Nondiversifiable risk Study guides, Class notes & Summaries
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Final Study Set: RMIN 4000 - Daniel Jeremy Brown Questions and Answers Rated A+
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Exposures Things of value (assets) that could be lost (Any situation/circumstance in which a 
loss is possible, regardless of whether a loss actually occurs) 
Perils Things that could happen to your assets - cause of loss 
Risk Management What you do to protect these assets and/or prevent/reduce losses 
(Identifies loss exposures faced by an organization and selects the most appropriate techniques 
for treating such exposures) 
Risk The calculated possibility of a negative outcome 
Loss Negative...
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Final Study Set: RMIN 4000 - Daniel Jeremy Brown Questions and Answers Rated A+
- Exam (elaborations) • 35 pages • 2024
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Final Study Set: RMIN 4000 - Daniel 
Jeremy Brown Questions and Answers 
 
Rated A+ 
 
Exposures Things of value (assets) that could be lost (Any situation/circumstance in which a 
loss is possible, regardless of whether a loss actually occurs) 
 
Perils Things that could happen to your assets - cause of loss 
 
Risk Management What you do to protect these assets and/or prevent/reduce losses 
(Identifies loss exposures faced by an organization and selects the most appropriate techniques 
for tre...
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CPCU 500 - Foundations of Risk Management and Insurance Latest 2024 Graded A+
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CPCU 500 - Foundations of Risk 
Management and Insurance Latest 2024 
 
Graded A+ 
 
CHAPTER 1 ... 
 
What are the two elements of risk? -Uncertainty of outcome - Time of the outcome and type 
of outcome are uncertain 
-possibility of a negative outcome - at least 1 outcome is negative 
 
What is the difference between probability and possibility? Possibility - an outcome or event 
may or may not occur. It does not quantify the risk, only verifies the risk is there 
Probability - the likelihood ...
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CPCU 500 Final Practice Test
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Risk involves The possibility of a negative outcome. Possibility means - Answer- That an outcome may or may not occur. 
 
Probabilities are stated as decimal figure, a percentage, or a - Answer- Fraction 
 
To understand risk, one needs to know the probability of an outcome or event occurring. Which one of the following statements is correct with respect to probability? - Answer- It can be used to decide which activities to undertake. 
 
The statement, "There is a five percent chance that John ...
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RMIN Daniel Brown Test 1 Latest Update 100% Pass
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RMIN Daniel Brown Test 1 Latest Update 
 
100% Pass 
 
exposure things of value (assets) that could be lost 
 
Perils things that could happen to your assets 
 
cause of a loss 
 
risk management what someone does to protect their assets or prevent/ reduce their losses 
 
risk a calculated possibility of a negative outcome 
 
uncertainty concerning the occurrence of a loss 
 
Calculated possibility a probablilistic outcome that is known or estimated 
 
ranges from 0 to 1 or a percentage 
 
0 imp...
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Fundamentals of Insurance | 61 Questions and Answers with complete
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Risk - Uncertainty concerning the occurrence of a loss 
Loss Exposure - Any situation or circumstance in which a loss is possible, regardless of whether a loss 
occurs 
Objective vs Subjective Risk - Objective risk is defined as the relative variation of actual loss from 
expected loss 
Subjective risk is defined as uncertainty based on a person's mental condition or state of mind 
Objective vs Subjective Probability - Objective probability refers to the long-run relative frequency of 
an event...
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CPCU 500 Questions and Answers Rated A+
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CPCU 500 Questions and Answers 
 
Rated A+ 
 
Risk the uncertainty about outcomes, with the possibility that some of the outcomes can be 
negative. Quantified by knowing the probability of the possible outcomes 
 
Probability the likelihood that an outcome or event will occur. Probabilities are stated as a 
decimal figure, a percentage, or a fraction. 
 
What are the 2 elements associated with risk? uncertainty of outcome + possibility of 
negative outcome 
 
Pure Risk a chance of loss or no los...
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RMIN 4000 UGA- Brown- Exam 1 Questions And Answers Rated A
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RMIN 4000 UGA- Brown- Exam 1 
Questions And Answers Rated A 
 
definition of risk A calculated possibility of a negative outcome 
 
calculated possibility probabilistic outcome, ranges from 0-1 (0-100%) 
 
negative outcome loss, must be quantifiable ($) 
 
frequency -"how often does a loss occur?" 
-number of losses in a certain time period 
-probability of a loss 
 
Severity -"how much does it cost when a loss occurs?" 
- dollar amount 
 
how to calculate frequency # of losses/# of exposure...
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CPCU 500 - Full Practice Exam Questions and Answers 100% Verified
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CPCU 500 - Full Practice Exam Questions 
and Answers 100% Verified 
In order to achieve collaboration, group leaders must 
A. Remain focused on achieving the goals of their individual groups. 
B. Focus on the worker's personality rather than results. 
C. Remain focused on preventing stakeholders from straying from the common goal. 
D. Promote competition among members of the group. - answerC. Remain focused on 
preventing stakeholders from straying from the common goal. 
Which of the following ...
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CPCU 500 Exam Study Guide 2024
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In the context of risk, the chance of being injured while driving to and from work, loading a truck at work, moving furniture at home, or falling in an icy parking lot at the mall are all examples of 
 
A. Possibilities. 
 
B. Uncertainties. 
 
C. Probabilities. 
 
D. Losses. - A. Possibilities. 
 
The statement, "There is a five percent chance that John will be injured in an automobile accident while driving to work tomorrow," is an example of 
 
A. Quantifying risk. 
 
B. Verifying risk. 
 
...
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