Rmin 4000 exam 1 stuvia - Study guides, Class notes & Summaries

RMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 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 do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and se...

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 do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Risk - ANSWER-a calculates possibility of a negative outcome Calculated possibility - ANSWER-a probabilistic outcome (chance of loss, ...

RMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% Correct worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses where the gov't p...

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 do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Risk - ANSWER-a calculates possibility of a negative outcome Calculated possibility - ANSWER-a probabilistic outcome (chance of loss, ...

worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses where the gov't pays a % of losses above a certain amount -will have to be renewed several times -currently 85% of losses above $100 million risk - ANSWER-a calculated possibility of a negative outcome calculated possibility - ANSWER-proba...

RMIN 4000 - Exam 1 Study Guide Solutions TRIA - ANSWER-Terrorism risk and insurance act (2002) what is TRIA? - ANSWER-A federal backstop for insurance claims related to terrorism ; has a trigger of $200M Exposures - ANSWER-things of value (assets) that could be lost (ex: car) Perils - ANSWER-things that could happen to these assets/ exposures Risk Management - ANSWER-how to protect these assets and/or prevent/ reduce loss Risk - ANSWER-A calculated probability of a negative outcome (has t...

Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured. Morale (Attitudinal) Hazard - ANSWER-Carelessness or indifference to a loss, which increases the frequency and/or severity of a loss. Legal Hazard - ANSWER-Characteristics of legal system or ...

RMIN 4000 Exam 1 Questions and Answers (Graded A) RMIN 4000 Exam 1 Questions and Answers (Graded A) RMIN 4000 Exam 1 Questions and Answers (Graded A) Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured.

RMIN 4000 Exam 2 Practice Questions and Answers 100% Pass It is possible to buy insurance for each of the following risks. Which one would likely involve the smallest risk charge? a) Nuclear disaster b) A firm's loss of reputation following a lawsuit c) Cyber attacks against a firm d) Loss of or damage to an individual's smartphone e) Theft of a priceless work of art - ANSWER-d) Loss of or damage to an individual's smartphone Commercial insurance policies covering cyber risk ha...

Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured. Morale (Attitudinal) Hazard - ANSWER-Carelessness or indifference to a loss, which increases the frequency and/or severity of a loss. Legal Hazard - ANSWER-Characteristics of legal system or ...