Rmin 5100 exam 1 - Study guides, Class notes & Summaries

RMIN 5100 Exam 2 Atkinson Questions and Answers 100% Solved | Latest Update What are the three Commercial Property Loss Exposure components? - 1. Types of Property 2. Causes of Loss to property 3. Financial Consequences of property losses Examples of Real Property - land, buildings, driveways, side-walks, underground piping, and radio transmission towers Property that is permanently attached to a structure, such as built-inn appliances or paneling is often considered part of the buildi...

RMIN 5100 Uga Test 1 Exam Questions and Answers 100% Solved Graded A+ risk manager - evaluates risks and determines best approach to manage risks risk control - techniques to reduce frequency/severity of losses risk financing - techniques to pay for losses retention - paying for the loss out of pocket transfer - using a contract to place the risk on another party insurance - insurance company covers part of the loss (risk financing) agent - someone who legally represents the principal a...

Insurance - the equitable transfer of the risk of loss from one entity to another in exchange for payment Risk - 1) chance of loss 2) uncertainty of loss 3) difference between expected and actual losses over a period of time Risk Management - the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of the uncertainty