RMI 211: Chapter 3 - Introduction to Risk Management Exam Study Guide
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Course
RMI 211
Institution
RMI 211
RMI 211: Chapter 3 - Introduction to Risk
Management Exam Study Guide
Risk Management - Answer️️ -a process that identifies loss exposures
faced by an organization and selects the most appropriate techniques for
treating such exposures
Loss Exposure - Answer️️ -any situation or circums...
RMI 211: Chapter 3 - Introduction to Risk
Management Exam Study Guide
Risk Management - Answer✔️✔️-a process that identifies loss exposures
faced by an organization and selects the most appropriate techniques for
treating such exposures
Loss Exposure - Answer✔️✔️-any situation or circumstance in which a loss
is possible, regardless of whether a loss occurs
Pre-Loss Objectives - Answer✔️✔️--Prepare for potential losses in the most
economical way
-Reduce anxiety
-Meet any legal obligations
Post-Loss Objectives - Answer✔️✔️--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 - Answer✔️✔️-the probable number of losses that may occur
during some given time period
loss severity - Answer✔️✔️-the probable size of the losses that may occur
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