Brown RMIN 5100s Test 1 Exam Questions and Answers 100% Solved
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Course
RMIN 5100
Institution
RMIN 5100
Brown RMIN 5100s Test 1 Exam
Questions and Answers 100% Solved
Categories of commercial loss exposures - 1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss - -tangible (real estate, personal property)
-intangible (patent, copyright)
Personnel Loss - death,...
identify loss exposures - ✔✔first step and most important in the risk
management process
How to identify loss exposures - ✔✔-document analysis
-compliance reviews
-inspections
-expertise
Ways to identify loss exposures with document analysis? - ✔✔1. risk
assessment questionnaires and checklists
2. financial statements
3. contracts
4. insurance policies
5. organizational policies
6. flowcharts & organization charts
7. loss histories
Step 2: Measure and Analyze Loss Exposures - ✔✔involves estimating the
likely significance of possible loss exposures based on: frequency, severity,
total dollar losses, maximum possible losses, probable maximum losses
(PML), and timing
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