Risk retent - Study guides, Class notes & Summaries

Risk - Common Definition - correct answer A situation in which there is uncertainty about the result of something that either has occurred, will occur, or may occur. "Flouting the law was too much of a risk" Risk - Insurance Definition - correct answer A possibility of harm or damage against which something can be insured. "Our auto physical damage risk is insured with a $500 deductible" Risk ...

Risk Retention - correct answer The decision to accept the uncertainty (variability) associated with a particular risk exposure Risk Reduction - correct answer Decision to reduce uncertainty (variability) --Do something to reduce Benefits of increased retention - correct answer 1. Save on premium loadings and transaction costs 2. Reduce exposur...

RSK 4803_ Risk Retention.

RSK 4803_ Risk Retention Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

RSK 4803_ Risk Retention.

6 main process/ roles of/ activities associated with risk financing - correct answer identifying and analyzing exposures, analyzing alternative risk financing techniques, selecting the best risk financing technique(s), implementing the selected technique(s), and monitoring the selected technique(s) Deductible - correct answer Amount you must pay before you begin receiving any benefits from your insurance company Risk Control - correct answer techniques that reduce the fr...

Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - ANSWER True. Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is provided for pure risk only. - ANSWER True. Risk Retention or Self-insurance may be a practical risk management technique when the chance of financial loss amounts to just a few hundred dollars. - ANSWER...

WHAT IS RISK RETENTION - correct answer - Category of risk financing; - when a company intentionally or unintentionally retains the financial consequences of of a loss for its own account and does not transfer it to a 3rd party; it is usually effective when: - on other financing methods available, - the worst possible loss is not serious and - losses are highly unpredictable. what is funded retained risk - correct answer when the co. makes provision for losses prior to their o...

RSK 4803: Risk Retention questions and answers 2024/2025

state farm ch.1 building questions and answer rated A+ 2023 A. risk retention. B. risk avoidance. C. risk reduction. correct answer D. risk transference. - correct answer Jared hopes to purchase a new insurance policy for his car, but he has an extremely poor driving record. The insurance company decides to issue Jared an insurance policy, but charges him a premium much higher than the average driver. The insurance company is practicing: A. risk avoidance. Correct Answer B. risk ret...