Rmi 2303 Study guides, Class notes & Summaries
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RMI 2303 Exam 1 Nyce Questions and Answers 100% Pass
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RMI 2303 Exam 1 Nyce Questions and 
 
Answers 100% Pass 
 
Which describes the immediate cause of a loss peril 
 
Carly is involved in a 3 car auto accident. Which risk is this an example of particular risk 
 
risk prevention and risk reduction are both included in which of the following risk (loss) 
control 
 
which is a common pre-loss objective economy 
 
which is the last step in the risk management process (but is often done first)? review and 
evaluate 
 
risk reduction methods are best ap...
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RMI 2303 Exam 1 Nyce Questions With 100% Correct Answers
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RMI 2303 Exam 1 Nyce Questions With 
100% Correct Answers 
Which describes the immediate cause of a loss - answerperil 
Carly is involved in a 3 car auto accident. Which risk is this an example of - answerparticular 
risk 
risk prevention and risk reduction are both included in which of the following - answerrisk 
(loss) control 
which is a common pre-loss objective - answereconomy 
which is the last step in the risk management process (but is often done first)? - 
answerreview and evaluate 
ris...
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RMI 2303 Exam 1 Nyce Questions With 100% Correct Answers
- Exam (elaborations) • 9 pages • 2024
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RMI 2303 Exam 1 Nyce Questions With 
100% Correct Answers 
Which describes the immediate cause of a loss - answerperil 
Carly is involved in a 3 car auto accident. Which risk is this an example of - answerparticular 
risk 
risk prevention and risk reduction are both included in which of the following - answerrisk 
(loss) control 
which is a common pre-loss objective - answereconomy 
which is the last step in the risk management process (but is often done first)? - 
answerreview and evaluate 
ris...
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RMI 2303 Exam 1 Nyce |Questions with 100% Correct Answers Rated A+
- Exam (elaborations) • 9 pages • 2024
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Which describes the immediate cause of a loss - peril 
Carly is involved in a 3 car auto accident. Which risk is this an example of - particular risk 
risk prevention and risk reduction are both included in which of the following - risk (loss) 
control 
which is a common pre-loss objective - economy 
which is the last step in the risk management process (but is often done first)? - review and 
evaluate 
risk reduction methods are best applied to - high severity losses 
hazards may be categorized...
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RMI 2303 UPDATED Exam Questions and CORRECT Answers
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Which describes the immediate cause of a loss peril 
Carly is involved in a 3 car auto accident. Which risk is this an example of particular 
risk 
risk prevention and risk reduction are both included in which of the following risk 
(loss) control 
which is a common pre-loss objective economy 
which is the last step in the risk management process (but is often done first)? review 
and evaluate 
risk reduction methods are best applied to high severity losse
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RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated)
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RMI 2302 FSU NYCE EXAM 1 Questions 
And Answers (Verified And Updated) 
Risk Likelihood - answerFrequency - the probability that a loss can occur. 
What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to 
happen in most circumstances 
Medium - an even will probably happen in many circumstances 
Low - an event may occur at some point 
Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. 
Risk prevention methods are best applied to ...
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Exam 2 RMI 2302 - FSU Dr. Nyce Exam Questions With Verified Answers
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Exam 2 RMI 2302 - FSU Dr. Nyce Exam 
Questions With Verified Answers 
Who uses decision making ? - answerIndividuals 
Organizations 
Government 
Individuals use expected ____ - answerUtility 
Organizations use expected ____ - answerValue 
What entity is able to take on risk regardless of the reward - answerGov't 
What is one of the big problems we have with modeling how decisions are made? - 
answerDecisions are made is that they do not explicitly account for biases on the part of the 
decision...
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RMI 2302 Exam 2 Questions And Answers (Verified And Updated)
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RMI 2302 Exam 2 Questions And Answers 
(Verified And Updated) 
free market - answerfails to protect consumer interests requiring the government to find 
appropriate ways to protect us from ourselves; rewards those people who understand consumer 
behavior and can exploit consumer's weaknesses 
In a world dominated by rational behavior... - answerthe government could focus on 
externalities and focus less on consumers 
Jeremy Bentham - answer(19th century) Urged politicians to design policies tha...
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RMI 2302 Nyce Module 1 Exam Questions With Verified Answers
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RMI 2302 Nyce Module 1 Exam Questions 
With Verified Answers 
What is Risk? - answerUncertainty Regarding Loss 
Danger does not equal what? - answerRisk 
Uncertainty - answerdoubt about our ability to predict future outcomes 
Sources of risk - answerPersonal Risks 
Property Risks 
Liability Risks 
Financial Risks 
Exposure - answerperson or property facing risk of loss 
Peril - answerthe immediate cause of loss 
Hazard - answercondition affecting the frequency or severity of loss 
Physical hazar...
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RMI 2302 Exam 1 Nyce Questions And Answers (Verified And Updated)
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RMI 2302 Exam 1 Nyce Questions 
And Answers (Verified And Updated) 
Risk - answerUncertainty regarding loss. There are different magnitudes of risk based on the 
decision maker: individual, organization, and society. Danger does not equal risk. Information 
does not alter risk. 
Uncertainty - answerWhen you do not know the outcome, there is uncertainty. Multiple 
outcomes can also lead to uncertainty. Uncertainty is doubt about our ability to predict future 
outcomes. Because uncertainty is subj...
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