What is pure risk - Study guides, Class notes & Summaries

RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated) Risk Likelihood - answerFrequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to ...

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - correct answer Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - correct answer Transfer In property and casualty insurance, insurable interest must exist: a) at the time a change is made to a policy b) at the time of policy application c) at the time of loss d) at the time of policy solicitation - correct...

RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated) Risk Likelihood - answerFrequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to ...

Definintion of Insurance Correct Answer: "A social device for transferring risk through an accumulation of funds" Policy Correct Answer: A contract with the insurance company (insurer) that states what the policyowner (insured) must pay for and what they agree to cover if damage or loss occurs. Premium Correct Answer: A set amount that must be paid for a Policy. Concept of Risk Correct Answer: Risk evolves from uncertainty - the unpredictable chance occurrences of everyday life, whi...

PVL3703 Assignment 3 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED Answers, guidelines, workings and references .................... Question 1 One of the attractions at Wonderland Zoo is a train ride that takes customers to and from different locations at the zoo. Sipho, the technician in charge of inspecting and maintaining the train, overlooks some signs that the train is no longer in sound condition. Avril goes for a ride on the train. The operator of the train requests the per...

rational decision making - Traditional economic theory that people are rational actors rational choice/public choice - people act based on their self interest what does it mean to be a rational actor? - You are able to rank, order your preferences based on the expected utility of each option. These rank ordered preferences are stable and transitive. Having perfect information about all alternative possibilities. Maximize your utility pure rationality - requires person to have complete inf...

rn ,thermal burn ,respiratory burn Ammonia causes cancer - answerFalse If ammonia, in liquid form, makes its way in to the eyes There is usually damage that is non- reversible resulting in blindness - answerTrue Most MSDS sheets require a rinse flush to the body eyes for a minimum of how many minutes when dealing with the chemical Donya ammonia. - answer15 minutes , 30 minutes Do you ever want to put liquid water on liquid ammonia when the refrigerant is that atmospheric conditions - answ...

FNP 652 FINAL EXAM PRACTICE QUESTIONS FROM BUTTARO AND BURNS BOOKS COMPLETE QUESTIONS AND ANSWERS LATEST 2024 UPDATE. 1. A patient who has chronic lower back pain reports increased difficulty sleeping unrelated to discomfort, along with a desire to quit working. What will the provider do? A. Ask the patient about addiction issues. B. Consult with a social worker. C. Increase the dosage of prescribed pain medications. D. Order radiographic studies of the lower spine. (ANS: B) Patients...

Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome Pure Risk - Answer- a chance of loss or no loss, but no...