Reference no: EM132823071

Question - Kevin is an Accounting Technician at a small accounting firm. He attends school parttime and is in his final year of college, majoring in Accounting. In 2013, while still a teenager, his family's home was destroyed by fire. This year, he owns a high mileage heavily modified 1992 Honda Civic. He owns expensive clothes, a television set, a stereo set, and other personal property in a rented apartment. He also has a waterbed in his rented apartment that has leaked in the past, but he has recently patched it after watching a "How to" YouTube video.

Kevin 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.

Required -

A. Define the following terms using examples from the case study: i. Property risk ii. Personal risk iii. Hazard iv. Peril.

B. Identify THREE (3) risks that Kevin may be associated with due to the premature death of his father.

C. 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 Kevin arising out of the negligent operation of his car

ii. Physical assault on Kevin 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.