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RMI 3011 Exam 1 Jones RMI 3011 Florida State University -Question and answers already passed
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RMI 3011 Exam 1 Jones RMI 3011 Florida State University -Question and answers already passed Risk - correct answer Uncertainty concerning the occurrence of loss Uncertainty - correct answer Outcome must be in doubt and at least one outcome is is undesirable Objective risk (Degree of risk...

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  • November 30, 2024
  • 17
  • 2024/2025
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RMI 3011 Exam 1 Jones Question and
answers already passed
Risk - correct answer ✔Uncertainty concerning the occurrence of loss


Uncertainty - correct answer ✔Outcome must be in doubt and at least one
outcome is is undesirable


Objective risk (Degree of risk) - correct answer ✔the relative variation of
actual loss from expected loss
it is measurable


Subjective risk (perceived risk) - correct answer ✔uncertainty based on a
person's mental condition or state of mind


Indemnification - correct answer ✔returning you to the state previous to the
situation involving risk


Objective probability - correct answer ✔can be calculated, actuarial science


Subjective probability - correct answer ✔the individual's personal estimate of
the chance of loss


Peril - correct answer ✔Cause of loss, proximate clause (how something
happened)


Hazard - correct answer ✔Condition which increases probability of loss (why,
contributing factors)

,Types of Hazards - correct answer ✔Physical
Moral (evil tendencies)
Attitudinal (Morale)
Legal


Pure risk - correct answer ✔exists everywhere in nature, loss or no loss


Speculative risk - correct answer ✔gain is possible, action required, risk is
created
ex: gambling


diversifiable risk - correct answer ✔A risk that affects only some individuals,
businesses, or small groups.


nondiversifiable risk - correct answer ✔a risk that affects the entire economy
or large numbers of persons or groups within the economy


Enterprise risk - correct answer ✔pure/speculative risk
strategic risk
operational risk
financial risk


Systemic risk - correct answer ✔affects everyone
ex: covid


Types of personal risks - correct answer ✔- Premature death

, - Inadequate retirement income
- Insufficient savings/assets
- Aged poverty
- Poor health
-Unemployment
- Alcohol and drug addiction


Premature death - correct answer ✔the death with outstanding unfulfilled
financial obligations


Aged Poverty - correct answer ✔not saving enough for later in life


Personal losses - correct answer ✔earned income goes down


Extra expenses (could be because unexpected health issues)


Deletion of financial assets


real property - correct answer ✔buildings and structures


Personal property - correct answer ✔things like jewelry and cars


Direct loss - correct answer ✔Fire, hurricane or tornado


indirect or consequential loss - correct answer ✔a financial loss that results
indirectly from the occurrence of a direct physical damage or theft loss (ex:

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