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

RMIN 4000 Final Exam Top Hat HW Questions and Answers (Rated A+) Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000) = 0.05 Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred a total of $1,000,000 that resulted from 50 occurrences/accidents. What was Speedy Dawg Delivery's average loss severi...

RMIN 5100S Exam 2 Study Guide 2024 With Complete Solution categories of commercial loss exposures -Correct Answer-property, personnel, liability, net income loss property loss -Correct Answer-- tangible: personal property, real estate -intangible: patent, copyright personnel loss -Correct Answer-death, disability, injury, retirement liability loss -Correct Answer-your responsibility to someone else for property damage, bodily injury, or net income loss net income loss -Correct Answer-re...

Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000) = 0.05 Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred a total of $1,000,000 that resulted from 50 occurrences/accidents. What was Speedy Dawg Delivery's average loss severity in 2020? - ANSWER-$20,000 ($1,000,000/50) = $20,000 Big Hos...

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; (ActualExpected)/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 state of mind Hazard - A condition that increased...

Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000) = 0.05 Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred a total of $1,000,000 that resulted from 50 occurrences/accidents. What was Speedy Dawg Delivery's average loss severity in 2020? - ANSWER-$20,000 ($1,000,000/50) = $20,000 Big Hos...

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 Law of Large Numbers - Answer Objective risk varies inversely with the square root of the number of cases Subjective Risk - Answer Uncertainty based on a person's mental c...

RMIN 4000 FINAL EXAM () BROWN UNIVERSITY