Rmi insurance - Study guides, Class notes & Summaries
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Oregon Contractors License best Study Guide with Answers.
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what chapter has licensing exemptions? - 
 Ans Chapter 1 
 
A licensed landscape contracting business that constructs fences, decks, arbors, patios, landscape edging, driveways, walkways or retaining walls is exempt from licensing as a contractor. True or False - 
 Ans True 
 
what is a small residential structure? - 
 Ans A nonresidential structure with a ground area of 10,000 square feet or less and the structure is not more than 20 feet tall; or 
A nonresidential unit in a larger struct...
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RMI insurance exam 1 prep 2022 with complete solution
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RMI insurance exam 1 prep 2022 with complete solution
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RMI EXAM 2(2024 Latest Update)Accurate 100%
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RMI EXAM 2(2024 Latest Update)Accurate 100% 
 
chapter 5 - ANSWER chapter 5 
 
principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss 
 
purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss 
-to reduce moral hazard 
 
in property insurance, indemnification is based on the _____ - ANSWER actual cash value 
 
methods of determining actual cash value - ANSWER -replacement cost less depreciation 
-fair market valu...
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RMI 2101 Exam 3 Latest Update Graded A+
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RMI 2101 Exam 3 Latest Update 
 
Graded A+ 
 
Insurance Supply Insurers are willing to sell insurance at a particular price. 
 
Pi Price of insurance 
 
Pi = P* + Risk Charge + Loading 
 
Pmax the most an individual will pay for insurance for a particular risk. 
 
Risks are insurarable if.. Pi < Pmax 
 
Why might Pi > Pmax? - Pi is too high - risk charge is too high, loading costs are too high. 
- Pmax is too low - individuals underestimate the severity or frequency of the loss. Moral haza...
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RMI 3567 Exam 2 Questions and Answers Already Passed
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RMI 3567 Exam 2 Questions and 
Answers Already Passed 
 
What are three positive externalities that occurred due to access to terrorism insurance? 1. 
facilitates real estate transaction 
2. strengthens businesses' ability to operate in risky areas 
3. protects wealth/savings of households in risky areas 
 
Pollution from gasoline in a car or industrial pollution would be examples of what? negative 
externality 
 
This is the most common terrorism model for insurance risk pool 
 
What are the t...
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Exam 4 RMI 3567 Questions and Answers 100% Correct
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Exam 4 RMI 3567 Questions and Answers 100% Correct 
conventional insurance - Correct Answer ️️ -considered haram as it contractually 
contains haram elements: riba, gharar, maysir 
riba - Correct Answer ️️ -no equality between premiums paid and compensation 
received 
riba - Correct Answer ️️ -"interest" / usury 
gharar - Correct Answer ️️ -subject matter of the contract is not certain / uncertainty 
maysir - Correct Answer ️️ -Policyholders are held to be betting premiums ...
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RMI Exam(2024 Latest Update)Accurate 100%
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RMI Exam(2024 Latest Update)Accurate 16) Participants in the private insurance market include all of the following except: 
A) insurance buyers 
B) insurance companies 
C) insurance regulators 
D) the FDIC - ANSWER Answer: D 
 
7) Which of the following is not provided on the private insurance market? 
A) Bank deposit insurance 
B) Life insurance 
C) Health insurance 
D) Commercial lines insurance - ANSWER Answer: A 
 
10) Which of the following statements is not correct about the insurance prem...
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RMI 3567 Exam 3 Questions with 100% Correct
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RMI 3567 Exam 3 Questions with 100% Correct 
Name four examples of alternative capital - Correct Answer ️️ -Pension Plan 
Endowments 
Hedge Funds 
Alt. Asset Manager 
what is it called when a reinsurer transfers risk to another reinsurer? - Correct Answer ️️ 
-Retrocession 
who is the reinsurer who the additional risk is ceded to? - Correct Answer ️️ - 
Retrocessionaire 
Who is the primary or reinsurer who transfers the risk? - Correct Answer ️️ -cedent 
Where are the top insuran...
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Oregon Contractors License Questions and Answers 100% Correct
- Exam (elaborations) • 138 pages • 2023
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what chapter has licensing exemptions? - ANSWER-Chapter 1 
 
A licensed landscape contracting business that constructs fences, decks, arbors, patios, landscape edging, driveways, walkways or retaining walls is exempt from licensing as a contractor. True or False - ANSWER-True 
 
what is a small residential structure? - ANSWER-A nonresidential structure with a ground area of 10,000 square feet or less and the structure is not more than 20 feet tall; or 
A nonresidential unit in a larger structure...
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RMI 2101 Topic 6 Latest Version Graded A+
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RMI 2101 Topic 6 Latest Version 
 
Graded A+ 
 
Risk Financing deals with sources of funds to pay for external or internal funds 
 
Risk transfers of the financing type seek external sources from third parties to finance loss, 
still have asset or activity exposed to loss 
transfer financial responsibility for the loss, not the asset or activity itself ex: insurance 
 
insurance transfer of the financial responsibility of the loss to the insurer - but not the asset 
or activity itself 
 
Leases ...
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