RMIN 4000 Final Exam Questions and Correct Answers | Latest Update
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Course
RMIN 4000
Institution
RMIN 4000
Peril
-:- Cause of loss
Risk
-:- Uncertainty about chance, timing, or amount of loss
Chance of Loss
-:- Probability that an event will occur
Objective Risk
-:- The relative variation of actual loss from expected loss; (ActualExpected)/Expected; higher variation means higher risk
Law of...
✓ -:- Risk that affects only affects individuals as individuals
Legal hazard
✓ -:- Large damage awards in litigation
Fundamental/systematic risk
✓ -:- Affects a large number of individuals or the entire economy
Enterprise risk
✓ -:- All major risks faced by a business
Direct loss (property)
✓ -:- Financial loss that results from physical damage, destruction, or theft
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