Rmi final exam - Study guides, Class notes & Summaries

RMI 300 Final Exam UPDATED ACTUAL Exam Questions and CORRECT Answers What are the 3 ways a company decides who takes on what risks? - CORRECT ANSWER- -Better Opportunity to pool -Better way to use loss control incentives -Who has the benefit in taxes Prevention - CORRECT ANSWER- Any measure that lessens the probability (frequency) of loss but does not eliminate it

Executor Funds - ANSWER burial expenses, estate settlement costs Income needs of financially-dependent survivors - ANSWER Children Spouse or partner Other dependents (grandchildren, siblings, parents, friends, etc.) Business-related exposures - ANSWER Dependent projects (e.g., client relationships) Replacement of key employee Ownership Face Amount NEEDS - ANSWER Executor funds Income needs of financially-dependent survivors Business-related exposures Face Amount HUMAN LIFE VALU...

risk - ANSWER uncertainty concerning the occurrence of a loss loss exposure - ANSWER any situation or circumstance in which a loss is possible, regardless of whether a loss occurs objective risk - ANSWER the relative variance of actual loss form expected loss, decreases as the number of exposures increases (calculable) law of large numbers - ANSWER as the number of exposures increases, the more closely the actual experience will approach expected subjective risk - ANSWER uncertainty ...

risk - ANSWER uncertainty concerning the occurrence of a loss loss exposure - ANSWER any situation or circumstance in which a loss is possible, regardless of whether a loss occurs objective risk - ANSWER the relative variance of actual loss form expected loss, decreases as the number of exposures increases (calculable) law of large numbers - ANSWER as the number of exposures increases, the more closely the actual experience will approach expected subjective risk - ANSWER uncertainty ...

RMI LAW FINAL EXAM STUDY A+ GRADED.

RMI 300 Final Exam ACTUAL Exam Questions and CORRECT Answers Framing- How to mitigate the Bias - CORRECT ANSWER- is the way we define the decision to be made. Think of a picture frame, which is a lens through which we see the situation. Some qualities are inside and some outside. -Restate/reframe the issue before making a decision. -Work towards neutral representations. -Recognize the influence of gains versus losses; most effective concessions are those that reduce the opponents los...

RMI 300 Final Exam | With complete solution 2024/25 | Rated A+

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RMI 2302 Final Exam Nyce UPDATED Actual Exam Questions and CORRECT Answers The number of years between same-sized natural disaster events is also known as - CORRECT ANSWER- Return Period Frequency and magnitude of natural disasters typically have a _____ ? - CORRECT ANSWER- Inverse relationship Risks of "high concern" in the Global Risk Report 2014 - CORRECT ANSWER- 1. Food crisis 2. Water crisis 3. Political instability

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