Florida State University

RMI3011 FSU Exam 2 RMI 3011 Florida State University -Questions with complete solution Declarations - correct answer Statements that provide information about the particular property or activity to be insured Definitions - correct answer Clearly define key words or phrases in an insurance contract Named Perils - correct answer Covered perils are specifically named in the policy Open Perils - correct answer All perils are covered unless specifically excluded Reasons for Exclu...

RMI3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers rated A+ Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring - correct answer C) uncertainty concerning the occurrence of loss. Objective risk is defined as A) the probability of loss. B) the relative variation of actua...

RMI3011 Chapters 1-4 Exam 1 RMI 3011 Florida State University -Question and answers correctly solved Risk - correct answer Means there is uncertainty about the outcome, and there is a possibility of the outcome being unfavorable (an indeterminate outcome & adverse consequence). A condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for. What are the 2 common elements of risk? - correct answer 1. Indeterminancy- at least tw...

RMI3011 Chapter 3 RMI 3011 Florida State University -Questions with complete solution Risk Management - correct answer A process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Loss Exposure - correct answer Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs. Risk Management Pre-Loss Objectives - correct answer Prepare for potential losses in the most economic...

rmi module 1 RMI 3011 Florida State University -questions and answers rated A+ risk at the individual level can best be defined as A; certainty regarding outcomes B; uncertainty regarding loss c: uncertainty regarding profits D; certainty regarding loss - correct answer B; uncertainty regarding loss which of the following is a common pre loss objective a; economy b; survival c; earnings stability d; growth - correct answer a; economy Donna has a home that is insured to it...

RMI Exam 1 RMI 3011 Florida State University -Questions with complete solution Slippery roads or fog are examples of a: A. Physical hazard B. Moral hazard C. Societal hazard D. Liability hazard E. Hazardous environment - correct answer A When measuring risk, frequency is synonymous with: A. Impact B. Likelihood C. Severity D. Expected value E. Standard deviation - correct answer B Air bags in a vehicle are an example of: A. Risk (loss) prevention B. Risk (loss) reduction ...

RMI 3011: Chapter 4 RMI 3011 Florida State University -Questions with complete solution What are the main reasons for insurance regulation? - correct answer Maintain insurer solvency Compensate for inadequate consumer knowledge Ensure Reasonable Rates Make insurance available How can we maintain insurer solvency? - correct answer Pay premiums in advance When insurer becomes insolvent certian social/economic costs are incurred (Loss of jobs by insurance comoanies Why is it importa...

RMI 3011 - EXAM 1 (Melvin Stith) RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Risk - correct answer used to identify the property or life that is being considered for insurance Risk - correct answer used in situations where the probabilities of possible outcomes are known Uncertainty - correct answer used in situations where such probabilities cannot be estimated Loss Exposure - correct...

rmi 3011 test 1 RMI 3011 Florida State University -Question and answers rated A+ risk - correct answer -a situation involving exposure to danger -uncertainty concerning the occurrence of a loss what is objective risk and what happens when the number of exposures increases - correct answer also called degree of risk, the relative variation of actual loss from expected loss. -the more exposure the less objective risk speculative risk - correct answer uncertainty based on a persons m...

RMI 3011 Study Guide RMI 3011 Florida State University -Question and answers verified to pass The main goal of risk management is... a. To eliminate risk b. To minimize negative effects of risk c. To maximize my income d. To ensure that I purchase insurance at the optimal time - correct answer b. To minimize negative effects of risk Assume that James, previously the Chief Risk Officer (CRO) of Walmart (which sells low-cost products), has recently accepted a CRO position at Macy's ...