RMI3011 Chapter 3 RMI 3011 Florida State University -Questions with complete solution

RMI3011 Chapter 3 RMI 3011 Florida State University -Questions with complete solution Risk Management - correct answer A process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Loss Exposure - correct answer Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs. Risk Management Pre-Loss Objectives - correct answer Prepare for potential losses in the most economical way Reduce anxiety Meet any legal obligations Risk Management Post-Loss Objectives - correct answer Survival of the firm Continue operating Stability of earnings Continued growth of the firm Minimize the effects that a loss will have on other persons and on society. Risk Management Process - correct answer Identify potential losses Measure and analyze the loss exposures Select the appropriate combination of techniques for treating the loss exposures (Risk Control/Risk Financing). Implement and monitor the risk management program. Identifying Loss Exposures - correct answer Risk analysis questionnaires and checklists Physical inspection Flowcharts