RMI 3011

RMI 3011 Quiz 5 Jones RMI 3011 Florida State University -Question and answers already passed What are the perils affecting income? - correct answer - Premature Death - Disability - Old Age - Poor Health - Unemployment What is Premature Death? - correct answer The death of a family head with outstanding unfulfilled financial obligations. What are the costs of premature death to the family? - correct answer - The family's share of the deceased breadwinner's future earnings i...

RMI 3011 Quiz 4 Keith Jones Ch. 6 and Speaker RMI 3011 Florida State University -Presentations with complete solution declarations - correct answer customizes the policy to the insured (unique to that particular policy) Lists details such as: - policyholder name/address - policy number - effective dates - limit - deductible - premium declarations - correct answer depending on policy type, may also include: - mortgagees - building details - vehicle details (description, VIN) - ...

RMI 3011 Quiz 3 RMI 3011 Florida State University -Question and answers already passed Tom, an avid swimmer, was participating in an open water swimming event in the Gulf of Mexico just off shore from Clearwater Beach. One of Tom's fellow participants began to struggle during the race. Although Tom was close enough to render assistance to the swimmer, he opted to keep swimming instead. The struggling swimmer drowned a few minutes later. If Tom is sued for failure to render aid by the le...

RMI 3011 Quiz 2 RMI 3011 Florida State University -Questions with complete solution Insurance is a Contract of ____________________ - correct answer indemnity What is indemnity? - correct answer Try to put you in the same position financially after loss as you enjoyed before the loss Exceptions to Indemnity - correct answer valued policy, valued policy laws, replacement cost insurance, life insurance What is an Insurance interest? - correct answer You must own the item you lost...

RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers already passed Denise purchased a dining room and insured it on an actual cash value (ACV) basis. At the time the dining room set was destroyed by a covered peril, the set was 20 percent depreciated. The current cost to replace the set is $3,000. Assuming no deductible, how much will Denise collect from her insurer? - correct answer $2,400 Which of the following statements is/are correct? I. A valued policy pays the...

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 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 man...

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 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 specifi...

RMI 3011 NYCE EXAM 1 RMI 3011 Florida State University -Question and answers correctly solved 1. The definition of risk contains which important components: I. Uncertainty II. Economic loss III. Premiums - correct answer 1 and 2 1. Which of the following are considered "burdens" of risk: a. Losses b. Higher borrowing costs c. Greater liquidity needs d. All of the above e. None of the above - correct answer D 1. The cost of risk includes: a. Outlays to reduce risk b. Op...

RMI 3011 Jones Exam 3 RMI 3011 Florida State University -Question and answers verified to pass Blended family vs sandwich family (LI) - correct answer Blended = divorced and remarried sandwich = grandparents come back to life with parents Human Life Value Approach (LI) - correct answer present value of all future earnings Needs Approach (LI) - correct answer -measures EXISTENCE AND EXTENT of need -needs of surviving family Blackout period (LI) - correct answer when survivi...

RMI 3011 FSU EXAM 3-STITH RMI 3011 Florida State University -Question and answers verified to pass Homeowners Insurance - correct answer -Forms, drafted by ISO are widely used in United States Insurance Services Office (ISO) - correct answer -Designed for the owner-occupants of family dwellings -A policy can be used to cover the dwelling, other structures, personal property, additional living expenses, personal liability claims, and medical payments -Six form are available HO-2 (Br...