Florida State University

RMI 3011 Exam 3 Study Guide RMI 3011 Florida State University -Question and answers correctly Which of the following statements is/are true with respect to annuities? - correct answer annuities are the opposite of life insurance When selling life annuities, what risk is the insurer pooling? - correct answer excessive longevity Life annuity payments are made up of all of the following EXCEPT: - correct answer unliquidated principal of annuitants who live too long Stan paid an insu...

RMI 3011 Exam 3 RMI 3011 Florida State University -Question and answers verified to pass The phrase "general liability" is used to refer to the legal liability of a business arising from all of the following EXCEPT A) employees injured on the job. B) defective products. C) liability assumed by contract. D) completed operations. - correct answer A) employees injured on the job. Liability arising out of work performed by independent contractors is referred to as A) contractual li...

RMI 3011 Exam 3 RMI 3011 Florida State University -Question and answers correctly solved Chapter 10 Managing the Risk of Loss of Life - correct answer Understand the various exposures to premature death - correct answer Premature death-death prior to planned retirement age. Various exposures include timing, wealth, income, and dependents. Executor funds and Human life value Distinguish among the insurer, the beneficiary, the insured, and the policy owner of a life insurance policy - ...

rmi 3011 exam 3 RMI 3011 Florida State University -Question and answers already passed which of the following is a reason that social insurance programs exist? - correct answer to provide a base of economic security which of the following statements about participation in the social security program is true? I. Most private sector employees are covered under the social security program II. Each employee has the right to "opt out" of the social security program if the employee doe...

RMI 3011 EXAM 3 FSU RMI 3011 Florida State University -Question and answers already passed Medical Expense Insurance - correct answer Protects an individual or family for covered medical expenses because of illness or injury Out-of-Pocket Maximum Limits - correct answer 100% of the covered medical expenses in excess of the deductible are paid after the insured pays a certain amount out-of-pocket (Health Insurance) Coinsurance - correct answer Percentage of the bill in excess of...

RMI 3011 Exam 3 FSU RMI 3011 Florida State University -Question and answers 100% correct Premature Death - correct answer the death of a family head with unfulfilled financial obligations The need for Life Insurance - correct answer 1. Single People: Not needed 2. Single-parent Families: Maybe, use cost benefit analysis 3. Two income earners with children: Maybe but probably not 4. Traditional families: Yes, one income 5. Blended families: Depends if traditional/two-income 6. Sandwi...

RMI 3011 Exam 3 FSU RMI 3011 Florida State University -Question and answers 100% correct Annuity - correct answer *Periodic payment that continues for a fixed period or the rest of a designated life(s) *An Annuity is: - correct answer The opposite of life insurance Annuitant - correct answer The person who receives the payments Major Types of Annuities (3) - correct answer 1. Fixed Annuity 2. Variable Annuity 3. Equity-Indexed Annuity Fixed Annuity - correct answer Pays ...

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...