Rmin test 1 - Study guides, Class notes & Summaries

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 uga test 1 ; ...

RMIN Daniel Brown Test 1 Latest Update 100% Pass 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 0 imp...

RMIN Test 1 pt 2 Questions and Answers Already Passed All of the following are characteristics of insurance EXCEPT A) risk avoidance. B) pooling of losses. C) payment of fortuitous losses. D) indemnification. A) risk avoidance. Which of the following is implied by the pooling of losses? A) sharing of losses by an entire group B) inability to predict losses with any degree of accuracy C) substitution of actual loss for average loss D) increase of objective risk A) sharing of loss...

All of the following are characteristics of insurance EXCEPT A) risk avoidance. B) pooling of losses. C) payment of fortuitous losses. D) indemnification. A) risk avoidance. Which of the following is implied by the pooling of losses? A) sharing of losses by an entire group B) inability to predict losses with any degree of accuracy C) substitution of actual loss for average loss D) increase of objective risk A) sharing of losses by an entire group

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

RMIN TEST 1 Questions And Answers Exam 2024 risk - ANS-an uncertainty concerning the occurrence of a loss loss exposure - ANS-any situation/circumstance in which a loss is possible, regardless of whether a loss occurs objective risk - ANS-(degree of risk) the relative variation of actual loss from expected loss law of large numbers - ANS-as the number of exposure units increases, the more closely the actual loss will approach the expected loss subjective risk - ANS-uncertainty based on ...

RMIN Test 1 pt 2 Questions & Answers All of the following are characteristics of insurance EXCEPT A) risk avoidance. B) pooling of losses. C) payment of fortuitous losses. D) indemnification. - ANS-A) risk avoidance. Which of the following is implied by the pooling of losses? A) sharing of losses by an entire group B) inability to predict losses with any degree of accuracy C) substitution of actual loss for average loss D) increase of objective risk - ANS-A) sharing of losses by...

RMIN Daniel Brown Test 1 Questions and Answers | Latest Version | 2024/2025 | Graded A+ What is the difference between personal risk and property risk? Personal risk involves risks to an individual's health or life, while property risk involves the potential for damage or loss to physical assets. What is risk evaluation used for in risk management? Risk evaluation is used to determine the significance of identified risks and prioritize them based on their potential impact and li...

RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate 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....