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RMIN 4000 Test 2 UGA Marc Ragin Exam Q’s and A’s $8.49   Add to cart

Exam (elaborations)

RMIN 4000 Test 2 UGA Marc Ragin Exam Q’s and A’s

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  • Course
  • RMIN 4000
  • Institution
  • RMIN 4000

RMIN 4000 Test 2 UGA Marc Ragin Exam Q’s and A’s

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  • November 6, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMIN 4000
  • RMIN 4000
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Nursephil2023
RMIN 4000 Test 2 UGA Marc Ragin
Exam Q’s and A’s
Gross Premium - -Total premium charged per unit of coverage

- Risk Charge - -Estimation of risk of the insurer. 3* SD/ per person

- Admin Costs - -Money spent in daily operations of company. Ex. Salaries,
overhead, marketing

- Expected Loss - -Expected frequency * expected severity

- Fortuitous - -Random, accidental, no control over E(F)/E(S)

- Underwriting - -process of classifying a risk

- Risk based pricing - -Higher the risk you are, the more the insurer will
charge you

- Determinable loss - -easy to verify that a loss occurred

- Measurable loss - -easy to assign a $ value to a loss

- Adverse Selection - -High risks most likely to buy coverage, at the lowest
price

- Asymmetric info - -insured has more info about their risk and are unwilling
to give up that info

- Principle of Indemnity - -The insurer agrees to pay no more than the actual
amount of the loss

- Principle of Insurable Interest - -The insured must be in a position to lose
financially if a covered loss occurs

- Principle of subrogation - -insurer can go after a responsible 3rd party to
collect claim payments made to their insured

- Principle of Utmost good faith - -Parties to an insurance contract are held
to a higher standard of honesty than parties to non-insurance contracts

- Representation - -a statement made by the applicant

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