Risk answer uncertaint - Study guides, Class notes & Summaries

RMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete Solutions Traditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected ...

RMIN 4000 Test 1(Chapters 1-4) with Complete Solutions(Rated A+) Traditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected loss Law of Large Numbers - ANSWER-Objective risk varies inversely with the square root of the number of cases E.X. car insurance subjective ris...

Primerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersRisk - ANSWER-uncertainty of a financial loss; 2 types Two typed of risks - ANSWER-Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? - ANSWER-You get to transfer financial risk left after passing to insurance...