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RMIN 4000 Test 1 Brown UGA Exam Questions and Answers 100% Solved $10.99
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RMIN 4000 Test 1 Brown UGA Exam Questions and Answers 100% Solved
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RMIN 4000 Test 1 Brown UGA Exam Questions and Answers 100% Solved 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 ...

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  • October 22, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • RMIN 4000
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

RMIN 4000 Test 1 Brown UGA Exam

Questions and Answers 100% Solved


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 condition that creates or increases the frequency or severity

of loss but does NOT cause the 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. ex: making hail damage to get a check

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Morale hazard (attitudinal hazard) - ✔✔A condition of carelessness or

indifference that increases the frequency or severity of loss.

Legal Hazard - ✔✔characteristics of the legal system or regulatory

environment that increase the frequency or severity of losses

Georgia's Diminution in value is an example of a - ✔✔legal hazard because

it increases the severity on property losses

Pure Risk - ✔✔A chance of loss or no loss, but no chance of gain.

Insurance can be bought for this

Speculative Risk - ✔✔A chance of loss, no loss, or gain.

Diversifiable risk - ✔✔a risk that affects only individuals or small groups

and not the entire economy. It can be eliminated/ reduced through

diversification. the risks are not correlated

Developing cancer or your house being caught on fire are two examples of

what kind of risk? - ✔✔Pure Risk

diversifiable risk - ✔✔A risk that affects only some individuals, businesses,

or small groups. they can be reduced/eliminated through diversification. the

risks are not correlated

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