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RMIN Daniel Brown Test 1 Exam Questions and Answers 100% Solved

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RMIN Daniel Brown Test 1 Exam Questions and Answers 100% Solved 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 calcula...

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  • September 27, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • RMIN
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JOSHCLAY
RMIN Daniel Brown Test 1 Exam

Questions and Answers 100% Solved


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 impossible event

,.5 most uncertainty

1 certain event

frequency - ✔✔how often a loss occurs

severity - ✔✔how much a loss costs when it does occur

hazard - ✔✔condition that creates or increases the frequency or severity of

a loss



does not cause a loss

physical hazard - ✔✔a physical condition that increases the frequency or

severity of loss

moral hazard - ✔✔the presence of insurance changes the behavior of the

insured



dishonesty or character defects in an individual that increase the frequency

or severity of loss

MoralE hazard - ✔✔carelessness or indifference to a loss, which increases

the frequency or severity of a loss

, legal hazard - ✔✔characteristics of legal system or regulatory environment

that increase the frequency environment that increase the frequency and or

severity of a loss

pure risk - ✔✔Loss

or

No Loss

Speculative risk - ✔✔Loss

or

no loss/no gain

or

gain

diversifiable risk - ✔✔affects only individuals or small groups



can be reduced/eliminated through diversification



risks aren't correlated

nondiversifiable risk - ✔✔affects the entire economy or large numbers of

groups/people within the economy

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