Risk answer uncertaint Study guides, Class notes & Summaries
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RMIN 4000 Test 1(Chapters 1-4) with Complete Solutions
- Exam (elaborations) • 7 pages • 2024
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RMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete Solutions 
Traditional definition of risk - ANSWER-uncertainty 
 
Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss 
 
Chance of loss - ANSWER-the probability that an event will occur 
 
Objective risk - ANSWER-the relative variation of actual loss from expected ...
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RMIN 4000 Test 1(Chapters 1-4) with Complete Solutions(Rated A+)
- Exam (elaborations) • 7 pages • 2024
- Available in package deal
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- $10.99
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RMIN 4000 Test 1(Chapters 1-4) with Complete Solutions(Rated A+) 
 
Traditional definition of risk - ANSWER-uncertainty 
 
Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss 
 
Chance of loss - ANSWER-the probability that an event will occur 
 
Objective risk - ANSWER-the relative variation of actual loss from expected loss 
 
Law of Large Numbers - ANSWER-Objective risk varies inversely with the square root of the number of cases E.X. car insurance 
 
subjective ris...
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Primerica Life Insurance Exam Questions and Answers
- Exam (elaborations) • 6 pages • 2023
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Primerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersPrimerica Life Insurance Exam Questions and AnswersRisk - ANSWER-uncertainty of a financial loss; 2 types 
 
Two typed of risks - ANSWER-Pure (Insurable) and speculative (uninsurable) 
 
Benefits of purchasing insurance? - ANSWER-You get to transfer financial risk left after passing to insurance...
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