Rmin 4000 exam 1 Study guides, Class notes & Summaries

RMIN 4000 - EXAM 1 WITH QUESTIONS AND ANSWERS ...

RMIN 4000 Ragin Exam 1 Questions and Answers 100% worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses where the gov't pays a % of losses above a certain amount -will have to be renewed several times -currently 85% of losses above $100 million risk - ANSWER-a calculated possibility of a negativ...

RMIN 4000 EXAM 1 LATEST 2024 GRADED A

RMIN 4000 UGA- Brown- exam 1 Questions and Answers | 100% Pass!! definition of risk -Answer-A calculated possibility of a negative outcome calculated possibility -Answer-probabilistic outcome, ranges from 0-1 (0-100%) negative outcome -Answer-loss, must be quantifiable ($) frequency -Answer--"how often does a loss occur?" -number of losses in a certain time period -probability of a loss Severity -Answer--"how much does it cost when a loss occurs?" - dollar amount how to calculate f...

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 100% CORRECT Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? -️️ 0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister...

RMIN 4000 UGA- BROWN- EXAM 1 | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+RMIN 4000 UGA- BROWN- EXAM 1 | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

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

RMIN 4000 Test 1 Brown UGA Exam Questions and Answers | 100% Pass!! Exposures -Answer-things of value (assets) that could be lost Perils -Answer-things that cause injury or loss risk -Answer-a calculated possibility of a negative outcome Frequency -Answer-the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity -Answer-the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost w...

RMIN 4000 FINAL EXAM BROWN UNIVERSITY ACTUAL QUESTIONS AND ANSWERS 100% CORRECT Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? 0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's c...

RMIN 4000 Exam 1 Brown Questions and Answers | 100% Pass| Updated 2024 Textbook 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 E...