PACKAGE DEAL OF RMI 3011 ACTUAL COMBINED QUESTIONS WITH COMPLETE SOLUTION

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 pecu...

RMI 3011 - Chapter 19 RMI 3011 Florida State University -Question and answers already passed Insurers use a variety of factors to establish auto insurance premiums, including: - correct answer -Age, gender, and marital status -Territory -Use of the auto -Driver education and individual drivin...

RMI 3011 - Final Exam (FSU) RMI 3011 Florida State University -Question and answers rated A+ Medical Expense Insurance - correct answer Protects and individual or family for covered medical expenses because of illness or injury Out-of-Pocket Maximum Limits - correct answer 100% of covered me...

RMI 3011 - Chapter 7 RMI 3011 Florida State University -Question and answers rated A+ Basic Parts of a Contract - correct answer -Declarations -Definitions -Insuring Agreement -Exclusions -Conditions -Miscellaneous Provisions Declarations: - correct answer Statements that provide inform...

RMI 3011- chapter 10 RMI 3011 Florida State University -Question and answers verified to passcredit is granted based on... - correct answer reputation secured loans - correct answer secured by collateral that may be repossessed if the loan is not repaid as agreed mortgages cars unsecure...

RMI 3011: Chapter 3 RMI 3011 Florida State University -Questions with complete solution What is Risk Management? - correct answer A process that identifies loss exposures faced by an orgnization and selects the most appropriate techniques for treating such exposures What is loss exposure? - co...

RMI 3011 ch 8 & 19 RMI 3011 Florida State University -Question and answers rated A+ insurance is regulated - correct answer at the state level Reasons for Insurance Regulation - correct answer 1. maintain insurer solvency (financial stability) 2. compensate for inadequate consumer knowledge...

RMI 3011 Ch 12 - Life insurance Contractual Provisions RMI 3011 Florida State University -Questions with complete solution Ownership clause - correct answer The policyholder possesses all contractual rights in the policy while the insure is living. These rights include: naming, changing the b...

RMI 3011 Ch. 11 Study Guide RMI 3011 Florida State University -Questions with complete solution What are the 6 major problems with the health-care delivery system? - correct answer 1. Rising health-care expenditures 2. Large number of uninsured in the population 3. Uneven quality of medical car...

RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+ life insurance is an insurance contract that... - correct answer pays a specified amount of money (the "face amount") life insurance is an insurance contract that... - correct answer to a person or organiz...

RMI 3011 Chapter 6 RMI 3011 Florida State University -Question and answers correctly solved Parts of an Insurance Contract - correct answer 1) Declarations 2) Definitions 3) Insuring agreement 4) Exclusions 5) Conditions 6) Endorsements/Riders Declarations (the "dec" page) - correct...

RMI 3011 chapter 10 RMI 3011 Florida State University -Question and answers rated A+ life insurance - correct answer coverage on human lives The face amount - correct answer pays a specified amount of money the beneficiary - correct answer to a person or organization the insured - c...

RMI 3011 Chapter 11 RMI 3011 Florida State University -Question and answers rated A+ Perils affecting income... - correct answer Premature Death Disability (work-related, non-occupational) Old Age Poor Health Unemployment Premature Death (def.) - correct answer death w/ unfulfilled finan...

RMI 3011 Chapter 11 - Health Insurance RMI 3011 Florida State University -Question and answers 100% correct The US health-care delivery system has four major problems: - correct answer Rising health-care expenditures Large number of uninsured in the population Uneven quality of medical care Co...

RMI 3011 Chapter 14 RMI 3011 Florida State University -Question answers already passed Reasons for Social Insurance, why are they necessary? - correct answer To help solve complex social problems. To provide coverage for perils that are difficult to insure privately. To provide a base of ec...

RMI 3011 Chapter 17 RMI 3011 Florida State University -Question and answers rated A+ Personal liability insurance - correct answer protects the named insured and family members against legal liability arising out of their personal acts. - The insurer pays amount for which the insured is found...

RMI 3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers 100% correct Loss Exposure - correct answer any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Risk - correct answer any uncertainty concerning the occurrence of loss Ob...

RMI 3011 exam 1 HW RMI 3011 Florida State University -questions and answers correctly solved A condition that increases the chance of loss is called a(n) - correct answer Hazard A publishing company solicits manuscripts for publication. The publishing company is concerned that an author might p...

RMI 3011 Exam 1 Jones RMI 3011 Florida State University -Question and answers already passed Risk - correct answer Uncertainty concerning the occurrence of loss Uncertainty - correct answer Outcome must be in doubt and at least one outcome is is undesirable Objective risk (Degree of risk)...

RMI 3011 Exam 1 Key Terms and Concepts Review RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Loss Exposure - correct answer any situation or circumstance in which a loss is possible, regardless of whether...

RMI 3011 exam 1 RMI 3011 Florida State University -Question and answers already passed Definition of risk - correct answer a situation involving exposure to danger; uncertainty concerning the occurrence of a loss; the level of possibility that an action or activity will lead to a loss or to an ou...

