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RMIN4000 FINAL EXAM BROWN Questions and Answers 100% Solved
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RMIN4000 FINAL EXAM BROWN Questions and Answers 100% Solved 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) ...

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  • October 22, 2024
  • 91
  • 2024/2025
  • Exam (elaborations)
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

RMIN4000 FINAL EXAM BROWN

Questions and Answers 100% Solved


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 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 severity in 2019? - ✔✔8500

(136M/16K)

Michael Scott owns a condominium in Scranton, PA. A fire breaks out when

his girlfriend, Jan, is dancing and knocks over a candle. The fire damages

the condo and Michael's most prized possession - his plasma TV. The

damage to Michael's plasma TV is considered a(n): - ✔✔direct loss

What is the most important step in the risk management process? -

✔✔Step 1: identify loss exposures

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

I have a high deductible ($2,200) in my health insurance plan. The high

deductible is an example of which type of risk management technique? -

✔✔retention

Insurance is the most appropriate risk management technique for which of

the following types of loss exposures? - ✔✔high severity, low frequency

Review

The Very Good Building & Development Company is a general contractor

(builder). Due to difficulty finding affordable workers compensation

insurance (covering employee injuries), Very Good established its own

insurance company based in Vermont for the purpose of insuring Very

Good's workers compensation loss exposures. The company that Very

Good formed is called a - ✔✔captive insurer

Jim Halpert and his wife, Pam, are selling the home they've lived in for the

past seven years. They are aware of an electrical problem in the home that

they do not want to fix because it would be expensive. Potential buyers of

the home are unaware of the electrical problem. This is an example of: -

✔✔Asymmetric Information

All of the following are examples of operational risks EXCEPT:

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

a) changing conditions in financial markets

b) employment practices

c) customer service

d) supply chain - ✔✔A

Heisenberg Insurance has a home office in Albuquerque, New Mexico and

they specialize in insuring chemical manufacturers. Heisenberg is owned

by its policyholders and any annual profits are distributed through rate

reductions. Which type of insurer is Heisenberg? - ✔✔mutual insurer

Reubens work in insurance sales. He sells insurance through several

different unrelated insurance carriers that he legally represents. What is

Reuben's job? - ✔✔independent agent

Who handles the ratemaking function within insurance companies? -

✔✔Actuaries

Agent Michael Scarn sells insurance for the Federal Bureau of Insurance

(FBI). He is quoting a property insurance policy for Samuel Chang, the

owner of an office building. The office building is 15,000 square feet and

FBI charges a gross rate of $25 per 100 square feet. What is the gross

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

premium for the property policy covering the office building? - ✔✔3750

(15K feet/ 100 feet = 150ft * 25$ = 3750$)

Antonio is employed by an insurance company. He reviews applications to

determine whether his company should insure the applicant. Antonio

assigns the applicant to a rating category based on the applicant's degree

of risk. Antonio is a(n): - ✔✔underwriter

Walter White is the owner of A1A Car Wash. Jesse Pinkman is a regular

A1A customer. One day, while waiting for his car to be washed, Jesse

slipped on a wet spot on the floor and injured his back. As a result of his

injury, he threatens to file suit against Walt and A1A Car Wash. Walt

quickly notifies his insurer to start the claim process. This is an example of

a: - ✔✔third party claim

O'Houlihan Wrenches is a tool manufacturer. They have asked Average

Joe Insurance to insure their new $40 million manufacturing facility.

Because of the high amount of coverage needed, the Average Joe's

underwriter has indicated that they'll need to check with their reinsurer,

Globo Re, to determine if they can obtain a reinsurance policy to

specifically cover the manufacturing facility. Which type of reinsurance

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