In a Meeting with the Board of Directors, the Risk

question 69

Multiple Choice

In a meeting with the board of directors, the risk manager said, "There were three instances of product liability against our firm last year." He is referring to the:

• A)severity of losses.
• B)hazards.
• C)perils.
• D)frequency of losses.
• E)intangibility of losses.

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Definitions:

Variable Sample Size

A sampling method where the size of the sample can change based on the experiment or study being conducted.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.

Samples

A subset of a population that is used for analyzing and drawing conclusions about the entire population.