1. Please list the three classifications of risk. Briefly explain each classification. Provide a brief definition and a brief example of each of the three classifications of risk?
2. What is the Law of Large Numbers? Why do we use this concept in finance, risk management and insurance?
3. What are the four major types of personal risks? Please list each of the four types below.
4.What are the four types of hazards? Also briefly provide an example of each hazard.
5. Please define Risk.
6. please define Loss Exposure.
7. Objective probability can be determined in two ways. Please list each way that it can be determined and provide an example of each way.
8.Please define subjective risk and also provide an example of subjective risk.
9.Please define a peril and provide an example of a peril.
10.Explain the difference between a direct loss and an indirect loss.
11. Please define active retention and define passive retention.
12. Please define commercial risk. Please list five of the commercial risks below.
13. Please list the six major techniques and also their categories for managing risk below.
14. Please list the four basic characteristics of insurance.
15.Define a liability risk. Provide an example of a liability risk relating to current events.
16. Please provide the definition for indemnification.
17. Please calculate the mean or the expected loss for the following probabilities of various losses for a certain risk:
Amount of Loss (X) Probability of Loss P(X)
18.Consider a second probability of loss distribution. Please calculate the mean or the expected loss for the following probabilities of various losses for a certain risk:
Amount of Loss (X) Probability of Loss P(X)
$116.66 .60 (*Round this one up to a whole number)
19. Why do we study dispersion? What are the two standard measures of dispersion?
20. How do we assess the risk in each distribution in question 17 and question 18?
Please provide the definition for indemnification.
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