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PBF318 Unit 5 Terms

PBF Unit 5 Terms

QuestionAnswer
A local food company filed an insurance claim to compensate employees who lost personal belongings in a company fire. This is an example of which type of insurance risk? Economic
A company agreed to compensate customers with $30 for those who experienced damages while using irons produced by the company. This is an example of which type of insurance risk? Economic
A store relocated to a larger building with plans to increase its profits and target market. This is an example of which type of insurance risk? Speculative
A distributor remodeled its facilities in order to offer a variety of supplies to its customers. This is an example of which type of insurance risk? Speculative
A chef allowed potential customers to taste sample dishes with plans for them to purchase several after the tastings.This is an example of which type of insurance risk? Speculative
A sales associate encourages customers to try on outfits in order to have an experiences with the clothes. He/she planned for the experiences to convince the customers to purchase the clothes. This is an example of which type of insurance risk? Speculative
ABC Investment Company invested over $300,000 obtained from their clients. The company gained 5% as a return on its investment. This is an example of which type of insurance risk? Speculative
It would cost a cosmetic company at least $1.49 for each bottle in order to produce a new line of shampoo. The company decided to continue with its original production instead of adding the new product. How did the company handle the potential risks? Avoid
Fred's Electric Company receives daily over thirty service orders. The company's manager refers some of the orders to another company, since she wants to maintain a reputation of completing orders in a timely manner. How manage risks? Transfer
The Electronics Company hires local delivery companies to set up equipment. How does the company handle the risks of setting up equipment? Transfer
A-1 Cleaning Company has a contract with another company to take care of its customers' delicate fabrics. How does the company handle these risks? Transfer
A real estate agent has the responsibility to showcase several homes in order to sell to potential customers. How is the agent currently handling the risks?q Assume
ABC Television Station changed its lineup of shows in response to a survey completed by viewers. The station planned to increase its number of viewers for a season. How has the company handled the risks? Assume
Barry's Pawn Shop accepts jewelry and electronics from customers all the time. The pawn shop waits the designated time for customers to return and retrieve their items. How does the shop handle risks? Assume
Which is an example of uninsurable risks? PDQ's competitors are now picking up packages from residential homes.
Cashiers can now manage several registers from a computerized station that will allow several customers to check out their groceries at one time. Which uninsurable risk is this? Technology change
The Whole Foods Market provides workshops on how to prepare healthy meals. During the past three months, the attendance increased over 40%. This is an example of which type uninsurable risk? Consumer demand
Home Depot has to reorder Scott's Lawn Care seeds more often than planned due to increased purchases by customers. This is an example of which type of uninsurable risk? Consumer demand
GEICO Insurance Company opened several new offices to accommodate requests of policy holders for face-to-face contacts. This is an example of which type uninsurable risk? Consumer demand
Many newspapers are experiencing fewer subscribers since more subscribers are now obtaining news from the Internet. This is an example of which type uninsurable risk? Technology change
What do insuring personnel and property have in common? Both provide coverage for cost of risks.
What do hospital and surgical types of insurance have in common in reference to availability? Both are available through: a comprehensive policy.
Created by: natasha_muir
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