Rmin 4000 brown - Study guides, Class notes & Summaries

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? -Correct Answer-0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's...

RMIN 4000 Test 2 Daniel Brown (2024/2025) 100% Solved Stock Insurer Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London Specialized lines of business. Brokers represent policyholders to arrange coverage with...

RMIN 4000 Test 1 Brown UGA Questions and Answers 100% Verified Exposures things of value (assets) that could be lost Perils things that cause injury or loss risk a calculated possibility of a negative outcome Frequency the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard a conditio...

RMIN 4000 Brown exam 4 spring Questions with verified correct answers - complete solution 2024

RMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete Solutions Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex....

RMIN 4000 Brown UGA Test 1 Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is risk exposure? Risk exposure refers to the potential for loss or damage that an organization faces due to its activities or operations. What is the purpose of risk monitoring? Risk monitoring involves regularly reviewing and assessing risks and the effectiveness of risk management strategies to ensure they remain effective. What does loss reduction focus on? Loss reduction ...

Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex. fire, tornado, collision, burglary hazard - ANSWER-condition that creates or increases the frequency and/or severity of a loss physical hazard - ...

Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex. fire, tornado, collision, burglary hazard - ANSWER-condition that creates or increases the frequency and/or severity of a loss physical hazard - ...

Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex. fire, tornado, collision, burglary hazard - ANSWER-condition that creates or increases the frequency and/or severity of a loss physical hazard - ...