100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
RMIN Daniel Brown Test 1 Exam Questions and Answers 100% Solved $9.49   Add to cart

Exam (elaborations)

RMIN Daniel Brown Test 1 Exam Questions and Answers 100% Solved

 9 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...

[Show more]

Preview 3 out of 20  pages

  • September 27, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMIN
  • RMIN
avatar-seller
JOSHCLAY
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 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

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

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

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.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67163 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.49
  • (0)
  Add to cart