. Describe the differences in using insurance as a risk-handling technique as opposed to contractual transfer and limited liability as means of protecting an insured from risk. Also, please include the benefits of self-insurance, retention, deductibles and use of a captive as well. How does loss frequency and loss severity affect decisions?

In myanmar, six laborers, each making the equivalent of $ 2.50 per day, can produce 40 units per day. in china, ten laborers, each making the equivalent of $ 2.25 per day, can produce 48 units. in billings comma montana, two laborers, each making $ 60.00 per day, can make 102 units. based on labor cost per unit only, the most economical location to produce the item is china , with a labor cost per unit of $ . 05. (enter your response rounded to two decimal places.)