Brown RMIN 5100s test 1 UPDATED ACTUAL Questions and CORRECT Answers
3 views 0 purchase
Course
Brown RMIN 5100
Institution
Brown RMIN 5100
Brown RMIN 5100s test 1 UPDATED
ACTUAL Questions and CORRECT
Answers
Categories of commercial loss exposures - CORRECT ANSWER- 1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss - CORRECT ANSWER- -tangible (real estate, personal property)
-intangible (pa...
Brown RMIN 5100s test 1 UPDATED
ACTUAL Questions and CORRECT
Answers
Categories of commercial loss exposures - CORRECT ANSWER- ✔✔1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss - CORRECT ANSWER- ✔✔-tangible (real estate, personal property)
-intangible (patent, copyright)
Personnel Loss - CORRECT ANSWER- ✔✔death, disability, retirement, injury of employees
liability loss - CORRECT ANSWER- ✔✔your responsibility for bodily injury, property
damage, or financial loss to someone
net income loss - CORRECT ANSWER- ✔✔reduction in income due to direct loss
Risk management process - CORRECT ANSWER- ✔✔1. Identify loss exposures
2. Measure and analyze the loss exposures
3. Consider and select the appropriate risk management techniques
4. Implement and monitor the risk management program
identify loss exposures - CORRECT ANSWER- ✔✔first step and most important in the risk
management process
How to identify loss exposures - CORRECT ANSWER- ✔✔-document analysis
-compliance reviews
-inspections
, -expertise
Ways to identify loss exposures with document analysis? - CORRECT ANSWER- ✔✔1. risk
assessment questionnaires and checklists
2. financial statements
3. contracts
4. insurance policies
5. organizational policies
6. flowcharts & organization charts
7. loss histories
Step 2: Measure and Analyze Loss Exposures - CORRECT ANSWER- ✔✔involves
estimating the likely significance of possible loss exposures based on: frequency, severity,
total dollar losses, maximum possible losses, probable maximum losses (PML), and timing
high frequency, low severity - CORRECT ANSWER- ✔✔funded reserve (retain) or loss
prevention
high frequency, high severity - CORRECT ANSWER- ✔✔avoidance, captive or risk
retention group, loss prevention/reduction
low frequency, high severity - CORRECT ANSWER- ✔✔insurance or loss reduction
implement and monitor the chosen techniques - CORRECT ANSWER- ✔✔-often require
cooperation among multiple departments
-reviews are needed to ensure expected results are achieved
-if needed, adjusts should be made
Good RM heuristics - CORRECT ANSWER- ✔✔-dont risk a lot for a little
-never risk more than you can afford to lose
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 MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
