Please answer the below six questions using example of risk management and insurance.
10-1. Why do insurance companies make a distinction between general liability and professional liability? Be specific.
10-2. The majority of legal liability claims involves torts. With all the contracts that are written in the U.S., why do you think this is the case? Be specific.
10-3. A doctor told a patient that she needed surgery and she agreed. As part of the preparation she signed several papers. One of them gave the doctor permission to perform the operation. The other waived her right to sue if the operation did not produce the desired result. The operation was a failure, leaving her in a slightly worse state than before the surgery. She sued the hospital and doctor for negligence. Is she likely to win the lawsuit? Explain your reasoning.
10-4. Performance and financial damages are two remedies for breach of contract. How do you think a company should make the decision on whether to compel performance or accept money? Be specific.
10-5. Some people think a formal contract lasts forever. Do you agree? Explain your reasoning.
10-6. An individual made the statement, “I do not worry about enforcement of my contracts. I just want to get them done.” What advice would you give that person in light of risk management for contractual liability?
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