Rmin 4000 uga Study guides, Class notes & Summaries

RMIN 4000 uga test 1 ; ...

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

RMIN 4000 UGA Test 1 Questions and Answers (Graded A)RMIN 4000 UGA Test 1 Questions and Answers (Graded A)RMIN 4000 UGA Test 1 Questions and Answers (Graded A)types of risk - ANSWER--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANSWER-uncertainty concerning the occurrence of a loss uncertainty - ANSWER-probabilities cannot be estimated loss exposure - ANSWER-any situation or circumstance in which a loss is possible, r...

RMIN 4000 UGA- Brown- exam 1 Questions With Complete Solutions

RMIN 4000 uga test 1 latest 2024 actual questions and answers with complete solution

RMIN 4000 UGA Test 1 Questions and Answers 100% Correct RMIN 4000 UGA Test 1 Questions and Answers 100% Correct What is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures)

RMIN 4000 UGA Brown Exam 3 Latest Version Graded A+ principle of indemnity The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash...

RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as histo...