Brown RMIN 5100s test 1 Questions and answers 2024 Guaranteed PASS

Categories of commercial loss exposures - ANSWER1. property loss 2. personnel loss 3. liability loss 4. net income loss Property loss - ANSWER-tangible (real estate, personal property) -intangible (patent, copyright) Personnel Loss - ANSWERdeath, disability, retirement, injury of employees liability loss - ANSWERyour responsibility for bodily injury, property damage, or financial loss to someone net income loss - ANSWERreduction in income due to direct loss Risk management process - ANSWER1. 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 - ANSWERfirst step and most important in the risk management process How to identify loss exposures - ANSWER-document analysis -compliance reviews -inspections -expertise