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

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 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? -Correct Answer-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...

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

RMIN 4000 Final Exam with Certified Solutions Peril Cause of loss Risk Uncertainty about chance, timing, or amount of loss Chance of Loss Probability that an event will occur Objective Risk The relative variation of actual loss from expected loss; (Actual- Expected)/Expected; higher variation means higher risk Law of Large Numbers Objective risk varies inversely with the square root of the number of cases Subjective Risk Uncertainty based on a person's mental condition or...

RMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete SolutionsRMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete SolutionsRMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete Solutions 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 - AN...

RMIN 4000 final exam review part 1- Questions with Answers

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 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? -Correct Answer-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...

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...

RMIN 4000 Final Exam 2024 Questions and Answers 100% VerifiedRMIN 4000 Final Exam 2024 Questions and Answers 100% VerifiedRMIN 4000 Final Exam 2024 Questions and Answers 100% Verified Peril - 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

RMIN 4000 Final Exam Peril - ANS-Cause of loss Risk - ANS-Uncertainty about chance, timing, or amount of loss Chance of Loss - ANS-Probability that an event will occur Objective Risk - ANS-The relative variation of actual loss from expected loss; (ActualExpected)/Expected; higher variation means higher risk Law of Large Numbers - ANS-Objective risk varies inversely with the square root of the number of cases Subjective Risk - ANS-Uncertainty based on a person's mental condition or state ...

RMIN 4000 final exam review part 1