Examen

Principles of Risk Management and Insurance Midterm (1) 2025

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Principles of Risk Management and Insurance Midterm (1) 2025 Risk Uncertainty concerning the occurrence of a loss Risk (Insurance) Used to identify the property of life that is being considered for insurance Risk (Economics and Finance) Used in situations where the probabilities of possible outcomes are known; uncertainty is used in situations where such probabilities cannot be estimated

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Principles Of Risk Management And Insurance

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Principles of Risk Management and Insurance

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Institución: Principles of Risk Management and Insurance
Grado: Principles of Risk Management and Insurance

Información del documento

Subido en: 16 de enero de 2025
Número de páginas: 30
Escrito en: 2024/2025
Tipo: Examen
Contiene: Preguntas y respuestas

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principles of risk management and insurance midter
risk uncertainty concerning the occurrence of a lo
risk insurance used to identify the property of
risk economics and finance used in situations wh

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Principles of Risk Management and
Insurance Midterm (1) 2025

Riska-aANSWERaUncertaintyaconcerningatheaoccurrenceaofaaaloss

Riska(Insurance)a-
aANSWERaUsedatoaidentifyatheapropertyaofalifeathataisabeingaconsideredaforainsurance

Riska(EconomicsaandaFinance)a-
aANSWERaUsedainasituationsawhereatheaprobabilitiesaofapossibleaoutcomesaareaknown;auncertaintyaisa
usedainasituationsawhereasuchaprobabilitiesacannotabeaestimated

LossaExposurea-
aANSWERaAnyasituationaoracircumstanceainawhichaaalossaisapossible,aregardlessaofawhetheraaalossaocc
urs

EX:aLifeainsurance;aaayoungaindividualacouldadieaprematurely

ObjectiveaRiska-
aANSWERaThearelativeavariationaofaactualalossafromaexpectedalossa(canabeacalculatedabyasomeameasu
reaofadispersion,asuchaasastandardadeviation)

Subjectivea(Perceived)aRiska-
aANSWERaUncertaintyabasedaonaaaperson'samentalaconditionaorastateaofaminda---
aPerceptionaofawhetheraoranotaaariskaisalikelyatoaoccur

EX:aDealaoraNoaDeal

ChanceaofaLossa(Frequency)a-aANSWERaTheaprobabilityathataanaeventawillaoccur

,ObjectiveaProbabilitya-aANSWERaThealong-
runarelativeafrequencyaofaanaeventabasedaonatheaassumptionsaofaanainfiniteanumberaofaobservationsa
andaofanoachangeainatheaunderlyingaconditions

SubjectiveaProbabilitya-
aANSWERaTheaindividual'sapersonalaestimateaofatheachanceaofalossa(theaprobabilityathataanaeventawill
aoccur)

ChanceaofaLossavs.aObjectiveaRiska-aANSWERa-
aChanceaofaLoss:aProbabilityathataanaeventathatacausesaaalossawillaoccur

-aObjectiveaRisk:aThearelativeavariationaofaactualalossafromaexpectedaloss

-aTheachanceaofalossamayabeaidenticalaforatwoagroups,abutaobjectiveariskamayabeaquiteadifferent

Perila-aANSWERaTheacauseaofathealoss

EX:aPropertyadamageabecauseaofafire,awindstorm,aoralightening;aor,adamageatoayouracarabecauseaofaa
acollisionawithaanotheravehicle

Hazarda-aANSWERaAaconditionathataincreasesatheachanceaofaloss

TypesaofaHazardsa-aANSWERa1.aPhysicalaHazard

2.aMoralaHazard

3.aAttitudinala(Morale)aHazard

4.aLegalaHazard

PhysicalaHazarda-aANSWERaAaphysicalaconditionathataincreasesatheafrequencyaoraseverityaofaaaloss

EX:aIceaonatheasidewalk

, MoralaHazarda-
aANSWERaDishonestyaoracharacteradefectsainaanaindividualathataincreasesatheafrequencyaoraseverityao
faaaloss

EX:aFrauda--
aYourahouseaburnsadownaandawhenatheyaaskayouawhatayoualostainatheafire,ayoualieaandamakeaitaseem
alikeayouahadaaalotaofavaluableaitemsathatagotadestroyed

Attitudinala(Morale)aHazarda-
aANSWERaCarelessnessaoraindifferenceatoaaaloss,awhichaincreasesatheafrequencyaoraseverityaofaaaloss

EX:aTheafactathatayouahaveainsuranceamayacauseayouatoabeamorearecklessabecauseayouahaveainsuranc
easoayouadriveafaster

LegalaHazarda-
aANSWERaCharacteristicsaofathealegalasystemaoraregulatoryaenvironmentathataincreasesatheafrequency
aoraseverityaofaaaloss

EX:aThealegalasystemafavorsaoneapartyaoratheaothera--
aJury'sainaCaliforniaarewardapeopleamoreamoneyathanainaIowaaoraMissouri

ClassificationaofaRiska-aANSWERa-aPureavs.aSpeculativeaRisk

-aDiversifiableavs.aNondiversifiableaRisk

-aEnterpriseaRisk

PureaRiska-aANSWERaAasituationainawhichathereaareaonlyatheapossibilitiesaofaaalossaoranoalossa

EX:aEarthquake;aFirea--
aYouainsureayourahomeainacaseaitaburnsadown,abutayouareallyadon'tawantayourahouseatoaburnadown

SpeculativeaRiska-
aANSWERaAasituationainawhichaeitheraprofitaoralossaisapossiblea(theyadon'taexistaunlessayouaenterainto
athem)

EX:aGambling

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