4 Tanya and André are a young married couple who are fit and follow a healthy lifestyle. Tanya's aunt was diagnosed with breast cancer last year, and after watching her suffer physically and financially for months, the couple decide to meet with their insurance agent to purchase a critical illness insurance policy to protect them if ever either one of them is diagnosed with a critical illness. What risk management strategy are they applying by purchasing a critical illness policy? a. Risk retention b. Risk transfer c.Risk reduction d.Risk avoidance 5 Kameron loves cycling even though he knows that it can be risky. He goes cycling every weekend. He has the option to bike in one of four locations. The safest is indoors at his local gym and the riskiest is mountain biking down a steep cliff in the Rockies. Kameron chooses to bike in his local gym. What risk management strategy does Kameron implement? a. Risk avoidance b. Risk reduction c.Risk retention d. Risk transfer