RMI 2101 Assignment 2 – Risks Under the Big Top

RMI 2101Spring 2017Homework Assignment 224 pointsBlackBoard/SafeAssignNo hard copies will be accepted in class. All homework must be submittedon SafeAssign and time stamped by 5:00 PM EST on the due date.Carefully follow the Instructions – Homework Guidelines and SubmittingHomework to SafeAssign located in the Homework Section of BlackBoard. Hint:Read the questions carefully and be sure that you answer the questions asked.Many times students give correct information in an answer but that information isnot the answer to the question.Also, utilize proper business writing techniques in your answers, i.e. be completebut concise, use proper grammar, sentence structure, spelling and punctuation.Double spaced please. 1. Refer to the bulk pack article in Topic 3: “Risks Under the Big Top”. (Hint– review Chapter 2 & 3 of the text and the lecture notes regarding the Typesof Loss Exposures and Elements of Loss Exposure, i. Asset Exposed to Loss, ii.Cause of Loss, iii. Financial Consequences of Loss)a. Consider the first step in the Risk Management Process. Identify and brieflyexplain two examples of methods that could be used by the RiskManager ofRingling Bros. and Barnum & Bailey Circus to identify loss exposures.(4 points)b.points) Identify and explain a Property Loss Exposure faced by the circus. (4 c.points) Identify and explain a Liability Loss Exposure faced by the circus. (4 d.points) Identify and explain a Personnel Loss Exposure faced by the circus. (4 e.(4 points) Identify and explain a Net Income Loss Exposure faced by the circus. 1 2.from hell” Refer to the bulk pack article in Topic 3: “GM: Ignorance Left “switchUnfixed” a.)What very specific type of liability is this “switch from hell”? Bespecific andexplain. (4 points) 2