Michael is a college senior who is majoring in marketing. He owns a high-mileage 2000 Ford that has a current market value of $2500

Michael is a college senior who is majoring in marketing. He owns a high-mileage 2000Ford that has a current market value of $2500. The current replacement value of hisclothes, television, stereo, cell phone, and other personal property in a rented apartment totals $10,000. He wears disposable contact lenses, which cost $200 for a six-monthsupply. He also has a waterbed in his rented apartment that has leaked in the past. Anavid runner, Michael runs five miles daily in a nearby public park that has the reputationof being extremely dangerous because of drug dealers, numerous assaults and muggings,and drive-by shootings. Michael’s parents both work to help him pay his tuition.For each of the following risks or loss exposures, identify an appropriate riskmanagement technique that could have been used to deal with the exposure. Explain youranswer.a. Physical damage to the 2000 Ford because of a collision with another motoristb. Liability lawsuit against Michael arising out of the negligent operation of his carc. Total loss of clothes, television, stereo, and personal property because of a grease firein the kitchen of his rented apartmentd. Disappearance of one contact lense. Waterbed leak that causes property damage to the apartmentf. Physical assault on Michael by gang members who are dealing drugs in the park wherehe runsg. Loss of tuition assistance from Michael’s father who is killed by a drunk driver in anauto accident