RMI 3011 Exam 1 RMI 3011 Florida State University -Question and answers verified to pass Risk - correct answer uncertainty concerning the occurrence of a loss Loss exposure - correct answer ANY time a loss is possible, not just when a loss occurs Objective Risk - correct answer the relat...

RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution Karen won't allow any of the neighborhood children into her yard because she has a large swimming pool and doesn't want anyone to fall in, resulting in her being responsible for the harm of a child. What type ...

RMI 3011 Exam 2 Keith Jones RMI 3011 Florida State University -Question and answers already passed What is the Principle of Indemnity? - correct answer - States that the insurer agrees to pay no more than the actual amount of the loss; stated differently, the insured should not profit from a loss....

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the Declarations page of a policy EXCEPT: Name of the insured. A summary of the insurer's major promises. Amount of the premium. Deductible ...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the declarations page of a policy EXPECT: - Name of the insured - A summary of the insurer's major promises - Amount of the premium - Deductibl...

RMI 3011 exam 2 RMI 3011 Florida State University -Question and answers verified to pass actual cash value - correct answer = replacement cost - depreciation fair market value Exceptions to the Principle of Indemnity - correct answer replacement cost insurance, valued policy, valued polic...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers verified to pass Basic parts of an insurance contract - correct answer Declarations Definitions Insuring Agreement Exclusions Conditions Miscellaneous Provisions Declarations - correct answer -Statements that provide...

RMI 3011 Exam 2 Quiz RMI 3011 Florida State University -Questions and answers already passed The most heavily regulated lines of insurance (types of policies) include: auto liability life insurance large commercial lines property all of the above none of the above - correct answer auto liabi...

RMI 3011 Exam 3 FSU RMI 3011 Florida State University -Question and answers 100% correct Annuity - correct answer *Periodic payment that continues for a fixed period or the rest of a designated life(s) *An Annuity is: - correct answer The opposite of life insurance Annuitant - correct an...

RMI 3011 Exam 3 FSU RMI 3011 Florida State University -Question and answers 100% correct Premature Death - correct answer the death of a family head with unfulfilled financial obligations The need for Life Insurance - correct answer 1. Single People: Not needed 2. Single-parent Families: May...

RMI 3011 EXAM 3 FSU RMI 3011 Florida State University -Question and answers already passed Medical Expense Insurance - correct answer Protects an individual or family for covered medical expenses because of illness or injury Out-of-Pocket Maximum Limits - correct answer 100% of the covered...

rmi 3011 exam 3 RMI 3011 Florida State University -Question and answers already passed which of the following is a reason that social insurance programs exist? - correct answer to provide a base of economic security which of the following statements about participation in the social security p...

RMI 3011 Exam 3 RMI 3011 Florida State University -Question and answers correctly solved Chapter 10 Managing the Risk of Loss of Life - correct answer Understand the various exposures to premature death - correct answer Premature death-death prior to planned retirement age. Various exposure...

RMI 3011 Exam 3 RMI 3011 Florida State University -Question and answers verified to pass The phrase "general liability" is used to refer to the legal liability of a business arising from all of the following EXCEPT A) employees injured on the job. B) defective products. C) liability assum...

RMI 3011 Exam 3 Study Guide RMI 3011 Florida State University -Question and answers correctly Which of the following statements is/are true with respect to annuities? - correct answer annuities are the opposite of life insurance When selling life annuities, what risk is the insurer pooling? - ...

RMI 3011 Exam 4 Health Insurance - Melvin Stith RMI 3011 Florida State University -Question and answers 100% correct 4 major problems of the US Healthcare delivery system - correct answer 1. rising healthcare expenditures 2. large number of uninsured in the population 3. considerable waste an...

RMI 3011 FINAL EXAM FSU ZAVADA RMI 3011 Florida State University -Questions with complete solution Annuity - correct answer A periodic payment that continues for a fixed period or for the duration of a designated life or lives. It provides protection against the risk of excessive longevity. The f...

RMI 3011 Final Exam Jones RMI 3011 Florida State University -Question and answers already passed What are the perils affecting income? - correct answer - Premature Death - Disability - Old Age - Poor Health - Unemployment What is Premature Death? - correct answer The death of a family hea...

RMI 3011 Final Exam RMI 3011 Florida State University -Question and answers rated A+ Which of the following statements is (are) true with respect to annuities? I. Annuities are the opposite of life insurance. II. The fundamental purpose of annuities is to replace lost income in case of premature d...

RMI 3011 final exam RMI 3011 Florida State University -Question and answers rated A+ annuity - correct answer periodic pmt that continues for fixed pd or duration of designated life annuitant - correct answer recs pmts annuity reduces risk of - correct answer living too long annuity i...

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 desc...

RMI 3011 fsu exam 1 RMI 3011 Florida State University -Question and answers correctly solved subjunctive risk - correct answer person's mental condition enterprise risk - correct answer all the moving pieces that have to be managed from a risk perspective in a business, part of business m...

