RMIN 4000 Test 1 Brown UGA 2025
UPDATE| COMPREHENSIVE
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Terms in this set (97)
things of value (assets) that could
Exposures
be lost
Perils things that cause injury or loss
a calculated possibility of a
risk
negative outcome
the number of losses (such as fire
or theft) that occur within a
Frequency
specified time period. aka the
probability of a loss
the dollar amount of a loss for a
specific peril (fire, theft, collision)
Severity
aka How much does it cost when
the loss does occur?
, a condition that creates or
increases the frequency or severity
Hazard
of loss but does NOT cause the
loss.
a physical condition that increases
Physical Hazard
the frequency or severity of loss
the presence of insurance changes
Moral Hazard the behavior of the insured. ex:
making hail damage to get a check
Morale hazard A condition of carelessness or
(attitudinal indifference that increases the
hazard) frequency or severity of loss.
characteristics of the legal system
or regulatory environment that
Legal Hazard
increase the frequency or severity
of losses
Georgia's legal hazard because it increases
Diminution in the severity on property losses
value is an
example of a
UPDATE| COMPREHENSIVE
QUESTIONS AND VERIFIED
ANSWERS (COMPLETE
SOLUTIONS) GUARANTEED
SUCCESS |GRADE A+!! (100%
ACCURATE) GET IT RIGHT!!
Save
Practice questions for this set
Learn
, Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (97)
things of value (assets) that could
Exposures
be lost
Perils things that cause injury or loss
a calculated possibility of a
risk
negative outcome
the number of losses (such as fire
or theft) that occur within a
Frequency
specified time period. aka the
probability of a loss
the dollar amount of a loss for a
specific peril (fire, theft, collision)
Severity
aka How much does it cost when
the loss does occur?
, a condition that creates or
increases the frequency or severity
Hazard
of loss but does NOT cause the
loss.
a physical condition that increases
Physical Hazard
the frequency or severity of loss
the presence of insurance changes
Moral Hazard the behavior of the insured. ex:
making hail damage to get a check
Morale hazard A condition of carelessness or
(attitudinal indifference that increases the
hazard) frequency or severity of loss.
characteristics of the legal system
or regulatory environment that
Legal Hazard
increase the frequency or severity
of losses
Georgia's legal hazard because it increases
Diminution in the severity on property losses
value is an
example of a
