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RMI 3011- Chapter 3 RMI 3011 Florida State University -Question and answers correctly solved $13.49   Add to cart
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RMI 3011- Chapter 3 RMI 3011 Florida State University -Question and answers correctly solved

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RMI 3011- Chapter 3 RMI 3011 Florida State University -Question and answers correctly solved Association or group captive - correct answer An insurer owned by several parents, for example corporations that belong to trade associations. Avoidance - correct answer A risk control technique ...

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

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  • rmi 3011 chapter 3
  • rmi 3011 chapter 3 question and answers correctly
  • rmi 3011 chapter 3 rmi 3011 florida state univers

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RMI 3011- Chapter 3 Question and
answers correctly solved
Association or group captive - correct answer ✔An insurer owned by several
parents, for example corporations that belong to trade associations.


Avoidance - correct answer ✔A risk control technique in which a certain loss
exposure is never acquired, or an existing loss exposure is abandoned.


Captive insurer - correct answer ✔Insurance company established and
owned by a parent firm in order to insure its loss exposures while reducing
premium costs, providing easier access to a reinsurer, and perhaps easing tax
burdens.


Cost of risk - correct answer ✔A risk management tool that measures certain
costs in a risk management program , including insurance premiums paid,
retained losses, outside risk management services, financial guarantees,
internal administrative costs, taxes and fees, and certain other expenses.


Deductible - correct answer ✔A provision by which a specified amount is
subtracted from the total loss payment that would otherwise be paid.


Excess insurance - correct answer ✔Under an excess insurance plan, the
insurer does not participate in the loss until the actual loss exceeds a certain
amount.


Loss exposure - correct answer ✔Any situation or circumstance in which a
loss is possible, regardless of whether a loss occurs.

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