RMI 211: Chapter 3 - Introduction To Risk Manageme
RMI 211: Chapter 3 - Introduction to Risk Manageme
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RMI 211: Chapter 3 - Introduction to Risk Management Questions and Answers Latest Update Fully Solved 100%
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RMI 211: Chapter 3 - Introduction to Risk Manageme
Institution
RMI 211: Chapter 3 - Introduction To Risk Manageme
Duplication - having back-ups or copies of important documents or property available in case a
loss occurs
Pre-Loss Objectives - -Prepare for potential losses in the most economical way
-Reduce anxiety
-Meet any legal obligations
Risk Management - a process that identifies loss exposures faced...
RMI 211: Chapter 3 - Introduction to Risk Manageme
RMI 211: Chapter 3 - Introduction to Risk Manageme
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RMI 211: Chapter 3 - Introduction to Risk
Management
Duplication - having back-ups or copies of important documents or property available in case a
loss occurs
Pre-Loss Objectives - -Prepare for potential losses in the most economical way
-Reduce anxiety
-Meet any legal obligations
Risk Management - a process that identifies loss exposures faced by an organization and selects
the most appropriate techniques for treating such exposures
Loss Exposure - any situation or circumstance in which a loss is possible, regardless of whether a
loss occurs
Post-Loss Objectives - -Survival of the firm
-Continue operating
-Stability of earnings
-Continued growth of the firm
-Minimize the effects that a loss will have on other persons and on society
Loss Frequency - the probable number of losses that may occur during some given time period
loss severity - the probable size of the losses that may occur
Which is more important?
Loss severity or Loss Frequency - Loss Severity
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