Exam (elaborations)
RMIN 4000 Exam 1 Questions & Answers (Graded A+)
- Course
- Institution
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 insur...
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