Exam (elaborations)
RMIN 4000 Exam 1 Brown (Latest) Questions With Complete Solutions!!
- Course
- Institution
RMIN 4000 Exam 1 Brown (Latest) Questions With Complete Solutions!!
[Show more]
Content preview
Name: Score:106 Multiple choice questions
Definition 1 of 106
Investment, Gambling, Drinking
Chance of loss must be calculable
Examples of speculative risks
Examples of an indirect loss
Examples of Peril
,Term 2 of 106
Risk financing - retention - self insurance
Indemnification for loss
Reduction of worry and fear
Source of investment funds
Loss prevention
Enhancement of credit
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 chosen techniques
a special form of planned retention by which part or all of a given loss exposure is retained
by the firm.
Appropriate for low-probability, high-severity
loss exposures.
Deductible
Excess Insurance
Manuscript policy
,Definition 3 of 106
affects the entire economy or large numbers of groups/persons within the economy
CANNOT be reduced/eliminated through diversification
Gov. assistance may be needed
Risks are correlated
Liability Risk
Traditional Risk Management
Nondiversifiable Risk
Adverse Selection
Term 4 of 106
Fundamental Risk
Nondiversifiable Risk
Diversifiable Risk
covers medical expenses because of sickness and injury
Quantifiable
Term 5 of 106
Underwriting cycles
Fire, Tornado, Collision, Burglary
A calculated possibility of a negative outcome
Nondiversifiable Risk
Hard Market
Soft Market
, Term 6 of 106
Risk financing
pays death benefits to beneficiaries when the insured dies
a special form of planned retention by which part or all of a given loss exposure is retained
by the firm.
The insured is restored to its approximate
financial position prior to the occurrence of the
loss.
Techniques for funding losses
Definition 7 of 106
Having back ups or copies of important documents or property available in case a loss occurs
Traditional Risk Management
Risk financing - retention - self insurance
Large number of exposure units
Risk control - Duplication
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 stuuviaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now