Rmin 4000 test 1 Guías de estudio, Notas de estudios & Resúmenes

Traditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected loss Law of Large Numbers - ANSWER-Objective risk varies inversely with the square root of the number of cases E.X. car insurance subjective risk - ANSWER-uncertainty based on a person's mental condition or stat...

Risk - ANSWER-a calculated possibility of a negative outcome Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-Things that can happen to assets Risk Management - ANSWER-Process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Calculated Possibility - ANSWER-a probabilistic outcome (chance of loss; likelihood of loss) that is known or estimated ranges from 0% - 100% Negat...

RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution Exposures -Correct Answer-things of value (assets) that could be lost Perils -Correct Answer-things that cause injury or loss risk -Correct Answer-a calculated possibility of a negative outcome Frequency -Correct Answer-the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity -Correct Answer-the dollar amount of a loss for a specific peril (fire, theft, ...

RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution

RMIN 4000 Test 1 Brown UGA UPDATED Exam Questions and CORRECT Answers Exposures - Correct ANSWER- things of value (assets) that could be lost Perils - Correct ANSWER- things that cause injury or loss risk - Correct ANSWER- a calculated possibility of a negative outcome Frequency - Correct ANSWER- the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity - Correct ANSWER- the dollar amount of a loss for a specific peril...

RMIN 4000 Test 1 Brown UGA | questions and answers | Latest

Exposures - correct answer things of value (assets) that could be lost Perils - correct answer things that cause injury or loss risk - correct answer a calculated possibility of a negative outcome Frequency - correct answer the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity - correct answer the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does o...

RMIN 4000 Test 1 Brown UGA Study Guide 2024| VERIFIED COMPLETLY | GRADED A+

RMIN 4000 UGA Test 1. Chapters 1-3 Questions and Answers 100% AccurateRMIN 4000 UGA Test 1. Chapters 1-3 Questions and Answers 100% AccurateRMIN 4000 UGA Test 1. Chapters 1-3 Questions and Answers 100% AccurateRMIN 4000 UGA Test 1. Chapters 1-3 Questions and Answers 100% Accurate 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D)...

RMIN 4000 uga test 1 latest 2024 actual questions and answers with complete solution types of risk - -pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk