Exam (elaborations)
IF1 (questions with correct answers) graded A+
- Module
- Institution
IF1 (questions with correct answers) graded A+
[Show more]
Seller
Follow
BravelRadon
Reviews received
Content preview
IF1 (questions with correct answers)graded A+
What is a risk? - correct answer ✔✔The chance of a loss
Risk Seeking - correct answer ✔✔Someone who carries risks themselves
Risk Averse - correct answer ✔✔Minimizing the risk they are exposed to by transferring risks
What is risk management? - correct answer ✔✔Reduces potential losses by identifying and managing
hazards
What is the risk management process? - correct answer ✔✔Risk Identification, Analysis, Control
What is risk identification? - correct answer ✔✔Discovering risks that already exist within a company
and those which might affect it in the future.
What is risk analysis? - correct answer ✔✔Examine data to determine the frequency and severity of the
risk
What is risk control? - correct answer ✔✔Trying to eliminate or reduce the risk
What are the 3 main types of risk control? - correct answer ✔✔Physical, Financial and developing a good
risk control
What are the 3 categories for risk control? - correct answer ✔✔Detective, Preventative and Corrrective
What is insurable, financial or non-financial? - correct answer ✔✔Financial- The item must have a value
so the insured can receive compensation.
, EXCEPTIONS- Benefit policies
What is a pure risk? - correct answer ✔✔A risk where the insured can only make a loss or break even
What is a speculative risk? - correct answer ✔✔A risk where it could make a gain, a loss or break even.
Uninsurable
Particular Risk - correct answer ✔✔A risk which is localised or personal in effect
Fundamental Risk - correct answer ✔✔Large risk that affects many people like war. Unisurable
What makes a risk insurable? - correct answer ✔✔Must be unforseen
Must have insurable interest
Not against public policy
What is insurable interest? - correct answer ✔✔Legal and Financial Relationship between the insured
and the object or liability being insured.
What is public policy? - correct answer ✔✔Must not go against what is considered morally correct.
e.g. Insuring the risk of incurring a fine for criminal offence.
What is an objective risk? - correct answer ✔✔One which is similar to risks in the past
What is a subjective risk? - correct answer ✔✔Where the risk is more unique and is harder to predict the
outcome
What is a homogeneous exposure? - correct answer ✔✔Large number of similar risks.
What are the 4 components of risk? - correct answer ✔✔Uncertainty, Level of Risk, Perils and Hazards
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card for the summaries. There is no membership needed.
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 BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £13.06. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now