Florida State University

RMI 3011 Ch. 11 Study Guide RMI 3011 Florida State University -Questions with complete solution What are the 6 major problems with the health-care delivery system? - correct answer 1. Rising health-care expenditures 2. Large number of uninsured in the population 3. Uneven quality of medical care 4. Considerable waste and inefficiency 5. Defects in financing health care 6. Abusive insurer practices US Health Care Problem #1 - correct answer Rising Health-Care Expenditures How much...

RMI 3011 Ch 12 - Life insurance Contractual Provisions RMI 3011 Florida State University -Questions with complete solution Ownership clause - correct answer The policyholder possesses all contractual rights in the policy while the insure is living. These rights include: naming, changing the beneficiary, surrendering the policy for its cash value, borrowing the cash value, receiving dividends, and electing settlement options. Entire-Contract clause - correct answer States that the lif...

RMI 3011 ch 8 & 19 RMI 3011 Florida State University -Question and answers rated A+ insurance is regulated - correct answer at the state level Reasons for Insurance Regulation - correct answer 1. maintain insurer solvency (financial stability) 2. compensate for inadequate consumer knowledge 3. ensure reasonable rates 4. make insurance available Methods for Regulating Insurers - correct answer 1. Legislation 2. Courts 3. State insurance laws Regulated Areas of Insurance - cor...

RMI 3011: Chapter 3 RMI 3011 Florida State University -Questions with complete solution What is Risk Management? - correct answer A process that identifies loss exposures faced by an orgnization and selects the most appropriate techniques for treating such exposures What is loss exposure? - correct answer Any situation or circumstance in which a loss is possible regardless of whether a loss actually occurs What are the 3 pre loss objectives of risk management - correct answer Prepar...

RMI 3011- chapter 10 RMI 3011 Florida State University -Question and answers verified to passcredit is granted based on... - correct answer reputation secured loans - correct answer secured by collateral that may be repossessed if the loan is not repaid as agreed mortgages cars unsecured loan - correct answer no collateral only back by the borrowers promise to pay personal loan non secured credit cards which loans are higher quality, less risky, and have lower rates? - correc...

RMI 3011 - Chapter 7 RMI 3011 Florida State University -Question and answers rated A+ Basic Parts of a 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. -Can usually be found within the first few pages of the policy Contains information specific to the insured: -Insured Name -Add...

RMI 3011 - Final Exam (FSU) RMI 3011 Florida State University -Question and answers rated A+ Medical Expense Insurance - correct answer Protects and individual or family for covered medical expenses because of illness or injury Out-of-Pocket Maximum Limits - correct answer 100% of 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 th...

RMI 3011 - Chapter 19 RMI 3011 Florida State University -Question and answers already passed Insurers use a variety of factors to establish auto insurance premiums, including: - correct answer -Age, gender, and marital status -Territory -Use of the auto -Driver education and individual driving record -Number and types of cars -*Insurance score* States use a number of approaches to protect accident victims from irresponsible or reckless drivers: - correct answer -Financial Responsib...

RMI 3011: Chapter 2 RMI 3011 Florida State University -Question and answers verified to pass What is the definition of insurance? - correct answer The *pooling* of *fortuitous losses* by *transfer of such risks* to insurers who agree to *indemnify* insured for such losses (to provide other pecuniary benefits on their occurrence) What is pooling of losses? - correct answer Sharing of losses of the frew over an entire group Primary purpose is to reduce the variation in possible outcomes...

RMI 3011-QUIZ 1 TERMS RMI 3011 Florida State University -Question and answers verified to pass Fundamental Risk - correct answer A risk that affects the entire economy or large numbers of persons or groups within the economy. Morale Hazard - correct answer Carelessness or indifference to a loss because of the existence of insurance Peril - correct answer Cause or source of loss. Law of Large Numbers - correct answer Concept that the greater the number of exposures, the more clo...