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RMI 3011-QUIZ 1 TERMS RMI 3011 Florida State University -Question and answers verified to pass $13.19   Add to cart
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RMI 3011-QUIZ 1 TERMS RMI 3011 Florida State University -Question and answers verified to pass
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RMI 3011-QUIZ 1 TERMS RMI 3011 Florida State University -Question and answers verified to pass Fundamental Risk - correct answer A risk that affects the entire economy or large numbers of persons or groups within the economy. Morale Hazard - correct answer Carelessness or indifference to a ...

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  • November 30, 2024
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  • 2024/2025
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RMI 3011-QUIZ 1 TERMS Question and
answers verified to pass
Fundamental Risk - correct answer ✔A risk that affects the entire economy
or large numbers of persons or groups within the economy.


Morale Hazard - correct answer ✔Carelessness or indifference to a loss
because of the existence of insurance


Peril - correct answer ✔Cause or source of loss.


Law of Large Numbers - correct answer ✔Concept that the greater the
number of exposures, the more closely will actual results approach the
probable results expected from an infinite number of exposures.


Moral Hazard - correct answer ✔Dishonesty or character defects in an
individual that increase the chance of loss.


Retention - correct answer ✔Risk management technique in which the firm
retains part or all of the losses resulting from a given loss exposure. Used
when no other method is available, the worst possible loss is not serious, and
losses are highly predictable.


Pure Risk - correct answer ✔Situation in which there are only the
possibilities of loss or no loss.


Objective Risk - correct answer ✔Risk that can be quantified. An example
would be the relative variation of actual loss from expected loss.

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