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RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers 100% correct $13.49   Add to cart
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RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers 100% correct

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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...

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  • December 1, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 quiz 2
  • rmi 3011 quiz 2 question and answers 100 correct
  • rmi 3011 quiz 2 rmi 3011 florida state university

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RMI 3011 Quiz 2 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 of whether a loss occurs.


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


Concealment - correct answer ✔Deliberate failure of an applicant for
insurance to reveal a material fact to the insurer.


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.


Conditions - correct answer ✔Provisions inserted in an insurance contract
that qualify or place limitations on the insurer's promise to perform.


Aleatory contract - correct answer ✔One in which the values exchanged may
not be equal but depend on an uncertain event.


Self insurance - correct answer ✔Retention program in which the employer
self-funds or pays part or all of its losses.

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