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UGA RMIN 4000 Final Edmunds Exam Questions and Answers | Graded A
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UGA RMIN 4000 Final Edmunds Exam Questions and Answers
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UGA RMIN 4000 Final Edmunds ExamQuestions and Answers
If you loan your car to your roommate... - Correct Answers -With permission, they are
covered under your personal auto insurance
If you drive someone else's car... - Correct Answers -With permission, you are covered
under their personal auto insurance
If you hit a deer... - Correct Answers -It is covered under comprehensive/other than
collision auto insurance
If you hit a tree what insurance will cover the damage? - Correct Answers -Collision
coverage
Pure Risk - Correct Answers -Cannot be controlled, loss/no loss
Speculative Risk - Correct Answers -A chance of loss, no loss, or gain.
legal defenses for negligence - Correct Answers -contributory negligence
comparative negligence
last clear chance rule
assumption of risk
Contributory Negligence - Correct Answers -A plaintiff is completely barred from
recovering compensation if they were negligent in any way, even if they were 1% to
blame
Comparative Negligence - Correct Answers -Able to recover damages, reduced by
plaintiff's % of fault
Last Clear Chance Doctrine - Correct Answers -A negligent plaintiff may recover
damages if they can show that the defendant had the last clear chance to avoid the
accident.
Agents - Correct Answers -Licensed by state, loyal to company, has authority to act on
the principal's behalf Agent binding authority -provide temporary insurance until policy is
written
, Brokers - Correct Answers -Licensed by state, Loyal to client, Solicits applications and
places coverage with the appropriate insurer, no authority to bind
Worker's Comp. - Correct Answers -A form of insurance paid by the employer providing
cash benefits to workers injured or disabled in the course of employment.
Regulated at the state level
National Association of Insurance Commissioners (NAIC) - Correct Answers -NAIC
provides expertise, data, and analysis for insurance commissioners to effectively
regulate the industry and protect consumers, 153 years old
IIHS - Correct Answers -The Insurance Institute for Highway Safety (IIHS) is an
independent, nonprofit scientific and educational organization dedicated to reducing
deaths, injuries and property damage from motor vehicle crashes
Frequency - Correct Answers -the number of claims an insurer anticipates will occur
over a given period of time
Equation: Number of Accidents / Number of exposures
Severity - Correct Answers -The cost of the claim
Equation: Total Losses ($) / Number of losses
Rating - Gross Rates - Correct Answers -(Replacement Cost / per $) x gross rate
Property Coinsurance - Correct Answers -(Amount of insurance carried / Amount of
insurance required) x Loss
Health Coinsurance and Deductibles - Correct Answers -Deductible plus coinsurance
rate of med. bills
Auto Liability "Split Limits" - Correct Answers -bodily injury per person / bodily injury per
accident / property damage per accident
Peril - Correct Answers -Cause of loss (Fire, windstorm, flood, collision, burglary)
Hazard - Correct Answers -Condition that creates or increases Freq. and Sev. Of loss
Types of Hazards - Correct Answers -Physical, Moral, Morale, Legal
Physical Hazard - Correct Answers -A physical condition that increases the freq. or sev.
of a loss
Moral - Correct Answers -The presence of insurance changes the behavior of the
insured (hammer to create hail damage, purposely burning house down)
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