100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
RMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECT €11,28
In winkelwagen

Tentamen (uitwerkingen)

RMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECT

 0 keer verkocht
  • Vak
  • RMIN 4000
  • Instelling
  • RMIN 4000

RMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECT Exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that...

[Meer zien]

Voorbeeld 2 van de 12  pagina's

  • 7 maart 2024
  • 12
  • 2023/2024
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden
  • RMIN 4000
  • RMIN 4000
avatar-seller
RMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECT
Exposures - ANSWER-things of value (assets) that could be lost
perils - ANSWER-things that could happen to these assets
Risk management - ANSWER-what do you do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures
Risk - ANSWER-a calculates possibility of a negative outcome
Calculated possibility - ANSWER-a probabilistic outcome (chance of loss, the likelihood of loss) that is known or estimated; ranges from 0 to 1
Negative outcome - ANSWER-lost must be quantifiable
frequency - ANSWER-how often does a loss occur; The number of losses that occur within a specified time period;
Probability of a loss
Severity - ANSWER-how much does it cost when a loss does occur;
The dollar amount of loss for a specific peril
Peril - ANSWER-Cause of loss ex: fire, tornado, collision, burglary etc
Hazard - ANSWER-a condition that creates or increases the frequency and/or severity of a loss
Moral hazard - ANSWER-The presence of insurance changes the behavior of the insured; Dishonesty or character defects in an individual that increases the frequency and/or severity of a loss
examples→ using a hammer to create "hail" damage to a roof or exaggerating the value
of insured property
Morale (attitudinal) hazard - ANSWER-The carelessness of indifference to a loss, which
increases the frequency and/or severity of a loss examples→ leaving car keys in an unlocked car; neglecting a tree limb growing over your roof
Legal Hazard - ANSWER-Characteristics of the legal system or regulatory environment that increase the frequency and/or severity of a loss
examples→ juries in some areas are more sympathetic than other areas (meaning larger damage awards in liability lawsuits); Georiga now requires Diminution in Value to be paid on property losses (meaning increased severity in Georgia).
(Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss.)
Pure risk - ANSWER-2 future states: loss or no loss
you can buy insurance for these risks!
ex: fire to your house, cancer, your dog bites someone
Speculative risk - ANSWER-3 future states; loss, no loss/no gain, or gain
you can not buy insurance for these risks!
ex: investment, gabling
diversifiable risk - ANSWER-Affects only individuals or small groups, not the entire economy;
Can be reduced/eliminated through diversification;
Risks are not correlated (fire, theft, collision)
nondiversifiable risk - ANSWER-Affects the entire economy or large numbers of groups/persons within the economy; Cannot be reduced/eliminated through diversification;
Government assistance may be needed to insure;
Risks are correlated (inflation, unemployment.)
enterprise risk - ANSWER-Encompasses all major risks faced by a business firm:
Pure risk
Speculative risk
Strategic risk
Operational risk
Financial risk
systemic risk - ANSWER-Risk of the collapse of an entire system or entire market due to the failure of a single entity or group of entities that can result in the breakdown of the
entire financial system;

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper NursingTutor1. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €11,28. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 67478 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis
€11,28
  • (0)
In winkelwagen
Toegevoegd