Rmi 211 exam 2 - Study guides, Class notes & Summaries

RMI 211: Chapter 3 - Introduction to Risk Management Exam Study Guide Risk Management - Answer️️ -a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Loss Exposure - Answer️️ -any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Pre-Loss Objectives - Answer️️ --Prepare for potential losses in the most economical way -Reduce anxiety -Meet any legal ...

RMI 211 Exam 4 Study Guide with Complete Solutions A contingency beneficiary in a life insurance policy has the right to - Answer️️ -receive the policy proceeds if the primary beneficiary dies before the insured A legal reserve in life insurance is a result of - Answer️️ -excess premiums in the early policy years being invested at compound interest All of the following are nonforfeiture options found in cash value life insurance policies EXCEPT - Answer️️ -reduction of premiu...

RMI 211 Exam 1 Study Guide with Complete Solutions Uncertainty concerning the occurrence of an event (usually a loss) - Answer️️ -risk used in situations where such probabilities cannot be estimated - Answer️️ -uncertainty Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs - Answer️️ -Loss Exposure - defined as the relative variation of actual loss from expected loss - It can be statistically calculated by some measure of dispersio...

RMI 211 MSU Exam 1 STUDY GUIDE WITH COMPLETE SOLUTIONS Peril - Answer️️ -Cause of a lost Hazard - Answer️️ -Condition that creates frequency or severity of loss Chance of Loss - Answer️️ -the probability that an event will occur Pure Risk - Answer️️ -A situation in which there are only the possibilities of loss or no loss Objective Probability - Answer️️ -the long-run relative frequency of an event based on the assumptions of an infinite number of observations and of...

RMI 211 Mock Test Questions With Correct Answers 1) A family's automobile that is a total loss as a result of a collision is an example of which of the following types of risk? I. Speculative risk II. Diversifiable risk A) I only B) II only C) both I and II D) neither I nor II - answerB 2) All of the following are programs to insure nondiversifiable risks EXCEPT A) federal flood insurance. B) auto physical damage insurance. C) Social Security. D) unemployment insurance. - answerB ...