2 types of risk 1 pure - Study guides, Class notes & Summaries

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...

Suspected Case - shows symptoms consistent w/ outbreaks Probable Case - symptoms consistent w/ definition Prevalence - number of cases of a disease that is always in an area prevelance rate= total cases/ population Incidence - number of new cases/number of people at risk of the disease Kochs Postulates - 1. The suspected organism should be present in all cases of the disease and absent from healthy animals 2. The suspected organism should be grown in pure culture 3. Cells from ...

RMI 2302 FSU NYCE EXAM 1 (Q&A) LATEST UPDATE ALREADY PASSED Risk Likelihood Frequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized High - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact Severity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to what? Frequency of losses ...

Wisconsin Insurance Exam Latest Update Graded A+ Risk Not Knowing what will happen in the future and the possibility the outcome will be negative Defined As: Chance of Loss Possibility of Loss Uncertainty of Loss Types of Loss 1. Financial -Loss of house to loss of life 2. Non-Financial -Loss of Friendship Speculative Risk I win or I lose Pure Risk I lose or I do not lose Peril The actual cause of a loss Natural, Human, Economical, etc Hazard Situations or f...

Comprehensive CRNA Interview Review Accurate responses are given. Comprehensive CRNA Interview Review Norepinephrine Mechanism of Action (MOA) A1, A2, B1 agonist. Primary agent used in distributive shock because it's ability to recruit venous volume and augment preload, while increasing arterial tone, and increasing cardiac output. Alpha one causing peripheral smooth muscle contraction. (low dose venous, high dose venous and arterial). Alpha 2 adrenoreceptor agonism actually ant...

ATI PN PHARMACOLOGY PROCTORED EXAM 2023 UPDATE QUESTIONS&ANSWERS (75 QUESTIONS)ATI PN PHARMACOLOGY PROCTORED EXAM 2023 UPDATE QUESTIONS&ANSWERS (75 QUESTIONS) 1. After instilling an eye drop that has a systematic effect, the nurse should press on which of the following to prevent absorption into the circulation? a. The bony orbit b. The nasolacrimal duct c. The conjunctival sac d. The outer cantus of the eye 2. A nurse is caring for a client who has just been diagnosed with primar...

Law of Large Numbers - Answer-The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Answer-Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Answer-1) Financial 2) Blood (relative) 3) Business Risk - Answer-The uncertainty or chance of a loss occurring Types of risks are - Answer-1) Pure risk 2) Speculative risk What type of risk does insuran...

4 Types of Risk- CORRECT ANSWER "POSS: 1. Pure Risk: change of loss or no loss (no chance of gain) 2. Objective Risk: measurable and quantifiable risk based on stats 3. Speculative Risk: chance of profit, loss or no loss. 4. Subjecive Risk: Risk that is based upon perception of individual " Perils/Hazards- CORRECT ANSWER "Perils are the acutal cause of the loss (i.e. tornado, fire, earthquake). There are 3 types of Hazards: 1. Moral Hazard: a hazard of character (someone making a ...

Fundamentals of Insurance (BC) - Self-Examination Chapter Questions and correct answers What is the major function of insurance? - ANSWERS To allow the spread of risk. Define "Spread of Risk" - ANSWERS "The losses of the few are shared among the many" What are the 4 other functions of insurance? - ANSWERS 1. Basis of Credit System 2. Eliminates worry - Encourages Entrepreneurship 3. Loss Prevention and Loss Reduction 4. Source of Employment and Investment Capital What are the 3...

RMIN 4000 Test 1 Brown UGA Latest 2024 Rated A+ Exposures things of value (assets) that could be lost Perils things that cause injury or loss risk a calculated possibility of a negative outcome Frequency the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard a condition t...