RMI 3011 FSU EXAM 2 RMI 3011 Florida State University -Question and answers verified to pass declarations - correct answer statements that provide information about the particular property or activity to be insured Definitions - correct answer Insurance contracts typically contain a page or s...

RMI 3011 FSU Exam 3 Final Practice Exam Missed RMI 3011 Florida State University -Questions and answers 100% correctly solved Which method of determining face amounts of life insurance generally generates an indication of higher insurance needs? - correct answer Needs based approach Which meth...

RMI 3011 FSU EXAM 3-STITH RMI 3011 Florida State University -Question and answers verified to pass Homeowners Insurance - correct answer -Forms, drafted by ISO are widely used in United States Insurance Services Office (ISO) - correct answer -Designed for the owner-occupants of family dwell...

RMI 3011 Jones Exam 3 RMI 3011 Florida State University -Question and answers verified to pass Blended family vs sandwich family (LI) - correct answer Blended = divorced and remarried sandwich = grandparents come back to life with parents Human Life Value Approach (LI) - correct answer pres...

RMI 3011 NYCE EXAM 1 RMI 3011 Florida State University -Question and answers correctly solved 1. The definition of risk contains which important components: I. Uncertainty II. Economic loss III. Premiums - correct answer 1 and 2 1. Which of the following are considered "burdens" of ri...

RMI 3011 Quiz 1 RMI 3011 Florida State University -Question and answers correctly solved adverse selection - correct answer occurs when one party in a negotiation has relevant information the other party lacks aleatory contract - correct answer contract in which the performance of one or both...

RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers 100% correct Maximum probable loss - correct answer Worst loss that is likely to happen to a firm during its lifetime. Loss exposure - correct answer Any situation or circumstance in which a loss is possible, regardless ...

RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers already passed Denise purchased a dining room and insured it on an actual cash value (ACV) basis. At the time the dining room set was destroyed by a covered peril, the set was 20 percent depreciated. The current cost to replace...

RMI 3011 Quiz 2 RMI 3011 Florida State University -Questions with complete solution Insurance is a Contract of ____________________ - correct answer indemnity What is indemnity? - correct answer Try to put you in the same position financially after loss as you enjoyed before the loss Exce...

RMI 3011 Quiz 3 RMI 3011 Florida State University -Question and answers already passed Tom, an avid swimmer, was participating in an open water swimming event in the Gulf of Mexico just off shore from Clearwater Beach. One of Tom's fellow participants began to struggle during the race. Althoug...

RMI 3011 Quiz 4 Keith Jones Ch. 6 and Speaker RMI 3011 Florida State University -Presentations with complete solution declarations - correct answer customizes the policy to the insured (unique to that particular policy) Lists details such as: - policyholder name/address - policy number - effe...

RMI 3011 Quiz 5 Jones RMI 3011 Florida State University -Question and answers already passed What are the perils affecting income? - correct answer - Premature Death - Disability - Old Age - Poor Health - Unemployment What is Premature Death? - correct answer The death of a family head w...

RMI 3011 Study Guide RMI 3011 Florida State University -Question and answers verified to pass The main goal of risk management is... a. To eliminate risk b. To minimize negative effects of risk c. To maximize my income d. To ensure that I purchase insurance at the optimal time - correct answ...

rmi 3011 test 1 RMI 3011 Florida State University -Question and answers rated A+ risk - correct answer -a situation involving exposure to danger -uncertainty concerning the occurrence of a loss what is objective risk and what happens when the number of exposures increases - correct answer a...

RMI 3011 - EXAM 1 (Melvin Stith) RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Risk - correct answer used to identify the property or life that is being considered for insurance Risk - correct answer...

RMI 3011: Chapter 4 RMI 3011 Florida State University -Questions with complete solution What are the main reasons for insurance regulation? - correct answer Maintain insurer solvency Compensate for inadequate consumer knowledge Ensure Reasonable Rates Make insurance available How can we ma...

RMI Exam 1 RMI 3011 Florida State University -Questions with complete solution Slippery roads or fog are examples of a: A. Physical hazard B. Moral hazard C. Societal hazard D. Liability hazard E. Hazardous environment - correct answer A When measuring risk, frequency is synonymous with: ...

rmi module 1 RMI 3011 Florida State University -questions and answers rated A+ risk at the individual level can best be defined as A; certainty regarding outcomes B; uncertainty regarding loss c: uncertainty regarding profits D; certainty regarding loss - correct answer B; uncertainty rega...

RMI3011 Chapter 3 RMI 3011 Florida State University -Questions with complete solution Risk Management - correct answer A process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Loss Exposure - correct answer Any...

RMI3011 Chapters 1-4 Exam 1 RMI 3011 Florida State University -Question and answers correctly solved Risk - correct answer Means there is uncertainty about the outcome, and there is a possibility of the outcome being unfavorable (an indeterminate outcome & adverse consequence). A condition in...

RMI3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers rated A+ Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) t...

RMI3011 FSU Exam 2 RMI 3011 Florida State University -Questions with complete solution Declarations - correct answer Statements that provide information about the particular property or activity to be insured Definitions - correct answer Clearly define key words or phrases in an insurance co...