Rmin 4000 uga test 1 Study guides, Class notes & Summaries

RMIN 4000 uga test 1 2024 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, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (degree of ...

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, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (degree of risk) - ANSWER-...

RMIN 4000 UGA TEST 1 QUESTIONS & ANSWERS

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) What is severity? - ANSWER-How much a loss costs when it occurs (severity = total losses ($) / number of losses) What is a p...

RMIN 4000 uga test 1 (Solved) Correctly 2024!!.

RMIN 4000 UGA Test 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed What are the primary functions of risk management in an organization? The primary functions include identifying, assessing, and mitigating risks to protect assets and ensure business continuity. How does risk assessment contribute to effective risk management? Risk assessment identifies potential risks and evaluates their impact, allowing for the development of strategies to manage and minimiz...

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 risk uncertainty concerning the occurrence of a loss uncertainty probabilities cannot be estimated loss exposure any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing...

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

4 types of hazards - Answer-1) physical hazard 2) moral hazard 3) attitudinal hazard 4) legal hazard 6 characteristics of an insurable risk - Answer-1) there must be a large number of exposure units 2) the loss must be accidental and unintentional 3) the loss must be determinable and measurable 4) the loss should not be catastrophic 5) the chance of loss must be calculable 6) the premium must be economically feasible active retention - Answer-active risk retention means that an individ...

RMIN 4000 UGA Test 1 Questions & Answers