I need two full paragraphs and 4 short responds to other students paragraphs * Book Link : https://www.dropbox.com/s/p4nbhu6dzjsn4ej/Principles%20of%20Risk%20Management%20and%20Insurance%2013th%20Edition%20-%20George%20E.%20Rejda%20%281%29%20%281%29.pdf?dl=0

I need two full paragraphs and 4 short responds to other students paragraphs You will need the book to answer so I already attached the link on the top The questions are : 1-Describe/Explain all Major Personal Risks and Commercial Risks. 2-Name and describe all the types of insurance. Also, after this i need to respond to other students paragraphs meaning 4 responds ( 2 responds for question 1 and 2 responds for question 2) The answers are to be substantive using chapter vocabulary, and showing citations and references from the book. Completing the discussion questions lets the professor know that students are doing the reading for the course. The answers must be cited and referenced using APA style.

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4 Responds Needed 1st Paragraph (1st Question) Major personal Risk are risks that directly impact individual or family. It is include Property risks, Direct loss, Indirect loss and Liability risks. Property risk: the risk of having property damaged or lost from numerous causes. Direct loss: financial loss resulting from the physical damage, destruction or theft of the property Indirect loss: a financial loss resulting indirectly from the occurrence of a direct physical damage or theft loss. Liability risks: another type of pure risk. Commercial Risks are relate with firms variety of pure risks. It is include Property Risks, Liability Risks, Loss of Business Income and Other Risks. Property Risks: like loss from building or office equipment. Liability Risks: like suits for defective product or pollution. Loss of Business Income: The company must close a program to stopping loss when something happen. 2nd Paragraph (1st Question) The book outlines multiple kinds of personal and commercial risks in the first chapter. Premature death is the first personal risk that the book mentions. Premature death is defined by the book as the death of a family head with unfulfilled financial obligations. These obligations can be loans, mortgages, or even children to support. Premature death risk can be offset by insurance such as life insurance. Another type of personal risk is inadequate retirement income which is as the name implies a insufficient amount of income for retirees to continue living with the standard of living they are accustomed to. This is one of the most common type of risks that people face, the majority of workers in the US retire before the age of 65 and most of them don't have enough money saved to maintain the standard of living they are accustomed to. Poor health is another major personal risk that can affect anyone. Poor health can result in economic insecurity through either the cost of the medical bills associated with poor health or the loss of wages caused by poor health. Unemployment is one of the leading causes of economic insecurity and because of that it is one of the most personal risks. Unemployment can result from many things such as economic downswings, structural changes of the economy, seasonal factors, and imperfections in the labor market. It's because of these causes that it is such a common risk. The risk in unemployment lies in the loss of wages and other benefits that the worker is accustomed to. Property risk is a risk that is both commercial and personal, property risk can be either direct loss which is defined as the financial loss of property from physical damage or theft, or indirect loss such as expenses incurred from direct physical damage to property. An example of this would be your hotel bill if your house was damaged. One of the most costly risks that Americans face is liability risk. Liability risk has now cap on the financial burden it can cause, liability risk is ever present because America is a litigious society and any mistake can be met with a lawsuit that can cause unforeseen financial stress. To offset this risk you can get liability insurance which will help cover the costs incurred in defending yourself. Commercial risks are risks that Businesses face when conducting business. Liability risk is one of the largest commercial risks that businesses face due to the competitiveness of the industry liability lawsuits are common. the amount of people that a business interacts with in any given day puts them at greater risk than the average person of being sued for liability, these suits can range from small nuisance suits to huge multimillion dollar suits. Loss of business income is another type of commercial risk businesses are exposed to. Loss of business income can be a result of property loss, personal injury, unemployment, anything that prevents a business from operating. Cybersecurity and identity theft are very common risks faced by a firm. A firm that has personal information from there customers or workers is a prime target for these kinds of risk, because if any of the information is leaked it is a liability on the firm. Human resources exposure is any kind of risk that involves the workers such as injury, death, and personal information leak. Foreign loss exposure includes things such as terrorism, kidnapping or political threats, it is usually associated with conducting business in foreign country's that may be unstable. Intangible property exposure is a risk that has to do with things such as the company's public image, and intangible property such as ideas and plans. These risks are hard to put a price on and because of that can vary greatly in the actually risk. The final risk that firms face that is covered by the book is government exposure. Government exposure is the risk that the government may pass laws that may affect the firm such as a tax revision. These risks are hard to protect against and could be potentially crippling to a firm. The risks outlined by the book are all major and could have severe consequences so it is crucial for both firms and people to insure against the risk in order to better protect themselves. 3rd Paragraph (2nd Question) Professional accountability Insurance: This type of business insurance is to protect the harmful claims that occurs due to inability to perform and mistakes in a business. Property Insurance: In every business property insurance is important. This insurance protects all the furniture, equipment and inventory used in fire, storm and theft conditions. However, the conditions like earthquakes and floods does not come under protection. Workers Allowance Insurance: In every insurance policy of business, the workers allowance policy is also added. This insurance protects the medical treatments, benefits to the injured and death benefits of the workers. Product Accountability Insurance: Product accountability insurance is a type of insurance that provides protection to the product that a company produces. 4th Paragraph (2nd Question) The book separates insurance into two broad categories private and government. Private insurance is things like life insurance, health insurance, and property insurance it only covers the people who purchase it and are included in the plan. Government insurance is programs such as social security, welfare, and any other social insurance plans. The key difference between the two is the people that are covered under it. Private insurance has many forms that are covered by the book. The first form is life insurance which pays benefits to a designated party upon the death of the insured. These benefits are meant to pay for unfulfilled liabilities and final expenses. Health insurance is another form of private insurance. Unlike life insurance health insurance pays it benefits when the insurer is still alive. The benefits are meant to cover the direct and indirect losses associated with a health issue. Property and liability insurance are used to protect property owners from not only direct losses to property but to also protect them from liability suits that can be laid against them because of the property. Liability insurance also covers other kinds of liability such as that in a car accident. Casualty insurance is the catch all field of property insurance, it covers anything that is not covered by fire, marine, or life insurance. Government insurance is taken care of using tax dollars and is meant to protect everyone instead of a select few who own insurance. Social insurance is one of the most common types of government insurance and includes programs such as Medicaid, social security, unemployment insurance, worker’s compensation, railroad retirement act, railroad unemployment insurance act, and compulsory temporary disability insurance. While these programs all vary in the detail the main point of them all is to help control the risk society faces. Medicaid and social security are meant to help protect the elderly by providing a source of income and help with medication. Unemployment insurance, workers comp, the railroad acts, and disability insurance are all meant to protect workers from a loss of wages for different reasons.

----- Modified Instruction (09/10/2018 16:19:23) -----
4 PARAGRAH 4 RESPONDS NEEDED

----- Modified Instruction (09/10/2018 16:21:21) -----
4 Responds Needed