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RMI 3011 exam 1 HW RMI 3011 Florida State University -questions and answers correctly solved
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RMI 3011 exam 1 HW RMI 3011 Florida State University -questions and answers correctly solved A condition that increases the chance of loss is called a(n) - correct answer Hazard A publishing company solicits manuscripts for publication. The publishing company is concerned that an author might ...

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  • November 30, 2024
  • 9
  • 2024/2025
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  • Questions & answers

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  • rmi 3011 exam 1 hw
  • rmi 3011 exam 1 hw questions and answers correctly
  • rmi 3011 exam 1 hw rmi 3011 florida state universi

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RMI 3011 exam 1 HW questions and
answers correctly solved
A condition that increases the chance of loss is called a(n) - correct answer
✔Hazard


A publishing company solicits manuscripts for publication. The publishing
company is concerned that an author might plagiarize material and that the
person who was plagiarized might sue the publisher. To address this risk, the
contract with the author includes a hold-harmless agreement. Through this
agreement, the author, rather than the publisher, is held liable for plagiarism.
In this situation, the publisher is using the hold-harmless agreement as what
type of risk treatment measure? - correct answer ✔Risk Transfer


A risk that affects the entire economy, or a large number of persons or groups
within the economy, is called a(n) - correct answer ✔Non- diversifiable risk


3 burdens of risk on society - correct answer ✔-Risk creates fear and worry.


-risk deprives society of certain goods and services.


-risk requires funds to be set aside in case a loss occurs.


Dean's Discount Store has been experiencing problems with shoplifting
losses. Dean decided to install a camera monitoring system and to use
magnetic tags on some products. If a tag is not demagnetized before the
product bearing the tag leaves the store, an alarm bell sounds. These
measures are examples of - correct answer ✔Loss prevention

, An individual may commit an act of negligence that results in bodily injury or
damage to someone's property. A civil court of law may order the person
financially responsible for the wrongful act to pay monetary damages to the
party who was injured. This type of risk is called the - correct answer
✔Liability Risk


Kyle opened a sporting goods store. After a fire damaged the store, Kyle was
forced to close the business for four weeks while repairs were completed. The
loss of profits that could have been earned if the business had remained open
is best described as a(n) - correct answer ✔Direct Loss


Which of the following statements is (are) true with respect to pure risks?


I. Pure risks may produce either a profit or a loss.


II. Premature death and damage to property caused by a fire are pure risks. -
correct answer ✔II only


Ideal characteristics for a risk to be privately insurable - correct answer ✔-
Losses should not be catastrophic


-Must be a large number of similar exposure units


-Chance of loss must be calculable


Which of the following statements is (are) true with respect to insurance and
gambling?


I. Insurance is a technique for treating an already existing pure risk.

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