RMI 3011 Exam 1 Jones | Florida State University |
UPDATED Questions with 100% Verified Answers
Q1: Risk
A: Uncertainty concerning the occurrence of loss
Q2: Uncertainty
A: Outcome must be in doubt and at least one outcome is is undesirable
Q3: Objective risk (Degree of risk)
A: the relative variation of actual loss from expected loss
it is measurable
Q4: Subjective risk (perceived risk)
A: uncertainty based on a person's mental condition or state of mind
Q5: Indemnification
A: returning you to the state previous to the situation involving risk
Q6: Objective probability
A: can be calculated, actuarial science
Q7: Subjective probability
A: the individual's personal estimate of the chance of loss
Q8: Peril
A: Cause of loss, proximate clause (how something happened)
Q9: Hazard
A: Condition which increases probability of loss (why, contributing factors)
Q10: Types of Hazards
A: Physical
Moral (evil tendencies)
Attitudinal (Morale)
Legal
Q11: Pure risk
A: exists everywhere in nature, loss or no loss
, Q12: Speculative risk
A: gain is possible, action required, risk is created
ex: gambling
Q13: diversifiable risk
A: A risk that affects only some individuals, businesses, or small groups.
Q14: nondiversifiable risk
A: a risk that affects the entire economy or large numbers of persons or groups within the
economy
Q15: Enterprise risk
A: pure/speculative risk
strategic risk
operational risk
financial risk
Q16: Systemic risk
A: affects everyone
ex: covid
Q17: Types of personal risks
A: Premature death
Inadequate retirement income
Insufficient savings/assets
Aged poverty
Poor health
Unemployment
Alcohol and drug addiction
Q18: Premature death
A: the death with outstanding unfulfilled financial obligations
Q19: Aged Poverty
A: not saving enough for later in life
Q20: Personal losses
A: earned income goes down
Extra expenses (could be because unexpected health issues)
Deletion of financial assets
Q21: real property
UPDATED Questions with 100% Verified Answers
Q1: Risk
A: Uncertainty concerning the occurrence of loss
Q2: Uncertainty
A: Outcome must be in doubt and at least one outcome is is undesirable
Q3: Objective risk (Degree of risk)
A: the relative variation of actual loss from expected loss
it is measurable
Q4: Subjective risk (perceived risk)
A: uncertainty based on a person's mental condition or state of mind
Q5: Indemnification
A: returning you to the state previous to the situation involving risk
Q6: Objective probability
A: can be calculated, actuarial science
Q7: Subjective probability
A: the individual's personal estimate of the chance of loss
Q8: Peril
A: Cause of loss, proximate clause (how something happened)
Q9: Hazard
A: Condition which increases probability of loss (why, contributing factors)
Q10: Types of Hazards
A: Physical
Moral (evil tendencies)
Attitudinal (Morale)
Legal
Q11: Pure risk
A: exists everywhere in nature, loss or no loss
, Q12: Speculative risk
A: gain is possible, action required, risk is created
ex: gambling
Q13: diversifiable risk
A: A risk that affects only some individuals, businesses, or small groups.
Q14: nondiversifiable risk
A: a risk that affects the entire economy or large numbers of persons or groups within the
economy
Q15: Enterprise risk
A: pure/speculative risk
strategic risk
operational risk
financial risk
Q16: Systemic risk
A: affects everyone
ex: covid
Q17: Types of personal risks
A: Premature death
Inadequate retirement income
Insufficient savings/assets
Aged poverty
Poor health
Unemployment
Alcohol and drug addiction
Q18: Premature death
A: the death with outstanding unfulfilled financial obligations
Q19: Aged Poverty
A: not saving enough for later in life
Q20: Personal losses
A: earned income goes down
Extra expenses (could be because unexpected health issues)
Deletion of financial assets
Q21: real property
