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RMIN 4000 Ragin Exam 1 Questions and Answers 100% Correct
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RMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% Correct worker's compensation - ANSWER-employee injuries can have compensatio...

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  • March 6, 2024
  • 9
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • rmin 4000 ragin exam 1 questions and answers 100
  • rmin 4000 ragin exam 1 stuvia
  • workers compensation answer employee injuries c

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  • RMIN 4000

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RMIN 4000 Ragin Exam 1 Questions and Answers 100% Correct
worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments
Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses
where the gov't pays a % of losses above a certain amount
-will have to be renewed several times
-currently 85% of losses above $100 million
risk - ANSWER-a calculated possibility of a negative outcome
calculated possibility - ANSWER-probabilistic outcome (chance/likelihood) that is known
or estimated
-sometimes easier/harder
-ranges from 0% to 100%
negative outcome - ANSWER-loss must be quantifiable
RISK - ANSWER-LOSS + LIABILITY
pure risk - ANSWER-2 future states of the world
1. Nothing
2. Loss
Major types:
- Personal Risk
- Property Risk - Liability Risk
speculative risk - ANSWER-3 future states of the world
1. Loss
2. Nothing
2. Gain
Example: Gambling, marriage, investing, college, robbing a bank
Can you buy insurance for pure risks? - ANSWER-Yes, typically but some types can be hard to insure
Can you buy insurance for speculative risks? - ANSWER-Generally No, but usually you can take some off setting gambles Why can't you buy insurance for speculative risks? - ANSWER-It can cause catastrophic loss for insurance as you are more likely to take riskier gambles
fundamental risk - ANSWER-risk that every person/firm in a sample faces at the same time and to a similar extent
-localization make it harder to judge/determine
-unemployment, recession, major catastrophes, inflation
particular risk - ANSWER-risk that applies to only one or a small # of people/firms in a sample at the same time
-fire, theft, entrepreneurship (failed restaurant)
systemic risk - ANSWER-instability in the financial system as a result of interdependency between players in the market
- Domino Effect
- EX. Financial Housing Crisis
* Type of FUNDAMENTAL RISK
risk attitudes - ANSWER-how we feel about risk and how that impacts Risk Management decision making
risk averse - ANSWER-don''t like risk, will pay $ to offload risk (insurance), more risk averse are willing to pay more $ for insurance, will reject some favorable bets.
More risk averse --> Willing to pay more (buy insurance etc.)
risk seeking - ANSWER-likes risk, will pay to take on risk (gambling), will accept some unfavorable bets
expected value - ANSWER-= sum (probabilities X outcomes)
- when E(v) > 0 (favorable bet)
- when E(v) < 0 (unfavorable bet)
frequency of loss (F) - ANSWER-how often do losses occur, how likely is a loss, the PROBABILITY of a loss
severity of loss (S) - ANSWER-how much ($) are losses when they do occur
= avg loss size/amount
exposure - ANSWER-the thing of value (asset) that could be lost noun; exposure --> what is exposed
ex. Car ---> belongings
peril - ANSWER-the immediate cause of the loss
(verb)

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