Define pure risk - Study guides, Class notes & Summaries

Define Risk (4 definitions) correct answers1. Risk is chance or probability of loss 2. Risk is uncertainty concerning loss 3. Risk is the difference between expected losses and actual losses 4. A possibility of variation of outcomes from a given set of circumstances Define Pure Risk correct answersthere is only a chance for loss or no loss Define Speculative Risk correct answersThere is a chance of loss, no loss, as well as a chance of gain Define an exposure correct answersA situati...

Define intrinsic and extrinsic motivation :~~ Intrinsic is exercising for the pure joy of working out. Extrinsic is exercising for any other reason. Give an example of intrinsic and extrinsic feedback :~~ Intrinsic: Client adjusts his own workout based on his perception of difficulty Extrinsic: Trainer gives performance feedback Define situational and contextual motivation :~~ Situational: How the client feels during exercise Contextual: How the client feels, sees, thinks about ex...

CISR - Elements of Risk Management Exam 132 Questions with Answers A ____ is a cause of loss - CORRECT ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - CORRECT ANSWER exposure A cyberattack is an example of a ____ - CORRECT ANSWER peril An Insured who shows no regard for his insured property demonstrates a - CORRECT ANSWER morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...

C11 - Principles & Practice Questions with Verified Answers What are the 3 general types of risk? People are risk! Personal, Property, Liability What does "insurance" mean? When something gets crumpled, Indemnify! Indemnification, Risk, Money, Perils, Loss, Exposure How does insurance provide security? It WIIPs risks ***********! Worries, Inconvenience, Indemnification, Premiums What do risk managers do? They eat kIMChi! Identify, Measure, Control How does the insurance ind...

AL P&C University of Alabama Study Guide (2023/2024) 100% Pass If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion B. Nonrenewal Which is the best example of an indirect loss? A. Sequential loss B. Liabi...

Iowa Risk Management & Insurance Final Exam Latest Update Graded A Objective risk Objective Risks are measurable and can be improved by Loss Prevention & Loss Control Subjective risk Subjective Risk - A state of mind/worry. Improvement by discussion and understanding What are the principles of when you must show insurable interest for property and life insurance? Property - At the time of Loss Life - At the time of Purchase Define pure and speculative risk Pure - Only Negative Results Specula...

Risk Management Exam 1 2024 || With Complete Solutions (100% Correct) Risk Management Exam 1 2024 || With Complete Solutions (100% Correct) What is the difference between risk and uncertainty? - ANSWER - Risk is known, and uncertainty is unknown. Define Peril. - ANSWER - The cause of loss. (Example: Fire burns down house, fire is the peril.) What are the types of Hazards? - ANSWER - Physical Hazard, Moral Hazard, Morale Hazard Define Physical Hazard. - ANSWER - A physical condition ...

Define intrinsic and extrinsic motivation - correct answer Intrinsic is exercising for the pure joy of working out. Extrinsic is exercising for any other reason. Give an example of intrinsic and extrinsic feedback - correct answer Intrinsic: Client adjusts his own workout based on his perception of difficulty Extrinsic: Trainer gives performance feedback Define situational and contextual motivation - correct answer Situational: How the client feels during exercise Contextual: How ...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...