RMIN 4000 BUNDLED EXAM WITH GUARANTEED ACCURATE ANSWERS

types of risk - correct answer -pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - correct answer uncertainty concerning the occurrence of a loss uncertainty - correct answer probabilities cannot be estimated loss exposure - co...

Peril - correct answer Cause of loss Risk - correct answer Uncertainty about chance, timing, or amount of loss Chance of Loss - correct answer Probability that an event will occur Objective Risk - correct answer The relative variation of actual loss from expected loss; (Actual-Expected)/Exp...

Legal wrong - correct answer a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person or to society as a whole types of legal wrong - correct answer crime, breach of contract, tort Tort - correct answer a legal wrong for which the court allows a re...

Exposures - correct answer things of value (assets) that could be lost Perils - correct answer things that cause injury or loss risk - correct answer a calculated possibility of a negative outcome Frequency - correct answer the number of losses (such as fire or theft) that occur within a sp...

Principal of Indemnity - correct answer insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - correct answer the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - correct answe...

Major Types of Private Insurers - correct answer Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - correct answer -A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife,...

How long is an auto insurance policy? - correct answer usually 6 or 12 months Who writes auto insurance policies? - correct answer ISO What is ISO? - correct answer Insurance Services Office Five General Types of Coverage for Auto Insurance - correct answer 1. Liability 2. Uninsured Motori...