Rmi 2302 module 1 nyce - Study guides, Class notes & Summaries

RMI 2302 Nyce Module 1 Questions and Answers 100% Pass What is Risk? Uncertainty Regarding Loss Danger does not equal what? Risk Uncertainty doubt about our ability to predict future outcomes Sources of risk Personal Risks Property Risks Liability Risks Financial Risks Exposure person or property facing risk of loss Peril the immediate cause of loss Hazard condition affecting the frequency or severity of loss Physical hazards property conditions Intangible haza...

RMI 2302 Nyce Module 1 Solved 100% 2024

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...

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...

RMI 2302 Nyce Module 8 Latest Update Graded A+ Business risk Deviations 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: • Prices • Regulation • Competition, etc Operation risk Potential losses from internal sources: • Manufacturing processes • Fraud • Mismanagement • Employee mistakes Hazard risk Typically used in insurance industry to describe poten...

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...

FSU - RMI 2302 - Charles Nyce - EXAM 1 Risk has many definitions (individual, organizational, or societal), but what is the most common/broad one? - Answer- Uncertainty regarding loss True or false: Danger does NOT equal Risk - Answer- True What are the four ways of ANALYZING OR MEASURING risk discussed in module 1? - Answer- Frequency/likelihood, Severity/impact, Expected value/loss, and the Risk profile What does variation/standard deviation mean when discussing risk? -...

RMI 2302 NYCE MODULE 1 What is Risk? - Answer- Uncertainty Regarding Loss Danger does not equal what? - Answer- Risk Uncertainty - Answer- doubt about our ability to predict future outcomes Sources of risk - Answer- Personal Risks Property Risks Liability Risks Financial Risks Exposure - Answer- person or property facing risk of loss Peril - Answer- the immediate cause of loss Hazard - Answer- condition affecting the frequency or severity of lo...

RMI 2302 MODULE 1 (NYCE) What is Risk? - Answer- Many Definitions: -Individual -Organization -Society "Uncertainty Regarding Loss" Using the Term Risk - Answer- Which is riskier? -Jumping off of a 1-story building -Jumping off of a 25-story building What is a "high risk driver" Danger/=Risk Risk Measurement - Terminology - Answer- -Frequency/Likelihood -Severity/Impact -Expected Value (Loss) -Risk Profile Risk Measurement - Degree of Risk - Answer...

RMI 2302 Exam 1 Review Nyce Correct Question and Answers 2024 In Module 1, we discussed sources of risk. The possibility of a homeowner being sued because his dog bit his neighbor, is an example of which source of risk: Liability Fed Ex & UPS have thousands of trucks on the road every day. The possibility of an auto accident is: Peril You decide to store your extra gasoline cans next to your furnace in the basement. Your house is destroyed by fire. In this example, what is the house? ...