100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution $13.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Florida State University
  4.  
  5. RMI 3011

Exam (elaborations)

RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution
 0 view  0 purchase

RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution Karen won't allow any of the neighborhood children into her yard because she has a large swimming pool and doesn't want anyone to fall in, resulting in her being responsible for the harm of a child. What type of ri...

[Show more]

Preview 3 out of 17  pages

Document information

  • November 30, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • rmi 3011 exam 1
  • rmi 3011 exam 1 questions with complete solution
  • rmi 3011 exam 1 rmi 3011 florida state university

Written for

All documents for this subject (80)

Seller

avatar-seller
Academia199

Reviews received

Content preview

RMI 3011 Exam 1 Questions with
complete solution
Karen won't allow any of the neighborhood children into her yard because she
has a large swimming pool and doesn't want anyone to fall in, resulting in her
being responsible for the harm of a child. What type of risk is Karen trying to
avoid?
liability
property
personal
financial - correct answer ✔liability


Gary works in a factory where the workers are known to leave oily rags all
over the place. Which of the following best describes the oily rags?
moral/morale hazard
physical hazard
societal hazard - correct answer ✔physical hazard


Which of the following is NOT a method of categorizing risk?
pure versus speculative
static versus dynamic
fundamental versus particular
certain versus uncertain - correct answer ✔certain versus uncertain


The process to systematically manage risk exposures is
called______________
Risk Reduction

,Risk Planning
Risk Management
Risk Avoidance - correct answer ✔Risk Management


Hazards may be categorized by which of the following groups?
Primary and secondary
Tangible (Physical) and intangible (Moral)
Objective and subjective
None of the above - correct answer ✔Tangible (Physical) and intangible
(Moral)


Which of the following are common causes of a person losing their ability to
generate income?
I. death
II. injury
III. unemployment - correct answer ✔I, II, and III


Carly is involved in a three-car automobile accident. Which type of risk is this
an example of?
fundamental risk
particular risk
hazard risk
core risk - correct answer ✔particular risk


Loss severity describes which of the following?
number of losses
financial impact of losses

, reputational damage of losses
none of the above - correct answer ✔financial impact of losses


Imagine a world where health insurance doesn't exist. On the upside, you
don't have to pay any health insurance premiums! On the downside, if you
become sick you're responsible for the full amount of your healthcare. What if
you had children? The risk of unknown payments for healthcare would require
all of us to save a much larger amount of money to set aside just in case we
needed it. This burden would be in which of the following categories?
need for larger emergency funds
loss of needed goods and services
fear and worry
less personal savings to spend on desired items - correct answer ✔need for
larger emergency funds


UPS has 10,000 trucks on the road in Florida. In any given year, UPS drivers
are involved in a total of 550 accidents in Florida. What is the chance of loss?
Enter your answer as a percentage (without the % sign), for example if
something happens 1% of the time, enter 1, not .01. If you calculate 3.25%
enter 3.25, not .0325. - correct answer ✔5.5%


If you have a 6% chance of an auto accident and the expected cost of an auto
accident is $12,000, what is your expected loss? Enter you answer as a dollar
amount (no $ sign), for example 500 or 625.50 or 1,240.25 - correct answer
✔720


Multiplying the probability by the outcome and adding them all together is the
description of calculating the:
mode
median
expected value

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

60904 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.99
  • (0)
  Add to cart