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RMI 3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers 100% correct $13.99   Add to cart
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RMI 3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers 100% correct

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RMI 3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers 100% correct Loss Exposure - correct answer any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Risk - correct answer any uncertainty concerning the occurrence of loss O...

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  • November 30, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 exam 1 fsu
  • rmi 3011 exam 1 fsu question and answers 100 corr
  • rmi 3011 exam 1 fsu rmi 3011 florida state univers

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RMI 3011 Exam 1 FSU Question and
answers 100% correct
Loss Exposure - correct answer ✔any situation or circumstance in which a
loss is possible, regardless of whether a loss occurs


Risk - correct answer ✔any uncertainty concerning the occurrence of loss


Objective Risk - correct answer ✔the relative variation of actual loss from
expected loss


Subjective (Perceived) Risk - correct answer ✔uncertainty based on a
person's mental condition or state of mind


Chance of Loss - correct answer ✔the probability that an event will occur


Objective Probability - correct answer ✔the long-run relative frequency of an
event based on the assumptions of an infinite number of observations and of
no change in the underlying conditions


Subjective Probability - correct answer ✔the individual's personal estimate of
the chance of loss


Peril - correct answer ✔cause of loss


Hazard - correct answer ✔a condition that increases the chance of loss


Physical Hazard - correct answer ✔icy roads

, Moral Hazard - correct answer ✔dishonesty, character defects


Attitudinal Hazard - correct answer ✔carelessness, "insurance will pay for it"


Legal Hazard - correct answer ✔regulations and government rules


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


Speculative Risk - correct answer ✔a situation in which either profit or loss is
possible (gambling and the stock market)


Diversifiable Risk (Nonsystematic Risk) - correct answer ✔a risk that affects
only individuals or small groups (car theft)


Nondiversifiable Risk (Fundamental Risk) - correct answer ✔a risk that
affects the entire economy or large numbers of persons or groups within the
economy (hurricane)


Enterprise Risk - correct answer ✔encompasses all major risks faced by a
business firm (pure risk, speculative risk, strategic risk, operational risk, and
financial risk)


Strategic Risk - correct answer ✔uncertainty regarding the firm's financial
goals and objectives (share price)


Operational Risk - correct answer ✔results from the firm's business
operations (identity theft)

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