RMI final exam Correct Questions And Answers Correct 100%
risk - ANSWER uncertainty concerning the occurrence of a loss loss exposure - ANSWER any situation or circumstance in which a loss is possible, regardless of whether a loss occurs objective risk - ANSWER the relative variance of actual loss form expected loss, decreases as the number of exposures increases (calculable) law of large numbers - ANSWER as the number of exposures increases, the more closely the actual experience will approach expected subjective risk - ANSWER uncertainty based on a person's mental condition or state of mind, the impact varies depending on the individual (mental) chance of loss - ANSWER the probability that an event will occur objective probability - ANSWER the long-run relative frequency of an event based on the assumption of an infinite number of observations and of no change int he underlying conditions subjective probability - ANSWER the individual's personal estimate of the chance of loss peril - ANSWER the cause of a loss hazard - ANSWER a condition that increases the chance of loss or the severity of loss physical hazard - ANSWER a physical condition that increases the frequency or severity of loss moral hazard - ANSWER dishonesty or character defects in an individual that increase the frequency or severity of loss
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