Rmi 2302 - Study guides, Class notes & Summaries
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RMI 2302 Nyce Module 1 Exam Questions With Verified Answers
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RMI 2302 Nyce Module 1 Exam Questions 
With Verified Answers 
What is Risk? - answerUncertainty Regarding Loss 
Danger does not equal what? - answerRisk 
Uncertainty - answerdoubt about our ability to predict future outcomes 
Sources of risk - answerPersonal Risks 
Property Risks 
Liability Risks 
Financial Risks 
Exposure - answerperson or property facing risk of loss 
Peril - answerthe immediate cause of loss 
Hazard - answercondition affecting the frequency or severity of loss 
Physical hazar...
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RMI 2302 UPDATED Test Questions and CORRECT Answers
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Who uses decision making ?Individuals 
Organizations 
Government 
Individuals use expected ____Utility 
Organizations use expected ____Value 
What entity is able to take on risk regardless of the rewardGov't 
What is one of the big problems we have with modeling how decisions are 
made?Decisions are made is that they do not explicitly account for biases on the part of 
the decision maker
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RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated)
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RMI 2302 FSU NYCE EXAM 1 Questions 
And Answers (Verified And Updated) 
Risk Likelihood - answerFrequency - the probability that a loss can occur. 
What 3 ways can Risk Likelihood be categorized - answerHigh - 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 - answerSeverity - the potential effect that a loss could have if it arises. 
Risk prevention methods are best applied to ...
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RMI 2302 Exam 1 Nyce Questions And Answers (Verified And Updated)
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RMI 2302 Exam 1 Nyce Questions 
And Answers (Verified And Updated) 
Risk - answerUncertainty regarding loss. There are different magnitudes of risk based on the 
decision maker: individual, organization, and society. Danger does not equal risk. Information 
does not alter risk. 
Uncertainty - answerWhen you do not know the outcome, there is uncertainty. Multiple 
outcomes can also lead to uncertainty. Uncertainty is doubt about our ability to predict future 
outcomes. Because uncertainty is subj...
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RMI 2302 Final Exam Nyce 2024 Actual Questions and Answers with complete solution
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RMI 2302 Final Exam Nyce 2024 Actual Questions and Answers with complete solution
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RMI 2302 - Risk Management Notes
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This is a comprehensive and detailed note on Risk Management for RMI 2302. 
 
Quality stuff!! 
 
U'll need it!!
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RMI 2302 Exam 1 Nyce FSU Questions With Complete Solutions.
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RMI 2302 Exam 1 Nyce FSU Questions With Complete Solutions.
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RMI 2302 Exam Bundle With Complete Solutions 100% Verified.
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RMI 2302 Exam Bundle With Complete Solutions 100% Verified.
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RMI 2302 Nyce Module 1 Exam Questions With Verified Answers
- Exam (elaborations) • 7 pages • 2024
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RMI 2302 Nyce Module 1 Exam Questions 
With Verified Answers 
What is Risk? - answerUncertainty Regarding Loss 
Danger does not equal what? - answerRisk 
Uncertainty - answerdoubt about our ability to predict future outcomes 
Sources of risk - answerPersonal Risks 
Property Risks 
Liability Risks 
Financial Risks 
Exposure - answerperson or property facing risk of loss 
Peril - answerthe immediate cause of loss 
Hazard - answercondition affecting the frequency or severity of loss 
Physical hazar...
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RMI 2302 Nyce Module 8 Exam Questions With Verified Answers
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RMI 2302 Nyce Module 8 Exam Questions 
With Verified Answers 
Business risk - answerDeviations in profitability. This is a very broad category of risk that is 
caused by operational, hazard, financial, or strategic risks. 
Business risk can be caused by: - answer• Prices 
• Regulation 
• Competition, etc 
Operation risk - answerPotential losses from internal sources: 
• Manufacturing processes 
• Fraud 
• Mismanagement 
• Employee mistakes 
Hazard risk - answerTypically used in ins...
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