1
BROWN RMIN 5100s test 1|Questions with
100% Correct Answers | Verified | Latest
Update Graded A+
Risk management process ✔✔1. Identify loss exposures
2. Measure and analyze the loss exposures
3. Consider and select the appropriate risk management
techniques
4. Implement and monitor the risk management program
identify loss exposures ✔✔first step and most important in the
risk management process
How to identify loss exposures ✔✔-document analysis
-compliance reviews
,2
-inspections
-expertise
Categories of commercial loss exposures ✔✔1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss ✔✔-tangible (real estate, personal property)
-intangible (patent, copyright)
Personnel Loss ✔✔death, disability, retirement, injury of
employees
liability loss ✔✔your responsibility for bodily injury, property
damage, or financial loss to someone
, 3
net income loss ✔✔reduction in income due to direct loss
Ways to identify loss exposures with document analysis? ✔✔1.
risk assessment questionnaires and checklists
2. financial statements
3. contracts
4. insurance policies
5. organizational policies
6. flowcharts & organization charts
7. loss histories
Step 2: Measure and Analyze Loss Exposures ✔✔involves
estimating the likely significance of possible loss exposures
based on: frequency, severity, total dollar losses, maximum
possible losses, probable maximum losses (PML), and timing
BROWN RMIN 5100s test 1|Questions with
100% Correct Answers | Verified | Latest
Update Graded A+
Risk management process ✔✔1. Identify loss exposures
2. Measure and analyze the loss exposures
3. Consider and select the appropriate risk management
techniques
4. Implement and monitor the risk management program
identify loss exposures ✔✔first step and most important in the
risk management process
How to identify loss exposures ✔✔-document analysis
-compliance reviews
,2
-inspections
-expertise
Categories of commercial loss exposures ✔✔1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss ✔✔-tangible (real estate, personal property)
-intangible (patent, copyright)
Personnel Loss ✔✔death, disability, retirement, injury of
employees
liability loss ✔✔your responsibility for bodily injury, property
damage, or financial loss to someone
, 3
net income loss ✔✔reduction in income due to direct loss
Ways to identify loss exposures with document analysis? ✔✔1.
risk assessment questionnaires and checklists
2. financial statements
3. contracts
4. insurance policies
5. organizational policies
6. flowcharts & organization charts
7. loss histories
Step 2: Measure and Analyze Loss Exposures ✔✔involves
estimating the likely significance of possible loss exposures
based on: frequency, severity, total dollar losses, maximum
possible losses, probable maximum losses (PML), and timing
