RMIN 4000 UGA Brown Test 1 Ch 1-4 Questions & Answers Already Graded A +
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Course
RMIN 4000 UGA Brown
Institution
RMIN 4000 UGA Brown
mo physical hazard - a physical condition that increases the frequency or severity of loss
ral hazard - the presence of insurance changes the behavior of the insured (sometimes involves
dishonesty, but not always)
risk management - a process that identifies loss exposures faced by an organizatio...
RMIN 4000 UGA Brown Test 1 Ch 1-4
mo physical hazard - a physical condition that increases the frequency or severity of loss
ral hazard - the presence of insurance changes the behavior of the insured (sometimes involves
dishonesty, but not always)
risk management - a process that identifies loss exposures faced by an organization and selects
the most appropriate techniques for treating such exposures
risk - a calculated possibility of a negative outcome
frequency - probability of a loss over a certain period of time
severity - total dollar amount to account for loss
peril v hazard - peril: cause of a loss
hazard: condition that create/increase frequency/severity of a loss
perils - things that could happen to assets
morale (attitudinal) hazard - carelessness or indifference to a loss because of the existence of
insurance
legal hazard - characteristics of the legal system or regulatory environment that increase the
frequency or severity of losses
pure risk - loss, no loss
speculative risk - loss, no loss, gain
exposures - things of value (assets) that could be lost
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