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FSU RMI 3011 - Chapter 1 RMI 3011 Florida State University - Question and answers correctly solved $12.49   Add to cart

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FSU RMI 3011 - Chapter 1 RMI 3011 Florida State University - Question and answers correctly solved

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FSU RMI 3011 - Chapter 1 RMI 3011 Florida State University - Question and answers correctly solved Subjective Risk - correct answer Perceived, uncertainty based on a person's mental condition or state of mind Objective Risk - correct answer relative variation of actual loss vs. expected lo...

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  • November 30, 2024
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FSU RMI 3011 - Chapter 1 Question and
answers correctly solved
Subjective Risk - correct answer ✔Perceived, uncertainty based on a
person's mental condition or state of mind


Objective Risk - correct answer ✔relative variation of actual loss vs.
expected loss (home insurance example)


- can be measured (variation)
- More data you get into the system, the less variation % you have


Types of Hazard - correct answer ✔Physical, Moral, Attitudinal, Legal


Attitudinal Hazard - correct answer ✔carelessness or indifference to a loss,
which increases the frequency or severity of a loss (typically won't get you in
jail)


Legal Hazard - correct answer ✔refers to characteristics of the legal system
or regulatory environment that increase the frequency or severity of losses


Peril - correct answer ✔cause of loss (fire, wind, water, hail, etc.)


Types of Risk - correct answer ✔Pure, speculative, diversified, non-
diversified, systemic


Pure Risk - correct answer ✔only possibilities of loss or no loss (earthquake)

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