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RMI 3011: Chapter 2 RMI 3011 Florida State University -Question and answers verified to pass $12.99   Add to cart
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RMI 3011: Chapter 2 RMI 3011 Florida State University -Question and answers verified to pass
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RMI 3011: Chapter 2 RMI 3011 Florida State University -Question and answers verified to pass What is the definition of insurance? - correct answer The *pooling* of *fortuitous losses* by *transfer of such risks* to insurers who agree to *indemnify* insured for such losses (to provide other pec...

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  • November 30, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 chapter 2
  • rmi 3011 chapter 2 question and answers verified
  • rmi 3011 chapter 2 rmi 3011 florida state univers

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RMI 3011: Chapter 2 Question and
answers verified to pass
What is the definition of insurance? - correct answer ✔The *pooling* of
*fortutious losses* by *transfer of such risks* to insurers who agree to
*idemnift* insured for such losses (to provide other pecuniart benefits on their
occurence)


What is pooling of losses? - correct answer ✔Sharing of losses of the frew
over an entire group
Primary purpose is to reduce the variation in possible outcomes


What is a fortutious loss? - correct answer ✔One that is unseen and
unexpected by the insrued resulting by chance


What form of risk transfer is used in insurance? - correct answer ✔Pure risk
is transfered from insured to insruer


What is indemnification? - correct answer ✔Insured is restored to his
appozimate financial psotions prior to the occurence of the loss


What are some characteristics of an ideally insurable risk (6) - correct answer
✔1. Large # of exposure units
2. Accidental loss
3. Measurable Loss
4. Not catasroophic (Everyone cant experience same loss)
5. Calculable Chance of Loss (Able to calc. frequenct and severity)
6. Economically Feasible Premium

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