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RMI 3011 Quiz 1 RMI 3011 Florida State University -Question and answers correctly solved $13.49   Add to cart
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RMI 3011 Quiz 1 RMI 3011 Florida State University -Question and answers correctly solved
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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 bot...

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  • December 1, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 quiz 1
  • rmi 3011 quiz 1 question and answers correctly sol
  • rmi 3011 quiz 1 rmi 3011 florida state university

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RMI 3011 Quiz 1 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 parties is contingent upon the occurrence of a particular event


avoidance - correct answer ✔(1) taking steps to remove a hazard, (2)
engage in alternative activity, or (3) otherwise end a specific exposure


captive insurer - correct answer ✔insurance company that is wholly owned


combined ratio - correct answer ✔The combined ratio is a measure of
profitability used by an insurance company. (incurred losses + expenses) /
earned premium


concealment - correct answer ✔the act of hiding or not putting forward any
relevant fact in front of the insurer that need to be revealed


conditions - correct answer ✔Circumstances under which an insurance
contract is in force. Breach of the conditions is grounds for refusal to pay the
loss


cost of risk - correct answer ✔quantitative measurement of the total costs
(losses, risk control costs, risk financing costs, and administration costs)
associated with the risk management function, as compared to a business's
sales, assets, and number of employees

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