Florida State University

RMI 3011 Exam 2 Quiz RMI 3011 Florida State University -Questions and answers already passed The most heavily regulated lines of insurance (types of policies) include: auto liability life insurance large commercial lines property all of the above none of the above - correct answer auto liability One argument in favor of state regulation is: state regulation is not uniform, it can be challenging and inefficient state regulation is more flexible state regulation is ineffective for la...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers verified to pass Basic parts of an insurance contract - correct answer Declarations Definitions Insuring Agreement Exclusions Conditions Miscellaneous Provisions Declarations - correct answer -Statements that provide information about the particular property or activity to be insured -Usually found on the first page of the policy -Usually contains name of the insured, location of the property, period of protect...

RMI 3011 exam 2 RMI 3011 Florida State University -Question and answers verified to pass actual cash value - correct answer = replacement cost - depreciation fair market value Exceptions to the Principle of Indemnity - correct answer replacement cost insurance, valued policy, valued policy laws, life insurance insurable interest - correct answer established through ownership or loaned money prevent gambling, reduce moral hazard, property insurance - accurately measure the insu...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the declarations page of a policy EXPECT: - Name of the insured - A summary of the insurer's major promises - Amount of the premium - Deductible amount A summary of the insurer's major promises Which of the following statements concerning policy "definitions" is/are true? I. The aleatory nature of insurance contracts makes it ne...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the Declarations page of a policy EXCEPT: Name of the insured. A summary of the insurer's major promises. Amount of the premium. Deductible amount. - correct answer A summary of the insurer's major promises. Which of the following statements concerning policy "definitions" is/are true? I. The aleatory nature of insurance co...

RMI 3011 Exam 2 Keith Jones RMI 3011 Florida State University -Question and answers already passed What is the Principle of Indemnity? - correct answer - States that the insurer agrees to pay no more than the actual amount of the loss; stated differently, the insured should not profit from a loss. - Insurance is a contract of indemnity. What are the methods used by courts to determine actual cash value? - correct answer - Replacement Cost Less Depreciation - Fair Market Value - ...

RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution Karen won't allow any of the neighborhood children into her yard because she has a large swimming pool and doesn't want anyone to fall in, resulting in her being responsible for the harm of a child. What type of risk is Karen trying to avoid? liability property personal financial - correct answer liability Gary works in a factory where the workers are known to leave oily rags all over the place. W...

RMI 3011 Exam 1 RMI 3011 Florida State University -Question and answers verified to pass Risk - correct answer uncertainty concerning the occurrence of a loss Loss exposure - correct answer ANY time a loss is possible, not just when a loss occurs Objective Risk - correct answer the relative variation of actual loss vs. expected loss. Ex. how many more/less car accidents actually occurred vs. what the insurance company predicted As the number of exposures increases... - correct an...

RMI 3011 exam 1 RMI 3011 Florida State University -Question and answers already passed Definition of risk - correct answer a situation involving exposure to danger; uncertainty concerning the occurrence of a loss; the level of possibility that an action or activity will lead to a loss or to an outcome. The risk may even pay off and not lead to a loss; it may lead to a gain classifications of risk - correct answer SOS PS DND >objective >subjective >speculative >pure >s...

RMI 3011 Exam 1 Key Terms and Concepts Review RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Loss Exposure - correct answer any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Probability of 0 - correct answer there's no risk, the event will NOT happen Probability of 1 - correct answer the event WILL happen, no risk but rather plan for it to happ...