RMIN 4000 Final Exam Questions and Correct Answers | Latest Update

types of risk -:- -pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk -:- uncertainty concerning the occurrence of a loss uncertainty -:- probabilities cannot be estimated loss exposure 2 | P a g e | G r a d e A + | 2 0 2 4...

Auto Insurance -:- -6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage -:- 1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) -:- --3rd party coverages (payments to someo...

Major Types of Private Insurers -:- Stock Insurers Mutual Insurers Lloyds of London stock insurer -:- a corporation owned by stockholders objective is to earn profit for stockholders by increasing dividends mutual insurer -:- a corporation owned by the policyholders profits are distrib...

Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? -:- 0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In ...

Basic Parts of an Insurance Contract -:- 1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations -:- statements that provide information about the particular property or activity to be insured definitions -:- state...

Peril -:- Cause of loss Risk -:- Uncertainty about chance, timing, or amount of loss Chance of Loss -:- Probability that an event will occur Objective Risk -:- The relative variation of actual loss from expected loss; (ActualExpected)/Expected; higher variation means higher risk Law of ...

Exposures -:- things of value (assets) that could be lost Perils -:- things that cause injury or loss risk -:- a calculated possibility of a negative outcome Frequency -:- the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a lo...

Stock Insurer -:- Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer -:- Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium ...

exposures -:- things of value (assets) that could be lost perils -:- things that could happen to assets risk management -:- a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures risk -:- a calculated pos...

Philidelphia judicial hellhole -:- Reputation for excessive verdicts and its "open door" policy to out of state Georgia judicial hellhole -:- Continue rise in nuclear verdicts, increasing role of third-party litigation financing, and premise liability. trial lawyers and jackpot verdict ...