Rmin 4000 exam 1 Study guides, Class notes & Summaries
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![RMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete Solutions](/docpics/4692126/65ea23aaada14_4692126_121_171.jpeg)
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RMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete Solutions
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RMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete SolutionsRMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete SolutionsRMIN 4000 Final Exam Review Part 1(Material from Ch 1-8) with Complete Solutions 
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 - AN...
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RMIN 4000 Exam 1 Brown Latest Update Graded A+
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RMIN 4000 Exam 1 Brown Latest Update 
 
Graded A+ 
 
Textbook definition of RISK Uncertainty concerning the occurrence of a loss 
 
Better definition of RISK A calculated possibility of a negative outcome 
 
Calculated Possibility 0 = Impossible event (NO RISK) 
 
0.5 = Highest Risk (Most Uncertainty) 
 
1 = 100% Certain Event (NO RISK 
 
Negative Outcome Loss 
 
Losses must be __________? Quantifiable 
 
Pure Risk States Loss 
 
or 
 
No Loss 
 
Examples of Pure Risks Fire, Cancer, Dog bites a ...
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RMIN 4000 Exam 1 Questions and Answers (Graded A)
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RMIN 4000 Exam 1 Questions and Answers (Graded A) 
 
RMIN 4000 Exam 1 Questions and Answers (Graded A) 
 
RMIN 4000 Exam 1 Questions and Answers (Graded A) 
 
 
 
Frequency - ANSWER-How often does a loss occur? 
Frequency = Number of Losses / Number of Exposures 
 
Severity - ANSWER-How much does it cost when a loss does occur? 
Severity = Total Losses ($) / Number of Losses 
 
Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insured.
![RMIN 4000 UGA- Brown- Exam 1 Questions And Answers Rated A](/docpics/4499762/65cc70fb36591_4499762_121_171.jpeg)
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RMIN 4000 UGA- Brown- Exam 1 Questions And Answers Rated A
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RMIN 4000 UGA- Brown- Exam 1 
Questions And Answers Rated A 
 
definition of risk A calculated possibility of a negative outcome 
 
calculated possibility probabilistic outcome, ranges from 0-1 (0-100%) 
 
negative outcome loss, must be quantifiable ($) 
 
frequency -"how often does a loss occur?" 
-number of losses in a certain time period 
-probability of a loss 
 
Severity -"how much does it cost when a loss occurs?" 
- dollar amount 
 
how to calculate frequency # of losses/# of exposure...
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RMIN 4000- Exam 1 Latest Update 100% Solved
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RMIN 4000- Exam 1 Latest Update 100% 
 
Solved 
 
things of value (assets) that could be lost Exposures 
 
Examples of exposures when driving car: Car 
health 
life 
 
money 
future income 
contents (stuff) 
freedom 
license 
 
things that could happen to these assets Perils 
 
Examples of perils when driving car: Car accident 
 
license revoked 
act of god 
 
breakdown 
 
vandalism 
maintenance 
theft 
lawsuit 
 
what you do to protect these assets and/ or prevent/ reduce losses risk management...
RMIN 4000 Exam 1 Brown (Latest) Questions With Complete Solutions!!.
![RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024](/docpics/4499701/65cc6f5767d5b_4499701_121_171.jpeg)
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RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024
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RMIN 4000 UGA Test 1. Chapters 1-3 
Exam Questions and Answers 2024 
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) the probability of a loss occurring. -Answer-C 
2) Objective risk is defined as 
A) the probability of loss. 
B) the relative variation of actual loss from expected loss. 
C) uncertainty based on a person's mental...
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RMIN 4000 Exam 1 Brown Questions &Answers 100% Verified!
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RMIN 4000 Exam 1 Brown Questions &Answers 1Textbook definition of RISK - ANSWER-Uncertainty concerning the occurrence of a loss 
 
Better definition of RISK - ANSWER-A calculated possibility of a negative outcome 
 
Calculated Possibility - ANSWER-0 = Impossible event (NO RISK) 
 
0.5 = Highest Risk (Most Uncertainty) 
 
1 = 100% Certain Event (NO RISK 
 
Negative Outcome - ANSWER-Loss 
 
Losses must be __________? - ANSWER-Quantifiable 
 
Pure Risk States - ANSWER-Loss 
 
or 
 
No Loss 
 
Examp...
RMIN 4000 Exam 1 Latest 2024 Graded A
![RMIN 4000 - EXAM 1 WITH QUESTIONS AND ANSWERS](/docpics/3571093/65201e2d155cb_3571093_121_171.jpeg)
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RMIN 4000 - EXAM 1 WITH QUESTIONS AND ANSWERS
- Exam (elaborations) • 12 pages • 2023
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RMIN 4000 - EXAM 1 WITH QUESTIONS AND ANSWERS ...
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