Rmin 4000 uga test - Study guides, Class notes & Summaries

1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or state of mind. D) the cause of loss. B 3) An insurance compan...

RMIN 4000 uga test 1 (Solved) Correctly 2024!!

RMIN 4000 UGA TEST 1 QUESTIONS AND ANSWERS 2024

RMIN 4000 UGA Test 1. Chapters 1-3 Questions& Ans 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANSWER-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or s...

RMIN 4000 UGA test 3

RMIN 4000 uga test 1|102 Questions And Answers

RMIN 4000 UGA Test 1 Questions & Answers What is risk? - ANS-a calculated possibility of a negative outcome What is calculated possibility? - ANS-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANS-a loss that must be quantifiable What is frequency? - ANS-how often a loss occurs (frequency= number of losses / number of exposures) What is severity? - ANS-How much a loss costs when it occurs (severity = total losses ($) / number of ...

RMIN 4000 UGA Test 1. Chapters 1-3 | Latest Update | 2024/2025 | Graded A+ What is risk in the context of insurance? A) A situation where loss is certain B) Uncertainty concerning the occurrence of a loss C) A guarantee of financial gain D) The absence of any potential hazards B) Uncertainty concerning the occurrence of a loss What is the primary purpose of insurance? A) To eliminate all risks B) To transfer risk to an insurer C) To avoid losses D) To increase wealth B) To tra...

RMIN 4000 Uga Test 1 UPDATED ACTUAL Exam Questions and CORRECT Answers types of risk - CORRECT ANSWER- -pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - CORRECT ANSWER- uncertainty concerning the occurrence of a loss

1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANSWER-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or state of mind. D) the cause of loss. - ANSWER-B ...