Describe briefly the steps in the personal risk management process. Identify the major pure risks or pure loss exposures to which Chris and Karen are exposed with respect to each of the following:

Chris
and Karen are married and own a three-bedroom home in a large
midwestern city. Their son, Christian, attends college away from home
and lives in a fraternity house. Their daughter, Kelly, is a senior in
high school. Chris is an accountant who works for a local accounting
firm. Karen is a marketing analyst and is often away from home several
days at a time. Kelly earns extra cash by babysitting on a regular
basis.The family?s home contains household furniture, personal property,
a computer that Chris uses to prepare business tax returns on weekends,
and a laptop computer that Karen uses while traveling. The Swifts also
own three cars. Christian drives a 2007 Ford; Chris drives a 2012
Pontiac for both business and personal use; and Karen drives a 2014
Toyota and a rental car when she is traveling. Although the Swifts have
owned their home for several years, they are considering moving because
of the recent increase in violent crime in their neighborhood.

1. Describe briefly the steps in the personal risk management process.
2. Identify the major pure risks or pure loss exposures to which Chris and Karen are exposed with respect to each of the following:
   1. Personal loss exposures
   2. Property loss exposures
   3. Liability loss exposures
3. With
   respect to each of the loss exposures mentioned above, identify an
   appropriate personal risk management technique that could be used to
   treat the exposure.