Rmin test 1 Study guides, Class notes & Summaries

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

RMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete Solutions 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 p...

RMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 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 severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex....

UGA RMIN 4000 Test 4 Questions and Answers (Graded A)UGA RMIN 4000 Test 4 Questions and Answers (Graded A)UGA RMIN 4000 Test 4 Questions and Answers (Graded A) 5 types of employee benefits - ANSWER-1. Medical expenses 2. Loss of income due to disability 3. Loss of income due to death 4. Loss of income due to retirement 5. Loss of income due to unemployment Medical expenses - ANSWER--health insurance -FSAS/HSAS (pre-tax health savings account) -workers comp. Loss of income due to dis...

RMIN 4000 UGA TEST 1. CHAPTERS 1-3 QUESTIONS & ANSWERS 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. - ANS-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 condition or s...

risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) possibility - ANSWER-a probabilistic outcome that is known or estimated loss - ANSWER-must be quantifiable, typically in dollar amounts pure risk - ANSWER-risk with only two future potential states of the world (ex. flood, time of death, cancer) speculative risk - ANSWER-risk with three potential states of the world: loss, break even, or gain (ex. investments, gambling) moral hazard - ANSWER-idea t...

RMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete SolutionsRMIN 4000 Test 1(Chapters 1-4) with Complete Solutions Traditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected ...

RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions RMIN 4000 Test 1 Brown UGA with Complete Solutions ...

RMIN 4000 Test 1 Brown UGA Questions and Answers 2024