Questions to Evaluate Risk Exposure (Essay Sample)

1.For questions 1 - 5 : Following the risk management process, complete the questions below to evaluate your risk exposure.
Risks from possessions ~  Almost everything we own has some risk associated with it.  You are asked to come up with two material sources (items) that are exposures to risk. Make sure that each source (exposure) is from a material source (an item) that you have or own, not from an activity that you do. 
(Note: DO NOT USE CAR OR VEHICLE AS AN EXAMPLE of RISK from POSSESSION) 
Source of risk from possession (What is the item, the severity of risk(likelihood, dollar cost etc.) and why is it an exposure to risk?) ------>
(What is the item and why is it an exposure to risk?) ------>
2. Risks from activities ~  Our activities (things we do) expose us to risk. The risk from activitiy does not necessarily have to be related to one of the exposures to risk from possession you listed above.
(Note: DO NOT USE driving AS AN EXAMPLE of RISK from ACTIVITY)
Source of risk from activity (What is the activity and why is it an exposure to risk(dollar risk, severity etc)?) ----->
3. Which strategy would you choose to handle risk exposure for both the item and activity you discussed above:     avoid/retain/control/transfer/reduce? ---->
 
Explain the strategy (avoid/retain/control/transfer/reduce) you chose (why, how, etc.)
4. There are two types of risk  - speculative risk and pure risk. Explain the difference between these two types of risk.
5. What are the 2 minimum requirements that together must be met for a loss to be insurable?  insurance companies do not consider all losses insurable. Provide a well-written response explaining the two specific requirements that combined make a loss insurable. Provide one example of a loss that would be considered insurable because it meets both minimum requirements. 
6. Automobile insurance policies combine the liability and property insurance coverage needed by automobile owners and drivers into a single-package policy. Do you know what yours is? Although they can be difficult to understand, you should know the types of coverage carried by your insurance package and to what extent it covers you and/or your family members.
Answer the questions below to gain a better appreciation for the automobile insurance you currently have. Even if you do not purchase automobile insurance yourself, you should have access to the automobile insurance program that covers you and your automobile.  If you do not own an automobile, ask a friend or family member about their policy, or find a policy online.  If you go online, don't use a site that asks for your personal info.  You could also contact a local insurance company and ask them for information, you could tell them that you are finding information for a class exercise.
Section A. Liability insurance ~
(1) Bodily injury liability - based on your policy
a. Who is covered (list name