Rmin 4000 exam stuvia - Study guides, Class notes & Summaries

Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured. Morale (Attitudinal) Hazard - ANSWER-Carelessness or indifference to a loss, which increases the frequency and/or severity of a loss. Legal Hazard - ANSWER-Characteristics of legal system or ...

RMIN 4000 Exam 1 Questions and Answers (Graded A) RMIN 4000 Exam 1 Questions and Answers (Graded A) RMIN 4000 Exam 1 Questions and Answers (Graded A) Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured.

RMIN 4000 Exam 2 Practice Questions and Answers 100% Pass It is possible to buy insurance for each of the following risks. Which one would likely involve the smallest risk charge? a) Nuclear disaster b) A firm's loss of reputation following a lawsuit c) Cyber attacks against a firm d) Loss of or damage to an individual's smartphone e) Theft of a priceless work of art - ANSWER-d) Loss of or damage to an individual's smartphone Commercial insurance policies covering cyber risk ha...

Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured. Morale (Attitudinal) Hazard - ANSWER-Carelessness or indifference to a loss, which increases the frequency and/or severity of a loss. Legal Hazard - ANSWER-Characteristics of legal system or ...

RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) RMIN 4000 Final Exam Top Hat HW Questions and Answers (Graded A) Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000...

Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000) = 0.05 Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred a total of $1,000,000 that resulted from 50 occurrences/accidents. What was Speedy Dawg Delivery's average loss severity in 2020? - ANSWER-$20,000 ($1,000,000/50) = $20,000 Big Hos...