100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
RMIN 4000 uga test 1 Questions And Answers With Verified Solutions Graded A+ $7.99   Add to cart

Exam (elaborations)

RMIN 4000 uga test 1 Questions And Answers With Verified Solutions Graded A+

 6 views  0 purchase
  • Course
  • RMIN 4000 uga
  • Institution
  • RMIN 4000 Uga

4 types of hazards - Answer-1) physical hazard 2) moral hazard 3) attitudinal hazard 4) legal hazard 6 characteristics of an insurable risk - Answer-1) there must be a large number of exposure units 2) the loss must be accidental and unintentional 3) the loss must be determinable and measurab...

[Show more]

Preview 2 out of 15  pages

  • July 27, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • RMIN 4000 uga
  • RMIN 4000 uga
avatar-seller
ACADEMICMATERIALS
RMIN 4000 uga test 1 4 types of hazards - Answer -1) physical hazard 2) moral hazard 3) attitudinal hazard 4) legal hazard 6 characteristics of an insurable risk - Answer -1) there must be a large number of exposure units 2) the loss must be accidental and unintentional 3) the loss must be determinable and measurable 4) the loss should not be catastrophic 5) the chance of loss must be calculable 6) the premium must be economically feasible active retention - Answer -active risk retention means that an individual is consciously aware of the risk and deliberately plans to retain all or part of it. example: motorist may wish to retain the risk of a small collision loss by purchasing an auto insurance policy $500 or higher deductible actuary - Answer -rates and premiums are determined by this using company past loss experience and industry statistics adverse selection - Answer -the tendency of persons with a higher than average chance of loss to seek insurance at standard rates, which, if not controlled by underwriting results in higher than expected loss levels example: high risk drivers who purchase insurance at standard rates attitudinal hazard - Answer -carelessness or indifference to a loss, which increases the frequency or severity of a loss example: leaving car keys in an unlocked car, which increases the chance of theft, changing lanes on highway without blinker avoidance - Answer -example: avoid the risk of being mugged in a high crime area by staying away from high crime rate areas benefits of insurance to society - Answer --indemnification for loss -reduction of worry and fear -source of investment funds -loss prevention -enhancement of credit captive insurer - Answer -insurer owned by a parent firm for the purpose of insuring the parent firm's loss exposures -single parent captive -association or group captive is owned by several parents ceding company - Answer -primary insurer cession - Answer -amount of insurance ceded to the reinsurer chance of loss - Answer -the probability that an event will occur commercial risks - Answer --property risk -liability risk -loss of business income -cybersecurity and identity theft -human resource exposures

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart