RMIN 4000 FINAL EXAM REVIEW PART 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

RMIN 4000 FINAL EXAM REVIEW PART 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS frequency - Answer -- how often does a loss occur? - the number of losses (such as fire, theft, collision) that occur within a specified time period. - probability of a loss ex) probability of a fire is 0.0071 per loss exposure per year severity - Answer -- how much does it cost when a loss does occur? - the dollar amount of loss for a specific peril (fire, theft, collision). ex) average fire loss is $32,547 peril - Answer -- cause of a lossNeed assistance in Online classes, Exams & Assignments? Reach out for Full Course Assistance, Plagiarism-free Essay Writing, Research Paper & Discussion Posts. Confidential & Secure! Email now at: - things that could happen to assets - ex) fire, tornado, collision, burglary, etc. hazard - Answer -- condition that creates or increases the frequency and/or severity of a loss. - does not cause a loss. types of hazards - Answer -physical, moral, morale (attitudinal), and legal 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 and/or severity of a loss. - the presence of insurance changes th