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Test Bank for Principles Of Risk Management And Insurance, 14th Edition

Test Bank for Principles Of Risk Management And Insurance, 14th Edition helps you revise quickly and efficiently with a well-organized collection of exam questions and answers.

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1Principles of Risk Management and Insurance, 14e(Rejda)Chapter 1Risk and Its Treatment1) Traditionally, risk has been defined asA) 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.Answer: CDiff: 1Question Status: Previous EditionAACSB: Application of Knowledge2) Objective risk is defined asA) the probability of loss.B) the relative variation of actual loss from expected loss.C) uncertainty based on a person's mental condition or state of mind.D) the cause of loss.Answer: BDiff: 1Question Status: Previous EditionAACSB: Application of Knowledge3) An insurance company estimates its objective risk for 10,000 exposures to be 10 percent.Assuming the probability of loss remains the same, what would happen to the objective risk ifthe number of exposures were to increase to 1 million?A) It would decrease to 1 percent.B) It would decrease to 5 percent.C) It would remain the same.D) It would increase to 20 percent.Answer: ADiff: 3Question Status: Previous EditionAACSB: Analytical Thinking4) Uncertainty based on a person's mental condition or state of mind is known asA) objective risk.B) subjective risk.C) objective probability.D) subjective probability.Answer: BDiff: 1Question Status: Previous EditionAACSB: Application of Knowledge

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