2. Credit Risk
  3. Operational Risk
  4. All of the above

 

 

Question No.  28        Marks - 10

________________________________________

Who works within both the organizational process and leadership bureaucracy to efficiently create the risk process? 

Options                      

  1. Marketing Manager
  2. Risk Manager
  3. Finance Manager
  4. Production Manager

 

 

Question No.  29        Marks - 10

________________________________________

Which process provides opportunities for members to understand their roles and responsibilities as the structure of the organization changes?      

Options                      

  1. Cultural
  2. Structural
  3. Communication
  4. Training

 

 

Question No.  30        Marks - 10

________________________________________

Which cost is directly correlated to the viability of a facility’s safety and health program?     

Options                      

  1. Worker´s Compensation
  2. Workplace Compensation
  3. Training Compensation
  4. Direct Compensation

 

 

Question No.  31        Marks - 10

________________________________________

Which of the following factors influence the success of the training programme?        

Options          

  1. the high quality of the training manual
  2. the use of an ongoing mentorship programme
  3. the extensive use of self and peer group critiquing skills
  4. All of the above

 

 

Question No.  32        Marks - 10

________________________________________

Which risk control alternative completely eliminates the chance of a particular type of loss? 

Options                      

  1. Loss Prevention
  2. Risk Avoidance
  3. Loss reduction
  4. Utilization of Non-Insurance Transfers

 

 

Question No.  33        Marks - 10

________________________________________

Which amongst the following are the aspects of effective monitoring and control?      

Options                      

  1. Setting standards for defining acceptable performance
  2. Comparison of actual results with these standards
  3. Correcting actual results to more fully comply with standards
  4. All of the above

 

 

Question No.  34        Marks - 10

________________________________________

Which inspection technique is described as an Optimal maintenance business process that is used to examine equipment such as pressure vessels, heat exchangers and piping in industrial plants?          

Options          

  1. Risk Surveillance
  2. Risk Supervision
  3. Risk Based Inspection
  4. Risk Evaluation

 

 

Question No.  35        Marks - 10

________________________________________

Which estimation is used to determine the extent of losses in Chemical & Petrochemical Industries?

Options                      

  1. Probable Maximum Loss
  2. Normal Distribution
  3. Poisson Distribution
  4. Standard Distribution

 

 

Question No.  36        Marks - 10

________________________________________

PML estimation is used in which of the following industries?     

Options                      

  1. Aeronautical Industries
  2. Manufacturing Industries
  3. Chemical and Petrochemical Industries
  4. Dairy Industries

 

 

Question No.  37        Marks - 10

________________________________________

Which deductible is referred to as the amount for which the client is responsible for each individual employee or dependent claim in the policy year?  

Options                      

  1. Quota Share
  2. Stop-loss
  3. facultative
  4. proportional treaty

 

 

Question No.  38        Marks – 10

________________________________________

What are the three main methods of reinsurance?           

Options                      

  1. facultative
  2. claim-settlement
  3. facultative obligatory
  4. All of the above

 

 

Question No.  39        Marks - 10

________________________________________

Which treaty is called a proportional treaty where both the parties participate in the premiums and claims in the same percentage as they have retained and accepted?       

Options                      

  1. Quota Share treaty
  2. Surplus Treaty
  3. Combined treaty
  4. proportional treaty

 

 

Question No.  40        Marks - 10

________________________________________

Which form of reinsurance increases underwriting capacity as it enables risks to be written over and above the capacity of automatic treaties? 

Options                      

  1. claim-settlement
  2. facultative obligatory
  3. Facultative
  4. proportional treaty

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