Rmin 4000 brown - Study guides, Class notes & Summaries

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RMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete Solutions Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-things that cause injury or loss risk - ANSWER-a calculated possibility of a negative outcome Frequency - ANSWER-the number of losses (such as fire or theft) that occur within a specified time period. aka the p...

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RMIN 4000 TesRMIN 4000 Test 3 Brown| Questions and Answers 100% CorrectRMIN 4000 Test 3 Brown| Questions and Answers 100% CorrectRMIN 4000 Test 3 Brown| Questions and Answers 100% Correctt 3 Brown| Questions and Answers 100% Correct Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Val...

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RMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete Solutions Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) 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 (fire, theft, collision) Peril - ANSWER-cause of a loss Ex....