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