Reference no: EM132956005
Question - John is a university senior who is majoring in marketing. He owns a high mileage 1996 Ford that has a current market value of $2500. The current replacement value of his clothes, television set, stereo set, cell phone and other personal property in a rented apartment totals $10,000. He wears disposable contact lenses, which cost $200 for a six-month supply. He also has a waterbed in his rented apartment that has a leak in the past. An avid runner, John runs five miles daily in a nearby public park that has a reputation of being extremely dangerous because of drug dealers, numerous assaults, muggings and drive by shootings. John's parents both work to help him pay his tuition.
For each of the following risks or loss exposures, identify an appropriate risk management technique that could have been used to deal with the exposure. Explain your answer in terms of:
A. Physical damage to the 1996 Ford because of a collision with another motorist.
B. Liability lawsuit against John arising out of the negligent operation of his car.
C. Waterbed leak that causes property damage to the apartment.
D. Loss of tuition assistance from John's father who is killed by a drunk driver in an auto
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