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RMI 2101 Exam (Temple University) presents |Questions with 100% Correct Answers Rated A+
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RMI 2101 Exam (Temple University)presents |Questions with 100% Correct
Answers Rated A+
Subjective measurement of Pure Risk? - ✔the risk varies, hard to measure
Objective measurement of Pure Risk? - ✔Variation of actual losses from expected losses
What is risk management in terms of decision making? - ✔managing pure risk events or
activities facing a firm or organization; implementing decisions that minimize frequency or
severity of loss
What steps are involved in the Risk Management Process - ✔1. Identify Loss Exposure
2. Analyze Loss exposure
3. Examine feasibility of risk management techniques
4. Select the appropriate technique
5. implement the technique
6. monitoring results and revising the program
Risk Manager - ✔Functional area of a firm
Loss Exposure - ✔any situation that presents a possibility of loss, whether it occurs or not
, What are the elements or dimensions of loss exposure? - ✔Property, liability, Personnel,
Net income
Property Loss exposure - ✔the possibility that a person or organization will sustain a
loss resulting from damage to property in which they have a financial interest
What is an example of Property Loss exposure - ✔Grandparents giving you a beach
house when they pass so you keep it tidy
Tangible Property - ✔physical form of a property
Intangible Property - ✔Property that has no physical form; copyrights or patent
Real property - ✔Tangible property consisting of land, all structures permanently attached
to the land, and whatever is growing on the land.
Personal Property - ✔can be both intangible or tangible property that's not real property;
your cell phone
Liability loss exposure - ✔a condition that presents the possibility that a person or an
organization will sustain a loss resulting from a claim made against that person or
organization by someone seeking money damages or some other legal remedy
Personnel loss exposure - ✔A condition that presents the possibility of loss caused by
a person's death, disability, retirement, or resignation that deprives an organization of
the person's special skill or knowledge that the organization cannot readily replace.
personal loss exposure - ✔financial loss to and individual or a family by cause of
death, sickness, injury, or unemployment
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