Test 4 rmin - Study guides, Class notes & Summaries
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RMIN 4000 uga test 1 latest update graded A+
- Exam (elaborations) • 25 pages • 2024
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RMIN 4000 uga test 1 latest update 
 
graded A+ 
 
types of risk -pure risk 
-speculative risk 
-diversifiable risk 
-nondiversifiable risk 
 
-enterprise risk 
-systemic risk 
 
risk uncertainty concerning the occurrence of a loss 
 
uncertainty probabilities cannot be estimated 
 
loss exposure 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 o...
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RMIN 4000 UGA Test 1. Chapters 1-3 Questions& Answers 100% Verified!
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RMIN 4000 UGA Test 1. Chapters 1-3 Questions& Ans 
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 condition or s...
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RMIN 4000 UGA Test 1. Chapters 1-3 Questions and Answers Already Passed
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RMIN 4000 UGA Test 1. Chapters 1-3 
Questions and Answers Already Passed 
 
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. 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 menta...
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RMIN 4000 Test 3 Brown Latest Version Already Passed
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RMIN 4000 Test 3 Brown Latest Version 
 
Already Passed 
 
Principal of Indemnity insurer pays no more than actual amount of the loss; insurer should 
not profit from the loss 
 
Replacement cost the cost to replace an inventory item in its identical form (similar 
workmanship and quality) 
 
Actual Cash Value replacement cost - depreciation 
 
in property ins, usually based on the actual cash value of the property at the time of loss 
 
Market Value the price at which property would sell 
 
Val...
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RMIN 4000 UGA Test 3| Questions and Answers 100% Verified!
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RMIN 4000 UGA Test 3| Questions and AnswerAuto 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 ...
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RMIN 4000 UGA TEST 1 QUESTIONS & ANSWERS
- Exam (elaborations) • 17 pages • 2024
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RMIN 4000 UGA TEST 1 QUESTIONS & ANSWERS 
types of risk - ANS--pure risk 
-speculative risk 
-diversifiable risk 
-nondiversifiable risk 
-enterprise risk 
-systemic risk 
risk - ANS-uncertainty concerning the occurrence of a loss 
uncertainty - ANS-probabilities cannot be estimated 
loss exposure - ANS-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 (d...
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RMIN 4000 uga test 1 2024
- Exam (elaborations) • 16 pages • 2024
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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 ...
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Brown RMIN 5100s Test 1 Questions And Answers 100% Solved
- Exam (elaborations) • 6 pages • 2024
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Brown RMIN 5100s Test 1 Questions 
And Answers 100% Solved 
Categories of commercial loss exposures 1. property loss 
2. personnel loss 
3. liability loss 
4. net income loss 
Property loss -tangible (real estate, personal property) 
-intangible (patent, copyright) 
Personnel Loss death, disability, retirement, injury of employees 
liability loss your responsibility for bodily injury, property damage, or financial loss to 
someone 
net income loss reduction in income due to direct loss 
Risk m...
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BROWN UNIVERSITY BUNDLED EXAMS 2024/2025 WITH COMPLETE SOLUTION
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RMIN4000 FINAL EXAM BROWN UNIVERSITY QUESTIONS AND ANSWERS 100% SOLVED 2 Exam (elaborations) RMIN 5100S Exam 2 Questions and Answers 100% Solved 3 Exam (elaborations) RMIN 4000 Test 1 Brown UGA Questions and Answers 100% Verified 4 Exam (elaborations) PSU Econ 104 Final Exam – Brown University Questions with Correct Answers 100% Verified 5 Exam
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RMIN 4000 Test 4 Brown with Complete Solutions
- Exam (elaborations) • 12 pages • 2024
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Legal wrong - ANSWER-a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person or to society as a whole 
 
types of legal wrong - ANSWER-crime, breach of contract, tort 
 
Tort - ANSWER-a legal wrong for which the court allows a remedy in the form of monetary damages 
 
Plaintiff - ANSWER-the person who is injured 
 
Tortfeasor - ANSWER-the alleged wrongdoer 
 
three categories of tort - ANSWER-intentional, strict liability, negligence 
 
Intentional ...
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