The Smith family, which consists of two parents and a one-year-old son, recently moved into a single home that includes a two-car garage, a garden shed, and a swimming pool. Their

The Smith family, which consists of two parents and a one-year-old son, recently moved into a single home that includes a two-car garage, a garden shed, and a swimming pool. Their parents and their insurance agent counseled them that this is an important event in their lives and that, as new homeowners, they should make a conscious effort to use a structured risk management process to assess their loss exposures and develop and implement a risk management plan to manage them. They decide to undertake this project.
a. Outline the steps the Smiths should follow in developing and implementing a risk management plan.
b. What kinds of assets should the Smiths be identifying that are at possible risk of loss?
c. What kinds of loss exposures can affect real and personal property?
d. How would the insurance agent explain to the Smiths that they may be exposed to liability losses?
e. Explain the difference between a loss prevention technique and a loss reduction technique.
f. Explain two types of risk financing techniques.

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