RMIN 4000 Study guides, Class notes & Summaries

RMIN 4000 Test 1 Brown UGA Questions and Answers 100% Verified 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 conditio...

Frequency - how often something occurs frequency equation - # of losses/# of exposures Severity - how much does it cost when a loss does occur Severity equation - total losses ($) / number of losses Peril - cause of a loss (fire, tornado, collision) Hazard - A condition that increases the frequency or severity of a loss. Physical Hazard - a physical condition that increases the frequency or severity of loss

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

RMIN 4000 uga test 1 2024 types of risk -Answer--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk -Answer-uncertainty concerning the occurrence of a loss uncertainty -Answer-probabilities cannot be estimated loss exposure -Answer-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (degree of ...

RMIN 4000 Test 1 Brown UGA Exam Questions and Answers | 100% Pass!! 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 probability of a loss Severity -Answer-the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost w...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

RMIN 4000 Exam 1 Brown Questions and Answers | 100% Pass| Updated 2024 Textbook definition of RISK -Answer-Uncertainty concerning the occurrence of a loss Better definition of RISK -Answer-A calculated possibility of a negative outcome Calculated Possibility -Answer-0 = Impossible event (NO RISK) 0.5 = Highest Risk (Most Uncertainty) 1 = 100% Certain Event (NO RISK Negative Outcome -Answer-Loss Losses must be __________? -Answer-Quantifiable Pure Risk States -Answer-Loss or No Loss E...

RMIN 4000 Exam 3 - Topics 8,9,10 Questions and Answers | 100% Pass!! How long is an auto insurance policy? -Answer-usually 6 or 12 months Who writes auto insurance policies? -Answer-ISO What is ISO? -Answer-Insurance Services Office Five General Types of Coverage for Auto Insurance -Answer-1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Damage 5. Convenience Coverage When is liability coverage implemented in auto? -Answer-when you have a liability to a 3rd party for property...