UGA RMIN 4000 EDMUNDS EXAM 1 ACTUAL 2026 ||
MOST RECENT EXAM 2026-2027 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
BRAND NEW EXAM | JUST RELEASED!!
What are the four types of hazards? - ANSWER-Physical,
Moral, Morale, and
Legal
what are some risk control tactics? - ANSWER-loss prevention
(employee training or safety equipment to reduce frequency),
loss reduction (sprinkler heads for fires to reduce severity) ,
duplication, separation, diversification, and avoidance (never
acquire loss exposure (proactive) or abandon loss (reactive))
what are some risk financing tactics? - ANSWER-retention
(retaining part or all of losses from a risk), noninsurance risk
transfer (risk is given to party other than insurance company),
and insurance (transfer risk to insurer in exchange for a
premium cost)
what makes a risk diversifiable or not? - ANSWER-it is
diversifiable if it can be
,reduced or eliminated by
diversification
what are advantages of commercial insurance? - ANSWER-firm
indemnified for loss and continue operation, uncertainty is
reduced, firm may receive valuable RM services, and premiums
are tax deductible
What are the major types of pure risk? - ANSWER-personal,
property, and
liability
What are the techniques of managing risks? - ANSWER-risk
control and risk
financing
What are characteristics of an ideally insurable risk? -
ANSWER-Large # of exposure units, must be accidental and
unintentional, determinable and measurable, should not be
catastrophic, have a calculable chance, and have a
economically feasible premium
What are the steps in the risk management process? -
ANSWER-1) Identify loss exposures, 2) measure and analyze
the loss exposure, 3) consider and select appropriate treatment
techniques, and 4) implement and monitor the chosen
techniques
, What are some important loss exposures - ANSWER-property,
liability, income loss, human resource loss, crime loss,
employee benefit, foreign, and intangible and regulatory
What are some ways of identifying loss exposures? - ANSWER-
analyzing statements, past losses, staff meetings with RM,
inspections, surveys, and flowcharts
What is a good way to analyze loss exposure - ANSWER-rank
loss exposures
by importance
(severity)
maximum possible loss - ANSWER-the worst loss that could
happen to the firm
during its
lifetime
probable maximum loss - ANSWER-the worst loss that is likely
to happen
What techniques would we use for loss exposure treatment? -
ANSWER-Risk
control and/or risk
financing
MOST RECENT EXAM 2026-2027 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
BRAND NEW EXAM | JUST RELEASED!!
What are the four types of hazards? - ANSWER-Physical,
Moral, Morale, and
Legal
what are some risk control tactics? - ANSWER-loss prevention
(employee training or safety equipment to reduce frequency),
loss reduction (sprinkler heads for fires to reduce severity) ,
duplication, separation, diversification, and avoidance (never
acquire loss exposure (proactive) or abandon loss (reactive))
what are some risk financing tactics? - ANSWER-retention
(retaining part or all of losses from a risk), noninsurance risk
transfer (risk is given to party other than insurance company),
and insurance (transfer risk to insurer in exchange for a
premium cost)
what makes a risk diversifiable or not? - ANSWER-it is
diversifiable if it can be
,reduced or eliminated by
diversification
what are advantages of commercial insurance? - ANSWER-firm
indemnified for loss and continue operation, uncertainty is
reduced, firm may receive valuable RM services, and premiums
are tax deductible
What are the major types of pure risk? - ANSWER-personal,
property, and
liability
What are the techniques of managing risks? - ANSWER-risk
control and risk
financing
What are characteristics of an ideally insurable risk? -
ANSWER-Large # of exposure units, must be accidental and
unintentional, determinable and measurable, should not be
catastrophic, have a calculable chance, and have a
economically feasible premium
What are the steps in the risk management process? -
ANSWER-1) Identify loss exposures, 2) measure and analyze
the loss exposure, 3) consider and select appropriate treatment
techniques, and 4) implement and monitor the chosen
techniques
, What are some important loss exposures - ANSWER-property,
liability, income loss, human resource loss, crime loss,
employee benefit, foreign, and intangible and regulatory
What are some ways of identifying loss exposures? - ANSWER-
analyzing statements, past losses, staff meetings with RM,
inspections, surveys, and flowcharts
What is a good way to analyze loss exposure - ANSWER-rank
loss exposures
by importance
(severity)
maximum possible loss - ANSWER-the worst loss that could
happen to the firm
during its
lifetime
probable maximum loss - ANSWER-the worst loss that is likely
to happen
What techniques would we use for loss exposure treatment? -
ANSWER-Risk
control and/or risk
financing
