Rmin 4000 test 1 2024 - Study guides, Class notes & Summaries

RMIN 4000 uga test 1 2024 types of risk -Answer--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk -Answer-uncertainty concerning the occurrence of a loss uncertainty -Answer-probabilities cannot be estimated loss exposure -Answer-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (degree of ...

RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution Exposures -Correct Answer-things of value (assets) that could be lost Perils -Correct Answer-things that cause injury or loss risk -Correct Answer-a calculated possibility of a negative outcome Frequency -Correct Answer-the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity -Correct Answer-the dollar amount of a loss for a specific peril (fire, theft, ...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets risk management - ANSWER-what do you want to do to protect these assets and/or prevent/reduce losses risk of driving a car - ANSWER-exposure: car peril: car accident risk management: drive safely risk - ANSWER-a calculated possibility of a negative outcome calculated possibility - ANSWER-a probabilistic outcome that is known/established ranges from 0 to 1 (0...

Auto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments to someone else): •Part A: Liability Coverage (required by state) --1st party coverages (payments to you): •Part B: Medical Payments Coverage •Part C: Uninsured Motorists Coverage •Part D...

Risk - ANSWER-a calculated possibility of a negative outcome Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-Things that can happen to assets Risk Management - ANSWER-Process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Calculated Possibility - ANSWER-a probabilistic outcome (chance of loss; likelihood of loss) that is known or estimated ranges from 0% - 100% Negat...

Basic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activity to be insured definitions - ANSWER-statements that provide information about the particular property or activity to be insured Insuring Agreement - ANSWER-Summary of the major promises of the insurer (what the policy covers) nam...

exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets risk management - ANSWER-what do you want to do to protect these assets and/or prevent/reduce losses risk of driving a car - ANSWER-exposure: car peril: car accident risk management: drive safely risk - ANSWER-a calculated possibility of a negative outcome calculated possibility - ANSWER-a probabilistic outcome that is known/established ranges from 0 to 1 (0...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...