Briefly Identify and Explain the Manner in Which Tort Obligations

question 65

Essay

Briefly identify and explain the manner in which tort obligations and contractual obligations generally arise.Briefly explain why tort obligations create a greater hazard for the purposes of risk management.

Recognize the significance of diversification in investment and risk management.

Describe the effects of changes in market conditions on insurance premiums and market equilibrium.

Understand the concept of adverse selection and how it affects the insurance and labor markets.

Identify strategies used to mitigate the effects of adverse selection and moral hazard.

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Definitions:

Exposure And Response Prevention Therapy

A form of cognitive-behavioral therapy aimed at reducing compulsive behaviors by encouraging patients to confront their fears and decrease their sensitivity to them.

Obsession

Persistent and intrusive thoughts, impulses, or images that cause significant anxiety or distress.

Compulsions

Repetitive behaviors or mental acts that an individual feels driven to perform in response to an obsession, or according to rules that must be applied rigidly.

Repetitive Behaviors

Actions performed over and over again, which can be a characteristic of certain psychological conditions, such as OCD.