Rmi 2101 exam - Study guides, Class notes & Summaries

RMI 2101 Exam 2 Questions With Verified And Updated Answers What are risk transfers of the financing type? (6) - answerInvolves the transfer of risk through insurance or non-insurance techniques to shift the financial responsibility of a loss to another party. The activity or asset is still exposed to loss. Financial responsibility can be transfered back. Explain the insurance and non-insurance techniques of risk transfers and provide examples. (6) - answerInsurance: transfer financial re...

RMI 2101 Exam 1 Questions With Verified And Updated Answers Risk - answeris the uncertainty about future losses or outcomes Probability - answerlikelihood that an outcome or event will occur Pure Risk - answeris a chance of loss or no loss but no chance for gain; always undesirable Good Example of Pure Risk? - answerYou own a building, it will either burn or not burn, either way your financial responsibility remains constant. Pay the for the up keep of the building or suffer financial los...

RMI 2101 Exam 2 Questions With Verified And Updated Answers What are risk transfers of the financing type? (6) - answerInvolves the transfer of risk through insurance or non-insurance techniques to shift the financial responsibility of a loss to another party. The activity or asset is still exposed to loss. Financial responsibility can be transfered back. Explain the insurance and non-insurance techniques of risk transfers and provide examples. (6) - answerInsurance: transfer financial re...

RMI 2101 Exam 1 Questions With Verified And Updated Answers Risk - answerUncertainty about future losses No uncertainty= no risk Probablilty of a loss - answer-Likelihood of a loss - Range from 0-1 or 0% to 100% Common Elements of pure risk and speculative risk - answer_Involve uncertainty Differences in Pure and Speculative risk - answer-Difference is in the outcomes or "possible future state of world" Pure Risk Possible Outcomes - answerLoss No loss Speculative Risk Outcomes - ans...

RMI 2101 Exam Questions With Verified And Updated Answers Handlers of RM before RM Dept. - answerFinance dept - small org risk manager - med org cro - large org who coined the term Risk Management? - answerProf. Wayne Snider of Temple University STEPS IN THE RM PROCESS - answer1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the...

Risk - is the uncertainty about future losses or outcomes Probability - likelihood that an outcome or event will occur Pure Risk - is a chance of loss or no loss but no chance for gain; always undesirable Good Example of Pure Risk? - You own a building, it will either burn or not burn, either way your financial responsibility remains constant. Pay the for the up keep of the building or suffer financial loss if building burns.

RMI 2101 Exam Questions With Verified And Updated Answers Handlers of RM before RM Dept. - answerFinance dept - small org risk manager - med org cro - large org who coined the term Risk Management? - answerProf. Wayne Snider of Temple University STEPS IN THE RM PROCESS - answer1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the...

Handlers of RM before RM Dept. - Finance dept - small org risk manager - med org cro - large org who coined the term Risk Management? - Prof. Wayne Snider of Temple University STEPS IN THE RM PROCESS - 1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the Chosen Strategies