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

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...

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...

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 risk) - ANSWER-...

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...

What is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures) What is severity? - ANSWER-How much a loss costs when it occurs (severity = total losses ($) / number of losses) What is a p...

Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-things that cause injury or loss risk - ANSWER-a calculated possibility of a negative outcome Frequency - ANSWER-the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity - ANSWER-the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard - ANSWER-a condition tha...

Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex. fire, tornado, collision, burglary hazard - ANSWER-condition that creates or increases the frequency and/or severity of a loss physical hazard - ...

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