Exam (elaborations)
RMI 211 MSU Exam Questions And Answers Latest Update
- Course
- RMI 211
- Institution
- Missouri State University
RMI 211 MSU Exam Questions And Answers Latest Update
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RMI 211 MSU Exam 1 2024-2025Questions And Answers Latest Update
Peril - Cause of a lost
Hazard - Condition that creates frequency or severity of loss
Chance of Loss - the probability that an event will occur
Pure Risk - A situation in which there are only the possibilities of loss or no loss
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, Objective Probability - 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 - the individual's personal estimate of the chance of loss
Speculative Risk - a situation in which either profit or loss is possible
Objective Risk (Degree of Risk) - The relative variation of actual loss from
expected loss
Subjective Risk - uncertainty based on a person's mental condition or state of
mind
Diversifiable Risk - affects only individuals or small groups (car theft). It is also
called nonsystematic or particular risk.
Enterprise Risk - encompasses all major risks faced by a business firm, which
include: pure risk, speculative risk, strategic risk, operational risk, and financial
risk
Nondiversifiable Risk - Affects a large number of people or whole economy
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