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RMI 3011 FSU Exam 1 RMI 3011 Florida State University -Question and answers 100% correctly solved $13.49   Add to cart
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RMI 3011 FSU Exam 1 RMI 3011 Florida State University -Question and answers 100% correctly solved

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RMI 3011 FSU Exam 1 RMI 3011 Florida State University -Question and answers 100% correctly solved Bill is walking into work and slips on a patch of ice in the parking lot. Which of the following best describes the patch of ice? - correct answer Physical hazard Which of the following terms des...

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

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  • rmi 3011 fsu exam 1
  • rmi 3011 fsu exam 1 question and answers 100 corr
  • rmi 3011 fsu exam 1 rmi 3011 florida state univers

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RMI 3011 FSU Exam 1 Question and
answers 100% correctly solved
Bill is walking into work and slips on a patch of ice in the parking lot. Which of
the following best describes the patch of ice? - correct answer ✔Physical
hazard


Which of the following terms describes any situation in which a loss is
possible (regardless of whether or not a loss occurs)? - correct answer
✔Loss exposure


Which of the following is not a basic characteristic of insurance? - correct
answer ✔None of the above. Pooling of Losses, Indemnification, and
payment of fortuitous losses are all basic characteristics of insurance.


Uncertainty based on a person's mental condition or state of mind is known as
- correct answer ✔Subjective risk


Melodyʹs car was damaged when another driver ran a stop sign and hit her
car. Melody decided to collect from her own insurer and to let her insurer
recoup the loss payment from the driver who hit her. What fundamental legal
principle is illustrated in this scenario? - correct answer ✔Principal of
subrogation


LMN Mutual Insurance Company has total liabilities of $300 million. The
company has total assets of $380 million. What is LMNʹs policyholdersʹ
surplus? - correct answer ✔80 Million


Under what type of rate regulation are insurers required to obtain approval of
rates before using them if the rate change exceeds a specified predetermined
range? - correct answer ✔flex-rating law

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