A two motors-engine airplane flying from Baghdad to Turkey, the engines are not in good condition, if the probability of damage for one engine is 0.03 and the probability of damage for both engines together is 0.0005 find: 1- Probability of damage of at least one of two engines. 2- Probability of no damage in either one of them. 3- Probability of no damage in both engines together.
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- One of the main concerns in the coronavirus outbreak is the spreadof the virus during air travel. To avoid the risk of spreadingvirusand eliminate concernsduring air travel, airlines started to circulate fresh air in the airplane cabins every 3 minutes. For this purpose, air needs to be compressedfrom outside to inside the airplane cabinand conditioned for passenger comfort and safety. Calculate the average cost of this new implementation to Turkish Airlines for one of its national flights assuming that the energy costs 2 Turkish liras (TL) per kW hr?Eradicate Now’ is an extermination company that specializes in pest control. OnSeptember 19, 2020, the company was identified as being potentially responsible forcausing serious damages to the environment by the Environmental Regulatory Agency.The company’s management team met with it’s lawyers and concluded that it is probablethat it will be held responsible for the damages caused. A reasonable estimate of thedamages was $2,000,000.‘Eradicate Now’ has an insurance policy of $10,000,000 with a deductible clause of$300,000.RequiredHow should ‘Eradicate Now’ report this information on its financial statements for theyear ended December 31, 2020?We examine what might happen in the worst-case scenario, but the true worst case would involve a total disaster with extremely remote probability. We certainly would like to prepare ourselves for the worst possible outcome, but shall we make decisions based on something that is extremely unlikely to happen? Consider Samsung’s recent experience. Samsung was forced to recall 2.5million Galaxy Note 7 smartphones just one month after it was introduced because multiple reports on the phones caught fire, and eventually stopped all production in the following month. Some estimated that Samsung incurred a $5 billion write-off due to this fiasco. Would you consider it Samsung’s failure not to prepare for this worst-case scenario? Why or why not? As a member of Samsung’s FP&A team, what would you do differently for evaluating future products?
- Assume that the chance of loss is 3 percent for two different fleets of trucks. Explain how it is possible that objective risk for both fleets can be different even though the chance of loss is identical.Assume that three restaurant owners have decided to pool their losses together; each owns an identical restaurant valued at $600,000. Suppose that there is a 4% chance in any year each restaurant will catch fire. The loss to any of the restaurants is an independent event. Assuming that: (1) Fire events are independent of each other (2) Each restaurant faces the same types of risks and environmental conditions. Given that, Answer the following questions: A. Use the compound probability of independent events law to find the sample space of the probability of each possible event B. Find the expected annual loss for each of the insureds. C. Find the risk of incurrence of losses (Std dev) D. Explain what happens to the objective risk with the addition of more individuals1. You are a commercial lines broker, working for an insurance company, explain why you would recommend a commercial named-peril policy. James, a new client, left his last insurance company as he was disgruntled that he had to pay an extra $10,000 to remove the wreckage from one of his warehouses that was damaged in a fire. James' policy did not have enough insurance available to cover the cost of debris removal after the lass was paid. course- C12 insurance on property
- In United States airspace, the average number of commercial aircraft in the sky on an average morning is 4000. There are another 16,000 planes on the ground. Aerospace company Rockwell-Collins developed what it calls a “digital parachute,” a panic-button technology that will land any plane in a pinch at the closest airport, no matter what the weather or geography, and without the help of a pilot. The technology could be applied where a pilot is no longer capable of flying the plane, or is panicked and confused about what to do in an emergency. Assume the cost of retrofitting 20,000 commercial airplanes is $55,000 each and the plane stays in service for 15 years. The technology could save an estimated average of 40 lives per year; the value of a human life is estimated at $4,000,000. Use an interest rate of 8% per year to determine the B/C ratioOld Island Fumigation, Inc., fumigated buildings A and B of a condominium complex using Vikane gas. Buildings A and B, together with building C, form a U shape; buildings B and C have between them an atrium and were thought to be separated by an impenetrable fire wall. Although Old Island evacuated occupants of buildings A and B before the fumigation, the company advised the occupants of building C that they could remain in their dwellings while the other buildings were treated. Several residents of building C became ill shortly after the Vikane gas was released into the adjacent buildings. The hospital admission forms indicate that the cause of their illnesses was sulfuryl fluoride poisoning. Sulfuryl fluoride is the active chemical ingredient of Vikane. Several months after this incident, an architect hired by the fumigation company discovered that the fire wall between buildings B and C was defective and contained a four-foot-by-eighteen-inch open space through which the gas had…Bob, risk manager from Travelers, mentioned that Travelers has the following two insurance programs, one for property coverage and one for liability coverage: I. Insurance program “A” is for liability coverage because Travelers is exposed to a high degree of professional liability risk so a low-deductible policy will protect the company from liability losses II. Insurance program “A” is for property coverage because Travelers owns a very valuable building and is concerned with the maximum probable loss of its property in a catastrophic event III. Insurance program “B” is for liability coverage because Travelers’ liability losses are relatively manageable so it saves the company insurance premiums by maintaining a larger deductible Bob, risk manager from Travelers, mentioned that Travelers has the following two insurance programs, one for property coverage and one for liability coverage: I. Insurance program “A” is for liability coverage because Travelers is exposed to a high…
- QUESTION 1 Furnaces Pty Ltd was advised by a local building inspector that one of the chimneys on its premiseswas unsafe and, unless it was repaired, the factory would have to be closed. Furnaces decided thatit was not feasible to stop operations to repair the chimney, so they gained permission to build analternative chimney adjacent to the old chimney, thereby allowing production to continue. They foundthat although the new chimney was substantially the same size and make as the old one, it wascheaper to build than it would have been to repair the old one. Also, the new chimney can betterventilate the weather, which was not available in the previous one. After the new chimney waserected, the old chimney was demolished.Is any amount allowable as a deduction for the cost of the new chimney?1. Miss Bae provided information to the government, which led the capture andseizure of smuggled goods with FMV of P 20, 000, 000. If the governmentdestroyed the goods seized because these are regarded as harmful to health,how much cash reward would Ms. Bae receive? 2.In 200A, Mr. Rosario acquired his principal residence for P6,000,000. He soldit to Mr. Dela Cruz for P12,000,000 in 200D. Within 30 days, he wrote the BIR fortax exemption because he intends to use the entire sales proceeds to purchase anew principal residence. How much is the basis of the new residence for taxationpurposes if he actually acquired for P15,000,000?Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $5,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? a.$4,000 b.$5,000 c.$14,000 d.$10,000 e.None of these choices are correct.