CASE STUDY Tyrone is a College senior who is majoring in journalism. In 2013 his home was destroyed by fire. This year he owns a high mileage 2015 BMW. He owns expensive clothes, television set, stereo set, and other personal property in a rented apartment. He also has a waterbed in his rented apartment that has leaked water in the past. Tyrone runs five miles daily in a nearby public park that has the reputation of being extremely dangerous because of drug dealers. His father who worked to help him pay his tuition fee was killed by gang members in a drive by shooting. A. Define the following terms using examples from the case study: i. Property risk ii. Personal risk iii. Hazard iv. Peril B. C. Identify two (2) risks that Tyrone may be associated with due to the premature death of his father. For each of the following risks of loss exposures, explain an appropriate risk management technique that could be used to deal with the exposure. i. Liability lawsuit against Tyrone arising out of the negligent operation of his car ii. Physical assault on Tyrone by gang members who are dealing drugs in the park where he runs. iii. Total loss of clothes, television, stereo and personal property because of a grease fire in the kitchen of his rented apartment.
CASE STUDY Tyrone is a College senior who is majoring in journalism. In 2013 his home was destroyed by fire. This year he owns a high mileage 2015 BMW. He owns expensive clothes, television set, stereo set, and other personal property in a rented apartment. He also has a waterbed in his rented apartment that has leaked water in the past. Tyrone runs five miles daily in a nearby public park that has the reputation of being extremely dangerous because of drug dealers. His father who worked to help him pay his tuition fee was killed by gang members in a drive by shooting. A. Define the following terms using examples from the case study: i. Property risk ii. Personal risk iii. Hazard iv. Peril B. C. Identify two (2) risks that Tyrone may be associated with due to the premature death of his father. For each of the following risks of loss exposures, explain an appropriate risk management technique that could be used to deal with the exposure. i. Liability lawsuit against Tyrone arising out of the negligent operation of his car ii. Physical assault on Tyrone by gang members who are dealing drugs in the park where he runs. iii. Total loss of clothes, television, stereo and personal property because of a grease fire in the kitchen of his rented apartment.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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CASE STUDY
Tyrone is a College senior who is majoring in journalism. In 2013 his home was destroyed by fire. This
year he owns a high mileage 2015 BMW. He owns expensive clothes, television set, stereo set, and
other personal property in a rented apartment. He also has a waterbed in his rented apartment that
has leaked water in the past. Tyrone runs five miles daily in a nearby public park that has the
reputation of being extremely dangerous because of drug dealers. His father who worked to help
him pay his tuition fee was killed by gang members in a drive by shooting.
Define the following terms using examples from the case study:
i. Property risk
ii. Personal risk
iii. Hazard
iv. Peril
A.
B.
C.
Identify two (2) risks that Tyrone may be associated with due to the premature death of his
father.
For each of the following risks of loss exposures, explain an appropriate risk management
technique that could be used to deal with the exposure.
i. Liability lawsuit against Tyrone arising out of the negligent operation of his car
ii. Physical assault on Tyrone by gang members who are dealing drugs in the park where he
runs.
iii. Total loss of clothes, television, stereo and personal property because of a grease fire in
the kitchen of his rented apartment.
2.
25
CHRIS
OJA
RD
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