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RMIN 4000 UGA Brown Test 1 Ch 1-4 Questions & Answers Already Graded A + $11.29
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RMIN 4000 UGA Brown Test 1 Ch 1-4 Questions & Answers Already Graded A +
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mo physical hazard - a physical condition that increases the frequency or severity of loss ral hazard - the presence of insurance changes the behavior of the insured (sometimes involves dishonesty, but not always) risk management - a process that identifies loss exposures faced by an organizatio...

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  • September 11, 2024
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  • 2024/2025
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RMIN 4000 UGA Brown Test 1 Ch 1-4
mo physical hazard - a physical condition that increases the frequency or severity of loss

ral hazard - the presence of insurance changes the behavior of the insured (sometimes involves
dishonesty, but not always)



risk management - a process that identifies loss exposures faced by an organization and selects
the most appropriate techniques for treating such exposures



risk - a calculated possibility of a negative outcome



frequency - probability of a loss over a certain period of time



severity - total dollar amount to account for loss



peril v hazard - peril: cause of a loss

hazard: condition that create/increase frequency/severity of a loss



perils - things that could happen to assets



morale (attitudinal) hazard - carelessness or indifference to a loss because of the existence of
insurance



legal hazard - characteristics of the legal system or regulatory environment that increase the
frequency or severity of losses



pure risk - loss, no loss

speculative risk - loss, no loss, gain

exposures - things of value (assets) that could be lost

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