RMIN 4000 Test 1 Brown UGA Questions and Correct Answers | Latest Update
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Course
RMIN 4000
Institution
RMIN 4000
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 l...
✓ -:- characteristics of the legal system or regulatory environment that
increase the frequency or severity of losses
Georgia's Diminution in value is an example of a
✓ -:- legal hazard because it increases the severity on property losses
Pure Risk
✓ -:- A chance of loss or no loss, but no chance of gain. Insurance can be
bought for this
Speculative Risk
✓ -:- A chance of loss, no loss, or gain.
Diversifiable risk
✓ -:- a risk that affects only individuals or small groups and not the entire
economy. It can be eliminated/ reduced through diversification. the risks
are not correlated
3|P a g e | G r a d e A + | 2 0 2 0 2 5
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