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RHM 425 Exam 1 Questions And Answers, Exams of Risk Analysis

Florida Memorial UniversityRisk Analysis

RHM 425 Exam 1 Questions And Answers

Typology: Exams

2024/2025

Available from 07/04/2025

Nurseexpert
Nurseexpert 🇺🇸

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RHM 425 Exam 1 Questions And Answers
Risk Management Cycle -
correct answer ✅-Identify: Recognize all risk inherent to particular
kind of event you are contemplating
-Analyze: Frequency and Severity
-Prioritize
-Respond: Accept, Avoid, Mitigate, Transfer
-Monitor
Define and explain the concepts of frequency and severity in the
context of risk management. -
correct answer ✅-Frequency: How often it will happen
-Severity: If it does happen, how bad is it going to be? Can the loss
be easily absorbed or will it hurt them?
List and explain the 4 actions that can be taken to deal with an
identified risk. -
correct answer ✅-Accept: not going to worry about it, know it's
going to happen
-Avoid: do something to get rid of the risk
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Risk Management Cycle - correct answer ✅-Identify: Recognize all risk inherent to particular kind of event you are contemplating -Analyze: Frequency and Severity -Prioritize -Respond: Accept, Avoid, Mitigate, Transfer -Monitor Define and explain the concepts of frequency and severity in the context of risk management. - correct answer ✅-Frequency: How often it will happen -Severity: If it does happen, how bad is it going to be? Can the loss be easily absorbed or will it hurt them? List and explain the 4 actions that can be taken to deal with an identified risk. - correct answer ✅-Accept: not going to worry about it, know it's going to happen -Avoid: do something to get rid of the risk

-Mitigate: take action to lessen the frequency and/ or severity of the risk -Transfer: put the risk on somebody else (indemnification; insurance) List and explain the three elements of a legally enforceable contract. - correct answer ✅-Competent Parties: the people or entities who are agreeing together must have legal capacity to do so. -Mutuality of Exchange: it is not a contract if both parties are not obligated to do something. -Subject Matter must be legal: You can not go to court and enforce a contract if the contract requires illegal activity The Uniform Commercial Code requires that food sold to the public have 2 characteristics. List and define them. - correct answer ✅1) Warranty of the food- having a contract to provide food

List and explain the 4 types of data collection that can be used to analyze risks that have been identified. - correct answer ✅1) Details of the event- what is it?, What is the purpose? Where will it be held?

  1. Historical information- previous incidents (3-5 years), weather climate trends
  2. Identification of Resources- equipment, staff, services, supplies
  3. Capacity/Ability to Absorb the loss Briefly discuss the 4 elements necessary for a finding of legal negligence. - correct answer ✅1) Duty- something in the nature of the relationship to cause action or caution to be taken
  4. Breach of Duty- to do something you should not do or not do something you should do.
  1. Proximate Cause- whatever it was that you did to breach the standard of care, caused what happened.
  2. Injury- can be physical, property, emotional, and relational Define and describe the intentional tort of Assault and Battery - correct answer ✅Battery- any form of unconsented touching Assault- to be put in fear of a imminent batter List and define the 4 principles of insurance - correct answer ✅-Insurable Interest: financial interest in whatever is being insured -Indemnity- to pay on behalf of another -Good Faith- whoever is seeking insurance must be honest and accurate in providing relevant information -Subrogation- the right of the insurance company to recover the money they paid from the person or entity that caused the claim