Identify a risk management technique or combination of techniques that could be used to handle the exposure.

City Bus Corporation provides school bus transportation to public schools in Lancaster County. City Bus owns 50 buses that are garaged in three different cities within the county. The firm faces competition from two larger bus companies that operate in the same area. Public school boards generally award contracts to the lowest bidder, but the level of service and overall performance are also considered.
a. Briefly describe the steps in the risk management process that should be followed by the risk manager of City Bus.
b. Identify the major loss exposures faced by City Bus.
c. For each of the loss exposures identified in (b), identify a risk management technique or combination of techniques that could be used to handle the exposure.
d. Describe several sources of funds for paying losses if retention is used in the risk management program.
A group of investors are discussing the formation of a new property and liability insurer. The proposed company would market a new homeowners policy that combines traditional homeowner coverages with unemployment benefits if the policyholder becomes involuntarily unemployed. Each investor would contribute at least $100,000 and would receive a proportionate interest in the company. In addition, the company would raise additional capital by selling ownership rights to other investors. Management wants to avoid the expense of hiring and training agents to sell the new policy and wants to sell the insurance directly to the public by selective advertising in personal finance magazines.
a. Identify the type of insurance company that best fits the above descriiption.
b. Identify the marketing system that management is considering adopting.

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