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**This is а Multi-Pаrt Questiоn = wоrth 10 pоints totаl Question #36 was Part ONE --> Question #37 (this question) is Part TWO & THREE Problem Information (same info as on the prior Question #36): Calvin is the Risk Manager of Crown Condo Inc. - which owns a $1,000,000 wood frame condominium building in Santa Barbara, California. Being located in Southern California, the condo building faces the peril of wildfire. If no wildfire strikes the area (No Loss) = then no loss occurs to the condo building. If a wildfire would strike the area, it would completely destroy the entire condo building (Total Loss of the value of the building) Calvin estimates the probability of a wildfire striking the area = 1% Calvin is deciding between three Risk Management Options for the Crown Condo building: 1) Retention 2) Deductible Insurance Policy Limit = $1,000,000 (the value of the building) Deductible = $5,000 Premium = $17,500 3) FULL Insurance Policy Limit = $1,000,000 (the value of the building) There is no deductible with Full Insurance Premium = $20,000 ______________________________________________________________________________________________________ Part TWO: [3 points] **The following components are being provided for you... no need to calculate it!** The Expected Value for each option is provided below: RM Option #1 = Retention; the Expected Value = $10,000 RM Option #2 = Deductible Insurance; the Expected Value = $50 RM Option #3 = Full Insurance; the Expected Value = $0 Calvin's Worry Value for each of the three risk management options is as follows: RM Option #1 = Retention; the Worry Value = $12,500 RM Option #2 = Deductible Insurance; the Worry Value = $1,500 RM Option #3 = Full Insurance; the Worry Value = ??? Calculate the TOTAL COST of each of the three risk management options: Instructions: Fill in the TOTAL Cost for each of the three RM Options: You MUST use number format, NO symbols (i.e. $10,000 = 10,000) No decimal places, round all numbers to the nearest whole number (i.e. = 9999.55 = 10000) RM Option #1 = Retention: TOTAL COST = [Q1] RM Option #2 = Deductible Insurance: TOTAL COST = [Q2] RM Option #3 = Full Insurance: TOTAL COST = [Q3] Part THREE: [1 point] If Calvin's decision rule is to minimize Total Cost - which risk management option does he choose? Instructions: I. Simply type the number of the RM Option he should choose.. that is IT! Do NOT type anything that is not "1, 2, or 3" = [Q4]