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RMI 3011 - EXAM 1 (Melvin Stith) RMI 3011 Florida State University -Question and answers rated A+ $13.99   Add to cart
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RMI 3011 - EXAM 1 (Melvin Stith) RMI 3011 Florida State University -Question and answers rated A+
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RMI 3011 - EXAM 1 (Melvin Stith) RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Risk - correct answer used to identify the property or life that is being considered for insurance Risk - correct answe...

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  • December 1, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 exam 1 melvin stith question and answ
  • rmi 3011 exam 1 melvin stith
  • rmi 3011 exam 1 melvin stith rmi 3011 florida

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RMI 3011 - EXAM 1 (Melvin Stith)
Question and answers rated A+
Risk - correct answer ✔Uncertainty concerning the occurrence of a loss


Risk - correct answer ✔used to identify the property or life that is being
considered for insurance


Risk - correct answer ✔used in situations where the probabilities of possible
outcomes are known


Uncertainty - correct answer ✔used in situations where such probabilities
cannot be estimated


Loss Exposure - correct answer ✔Any situation or circumstance in which a
loss is possible, regardless of whether a loss occurs


Objective risk - correct answer ✔defined as the relative variation of actual
loss from expected loss


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


Chance of loss - correct answer ✔The probability that an event will occur


Objective probability - correct answer ✔the long-run relative frequency of an
event based on the assumptions of an infinite number of observations and of
no change in the underlying conditions

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


Peril - correct answer ✔the cause of the loss


Hazard - correct answer ✔a condition that increases the chance of loss


physical hazard - correct answer ✔a physical condition that
increases the frequency or severity of loss


Moral hazard - correct answer ✔dishonesty or character defects in an
individual that increase the frequency or severity of loss


Attitudinal Hazard (Morale Hazard) - correct answer ✔carelessness or
indifference to a loss, which increases the frequency or severity of a loss


Legal Hazard - correct answer ✔to characteristics of the legal system or
regulatory environment that increase the frequency or severity of losses


pure risk - correct answer ✔a situation in which there are only the
possibilities of loss or no loss (earthquake)


speculative risk - correct answer ✔a situation in which either profit or loss is
possible (gambling)


diversifiable risk - correct answer ✔affects only individuals or small groups
(car theft)

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