Rmi 211 msu Study guides, Class notes & Summaries

Enterprise Risk - encompasses all major risks faced by a business firm, which include: pure risk, speculative risk, strategic risk, operational risk, and financial risk Expense Loading - the amount needed to pay all expenses, including commissions, general administrative expenses, state premium taxes, acquisition expenses, and an allowance for contingencies and profit Admitted Assets - assets that an insurer can show on its statutory balance sheet in determining its financial condition Ad...

RMI 211 MSU Exam 1 Complete Answers Peril: Cause of a potential loss. Hazard: A condition that increases the frequency or severity of potential losses. Chance of Loss: The likelihood that a specific event will take place. Pure Risk: A scenario where only the outcomes of either loss or no loss exist. Objective Probability: The relative frequency of an event occurring over the long term, based on the assumption that there are infinitely many observations and that the underlying conditi...

RMI 211 MSU Exam 1 Study Guide with Complete Solutions Peril - Answer️️ -Cause of a lost Hazard - Answer️️ -Condition that creates frequency or severity of loss Chance of Loss - Answer️️ -the probability that an event will occur Pure Risk - Answer️️ -A situation in which there are only the possibilities of loss or no loss Objective Probability - Answer️️ -the long-run relative frequency of an event based on the assumptions of an infinite number of observations and of...

RMI 211 MSU Exam 1 STUDY GUIDE WITH COMPLETE SOLUTIONS Peril - Answer️️ -Cause of a lost Hazard - Answer️️ -Condition that creates frequency or severity of loss Chance of Loss - Answer️️ -the probability that an event will occur Pure Risk - Answer️️ -A situation in which there are only the possibilities of loss or no loss Objective Probability - Answer️️ -the long-run relative frequency of an event based on the assumptions of an infinite number of observations and of...