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

RMIN 4000 UGA test 1|111 Answered Questions A+ Graded

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 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...

4 types of hazards - 1) physical hazard 2) moral hazard 3) attitudinal hazard 4) legal hazard 6 characteristics of an insurable risk - 1) there must be a large number of exposure units 2) the loss must be accidental and unintentional 3) the loss must be determinable and measurable 4) the loss should not be catastrophic 5) the chance of loss must be calculable 6) the premium must be economically feasible active retention - active risk retention means that an individual is consciously aw...

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RMIN 4000 Uga Test 1 UPDATED ACTUAL Exam Questions and CORRECT Answers

RMIN 4000 uga test 1 questions and answers

RMIN 4000 UGA Test 3| Questions and AnswerAuto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments to someone else): •Part A: Liability Coverage (required by state) --1st party coverages (payments to you): •Part B: Medical Payments Coverage •Part ...

RMIN 4000 UGA test 1 Questions and Answers 2024.

RMIN 4000 UGA Test 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed What are the primary functions of risk management in an organization? The primary functions include identifying, assessing, and mitigating risks to protect assets and ensure business continuity. How does risk assessment contribute to effective risk management? Risk assessment identifies potential risks and evaluates their impact, allowing for the development of strategies to manage and minimiz...

Auto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments to someone else): •Part A: Liability Coverage (required by state) --1st party coverages (payments to you): •Part B: Medical Payments Coverage •Part C: Uninsured Motorists Coverage •Part D...