RMIN Daniel Brown Test 1 Exam Questions and Answers 100% Solved
8 views 0 purchase
Course
RMIN
Institution
RMIN
RMIN Daniel Brown Test 1 Exam
Questions and Answers 100% Solved
exposure - things of value (assets) that could be lost
Perils - things that could happen to your assets
cause of a loss
risk management - what someone does to protect their assets or
prevent/ reduce their losses
risk - a calcula...
exposure - ✔✔things of value (assets) that could be lost
Perils - ✔✔things that could happen to your assets
cause of a loss
risk management - ✔✔what someone does to protect their assets or
prevent/ reduce their losses
risk - ✔✔a calculated possibility of a negative outcome
uncertainty concerning the occurrence of a loss
Calculated possibility - ✔✔a probablilistic outcome that is known or
estimated
ranges from 0 to 1 or a percentage
0 impossible event
,.5 most uncertainty
1 certain event
frequency - ✔✔how often a loss occurs
severity - ✔✔how much a loss costs when it does occur
hazard - ✔✔condition that creates or increases the frequency or severity of
a loss
does not cause a loss
physical hazard - ✔✔a physical condition that increases the frequency or
severity of loss
moral hazard - ✔✔the presence of insurance changes the behavior of the
insured
dishonesty or character defects in an individual that increase the frequency
or severity of loss
MoralE hazard - ✔✔carelessness or indifference to a loss, which increases
the frequency or severity of a loss
, legal hazard - ✔✔characteristics of legal system or regulatory environment
that increase the frequency environment that increase the frequency and or
severity of a loss
pure risk - ✔✔Loss
or
No Loss
Speculative risk - ✔✔Loss
or
no loss/no gain
or
gain
diversifiable risk - ✔✔affects only individuals or small groups
can be reduced/eliminated through diversification
risks aren't correlated
nondiversifiable risk - ✔✔affects the entire economy or large numbers of
groups/people within the economy
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.