Rmin 4000 exam stuvia - Study guides, Class notes & Summaries

frequency - ANSWER-- how often does a loss occur? - the number of losses (such as fire, theft, collision) that occur within a specified time period. - probability of a loss ex) probability of a fire is 0.0071 per loss exposure per year severity - ANSWER-- how much does it cost when a loss does occur? - the dollar amount of loss for a specific peril (fire, theft, collision). ex) average fire loss is $32,547 peril - ANSWER-- cause of a loss - things that could happen to assets - ...

RMIN 4000 Final Exam 2024 Questions and Answers 100% VerifiedRMIN 4000 Final Exam 2024 Questions and Answers 100% VerifiedRMIN 4000 Final Exam 2024 Questions and Answers 100% Verified Peril - ANSWER-Cause of loss Risk - ANSWER-Uncertainty about chance, timing, or amount of loss Chance of Loss - ANSWER-Probability that an event will occur Objective Risk - ANSWER-The relative variation of actual loss from expected loss; (Actual-Expected)/Expected; higher variation means higher risk

basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page usually contain - ANSWER-name and address, policy dates, amount of insurance, premium and deductible, and other relevant info definitions - ANSWER-key words or phrases are defined so that coverage un...

How long is an auto insurance policy? - ANSWER-usually 6 or 12 months Who writes auto insurance policies? - ANSWER-ISO What is ISO? - ANSWER-Insurance Services Office Five General Types of Coverage for Auto Insurance - ANSWER-1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Damage 5. Convenience Coverage When is liability coverage implemented in auto? - ANSWER-when you have a liability to a 3rd party for property damage (PD) or bodily injury (BI) when is uninsured mo...

Exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets Risk management - ANSWER-what do you do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Risk - ANSWER-a calculates possibility of a negative outcome Calculated possibility - ANSWER-a probabilistic outcome (chance of loss, ...

RMIN 4000 Edmunds Exam 2 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Exam 2 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Exam 2 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Exam 2 Questions and Answers 100% Verified major types of private insurers - ANSWER-Stock, Mutual, and Lloyd's of London stock insurers - ANSWER-corporation owned by stockholders. objective is to earn profit for stockholders by increasing the value of the stock and paying dividends Mutual ins...

principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - ANSWER-- replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash value of the property at the tim...

Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - ANSWER--a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) types of mutual insurer...

major types of private insurers - ANSWER-Stock, Mutual, and Lloyd's of London stock insurers - ANSWER-corporation owned by stockholders. objective is to earn profit for stockholders by increasing the value of the stock and paying dividends Mutual insurers - ANSWER-a corporation owned by policyholders. profits are distributed to policyholders by dividends or rate reductions types of mutual insurers - ANSWER-advance premium mutual, assessment mutual, and fraternal insurer assessment ...

RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as histo...