RMI Exam 1- James Karl ECU 3154 questions and complete correct answers
Risk - correct answer Uncertainty regarding the occurrence of a loss Objective Risk - correct answer the variation of actual losses from expected losses Standard Deviation - correct answer important statistical measure of loss dispersion Chance of Loss - correct answer the probability that an event that causes a loss will occur Subjective Risk - correct answer Uncertainty based on a persons mental condition or state of mind Subjective Probabilities - correct answer The individual's personal estimate of the chance of loss Pure Risk - correct answer the chance of loss or no loss Speculative Risk - correct answer The chance of loss, no loss, or a gain Non-diversifiable (Fundamental) Risk - correct answer A risk that affects the entire economy or large numbers of persons or groups within the economy Diversifiable (Particular) Risk - correct answer A risk that affects only individuals and not the entire community Enterprise Risk Management - correct answer All major risks faced by a business firm Property Risk - correct answer Risk that owned, rented, or borrowed property is damaged or destroyed
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