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RMIN 4000 Edmunds Exam 2|148 Complete Questions and Answers

Lloyd's of London - ️️The world's leading insurance market that provides services and physical facilities for its members to write specialized lines of insurance. They underwrite insurance for syndicates. group insurance marketing - ️️Products are sold through group representatives employees who receive a salary and incentive payments based on sales (can pay for insurance by payroll deduction) importance of large brokerage firms - ️️very important for commercial P&C, have...

RMIN 4000 Edmunds Exam 3 Questions and Verified Answers 100% Correct 2024 Basic parts of an insurance contract - Correct Answer declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions Declarations - Correct Answer statements that provide information about the particular property or activity to be insured What does the declarations page usually contain - Correct Answer name and address, policy dates, amount of insurance, premium and deductible,...

RMIN 4000 Edmunds Exam 3 Questions and Answers | Latest Update | 2024/2025 | Graded A+ What does a risk control chart typically illustrate? It illustrates the frequency and severity of risks over time, helping to visualize trends and effectiveness of controls. How can historical risk data be utilized in risk management? Historical risk data helps identify patterns and anticipate future risks by analyzing past incidents. What is the significance of a risk management audit? A ...

How much life insurance is needed? - depends on family size, income levels, existing financial assets, and financial goals Costs of Premature Death - - future earnings are lost forever. - additional expenses incurred: funeral expenses, uninsured medical bills, higher childcare costs, estate settlement expenses, and outstanding debts. - possible reduction of standard living. Why have deductibles? - -eliminate small claims -reduce premiums -reduce moral and morale hazard Declarations - st...

RMIN 4000 Edmunds Test 3 Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is subrogation and why is it important in insurance? Subrogation is the process by which an insurer seeks to recover costs from a third party responsible for a loss after the insurer has paid the claim. Describe the concept of excess and surplus lines in insurance. Excess and surplus lines are insurance policies offered by insurers who are not licensed in the insured's state but provi...

401(k) plan - a. Must have taxable income b. Must be under age 72 c. Annual contributions to a 401K plan are income-tax deductible, investment income accumulates tax free, and distributions are taxed upon withdrawal d. Withdraw without penalty at age 59 ½ e. Certain hardship exceptions prior to age 59 ½ f. 2021 Maximum annual contribution- $19,500 g. 2021 over 50 catch up- $6,500 per year for a total of $26,000 h. Any employer match that you receive does not count toward this limit! a...

401k plan - income-tax deductible, investment income accumulates tax free, distributions taxed upon withdrawal, and any employer match that is received does not count towards contribution limit additional insureds - person or party added to the policy by an endorsement (lenders and mortgagors) advantages of group insurance - may be less expensive, tax benefits to employees (costs are usually pre tax), employer may pay all/part of premium, no evidence of insurability-no physical exam, and m...