Rmin 4000 final exam - Study guides, Class notes & Summaries

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 100% CORRECT Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? 0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's c...

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS | VERIFIED COMPLETLY 100% | GRADED A+

RMIN 4000 Final Exam with 100% correct Answers

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 100% CORRECT

RMIN 4000 Final Exam Questions and Answers | Latest Version | 2024/2025 | Graded A+ What is risk management? Risk management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of adverse events. What is underwriting in insurance? Underwriting is the process of evaluating the risk of insuring a potential client and determining the terms and premiums for coverage. What is a deductibl...

RMIN 4000 Final Exam|119 Questions and Answers|100% Scores

RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000...

frequency - ANSWER-- how often does a loss occur? - the number of losses (such as fire, theft, collision) that occur within a specified time period. - probability of a loss ex) probability of a fire is 0.0071 per loss exposure per year severity - ANSWER-- how much does it cost when a loss does occur? - the dollar amount of loss for a specific peril (fire, theft, collision). ex) average fire loss is $32,547 peril - ANSWER-- cause of a loss - things that could happen to assets - ...

RMIN 4000 Final Exam 2024 Questions & Answers 100% accPeril - ANSWER-Cause of loss Risk - ANSWER-Uncertainty about chance, timing, or amount of loss Chance of Loss - ANSWER-Probability that an event will occur Objective Risk - ANSWER-The relative variation of actual loss from expected loss; (Actual-Expected)/Expected; higher variation means higher risk Law of Large Numbers - ANSWER-Objective risk varies inversely with the square root of the number of cases Subjective Risk - ANSWER...

RMIN 4000 Final Exam