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RMIN 4000 Final Exam Questions and Correct Answers | Latest Update $12.49   Add to cart

Exam (elaborations)

RMIN 4000 Final Exam Questions and Correct Answers | Latest Update

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  • Course
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  • RMIN 4000

Peril -:- Cause of loss Risk -:- Uncertainty about chance, timing, or amount of loss Chance of Loss -:- Probability that an event will occur Objective Risk -:- The relative variation of actual loss from expected loss; (ActualExpected)/Expected; higher variation means higher risk Law of...

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  • September 20, 2024
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  • Exam (elaborations)
  • Questions & answers
  • RMIN 4000
  • RMIN 4000
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2024 /2025 | © copyright | This work may not be copied for profit gain Excel!




RMIN 4000 Final Exam Questions and Correct
Answers | Latest Update
Peril


✓ -:- Cause of loss




Risk


✓ -:- Uncertainty about chance, timing, or amount of loss




Chance of Loss


✓ -:- Probability that an event will occur




Objective Risk


✓ -:- The relative variation of actual loss from expected loss; (Actual -

Expected)/Expected; higher variation means higher risk




Law of Large Numbers


✓ -:- Objective risk varies inversely with the square root of the number of

cases


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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!




Subjective Risk


✓ -:- Uncertainty based on a person's mental condition or state of mind




Hazard


✓ -:- A condition that increased the frequency or severity of the loss




Moral Hazard


✓ -:- Arson




Morale Hazard


✓ -:- Driving drunk




Pure risk


✓ -:- Chance of loss or no loss (no gain)




Speculative risk



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, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



✓ -:- Chance of loss, no loss, or gain




Particular risk


✓ -:- Risk that affects only affects individuals as individuals




Legal hazard


✓ -:- Large damage awards in litigation




Fundamental/systematic risk


✓ -:- Affects a large number of individuals or the entire economy




Enterprise risk


✓ -:- All major risks faced by a business




Direct loss (property)


✓ -:- Financial loss that results from physical damage, destruction, or theft




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