Rmin test 1 - Study guides, Class notes & Summaries

RMIN 4000 uga test 1 latest 2024 actual questions and answers with complete solution

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

RMIN 4000 Ragin Test 1 Questions &Answers 100% Verified!risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) possibility - ANSWER-a probabilistic outcome that is known or estimated loss - ANSWER-must be quantifiable, typically in dollar amounts pure risk - ANSWER-risk with only two future potential states of the world (ex. flood, time of death, cancer) speculative risk - ANSWER-risk with three potential states of the world: loss, break even, or gain (ex...

RMIN Daniel Brown Test 1 Exam Questions and Answers 100% Solved exposure - things of value (assets) that could be lost Perils - things that could happen to your assets cause of a loss risk management - what someone does to protect their assets or prevent/ reduce their losses risk - a calculated possibility of a negative outcome uncertainty concerning the occurrence of a loss Calculated possibility - a probablilistic outcome that is known or estimated ranges from 0 to 1 or a percentage...

RMIN 4000 Unit 1 Test 2024 Questions and Answers 100% Correct RMIN 4000 Unit 1 Test 2024 Questions and Answers 100% Correct RMIN 4000 Unit 1 Test 2024 Questions and Answers 100% Correct exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets risk management - ANSWER-what do you want to do to protect these assets and/or prevent/reduce losses

RMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedBasic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activi...

RMIN 4000 UGA Test 1 Questions and Answers 100% Correct RMIN 4000 UGA Test 1 Questions and Answers 100% Correct What is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures)

RMIN 4000 UGA Brown Test 1 Ch 1-4