Rmin test 1 - Study guides, Class notes & Summaries

risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) possibility - ANSWER-a probabilistic outcome that is known or estimated loss - ANSWER-must be quantifiable, typically in dollar amounts pure risk - ANSWER-risk with only two future potential states of the world (ex. flood, time of death, cancer) speculative risk - ANSWER-risk with three potential states of the world: loss, break even, or gain (ex. investments, gambling) moral hazard - ANSWER-idea t...

RMIN 4000 Test 1 Questions and Answers.

RMIN 4000 Uga Test 1 UPDATED ACTUAL Exam Questions and CORRECT Answers types of risk - CORRECT ANSWER- -pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - CORRECT ANSWER- uncertainty concerning the occurrence of a loss

RMIN 4000 Uga Test 1 UPDATED ACTUAL Exam Questions and CORRECT Answers

RMIN 4000 UGA Brown Test 1 Ch 1-4

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mo physical hazard - a physical condition that increases the frequency or severity of loss ral hazard - the presence of insurance changes the behavior of the insured (sometimes involves dishonesty, but not always) risk management - a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures risk - a calculated possibility of a negative outcome frequency - probability of a loss over a certain period of time sever...