Rmi 211 - Study guides, Class notes & Summaries

Types of Private Insurers - ANSWER Stock Insurers Mutual Insurers Reciprocal exchanges Lloyd's of London Blue Cross Blue Shield plans Health maintenance organizations (HMOs) Stock Insurers - ANSWER Owned by Stockholders, publicly traded and goal is to profit shareholders Mutual Insurers - ANSWER Owned by policyholders, and goal is to be there for their policy holders Fraternal Insurer - ANSWER insures members of a private nonprofit organization (religious or social) Llyod's of...

RMI 211 MSU Exam 1 Study Guide with Complete Solutions Peril - Answer️️ -Cause of a lost Hazard - Answer️️ -Condition that creates frequency or severity of loss Chance of Loss - Answer️️ -the probability that an event will occur Pure Risk - Answer️️ -A situation in which there are only the possibilities of loss or no loss Objective Probability - Answer️️ -the long-run relative frequency of an event based on the assumptions of an infinite number of observations and of...

RMI 211 Mock Test Questions and Answers (100% Pass) 1) A family's automobile that is a total loss as a result of a collision is an example of which of the following types of risk? I. Speculative risk II. Diversifiable risk A) I only B) II only C) both I and II D) neither I nor II - Answer️️ -B 2) All of the following are programs to insure nondiversifiable risks EXCEPT A) federal flood insurance. B) auto physical damage insurance. C) Social Security. D) unemployment insurance...

©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM RMI 211 Exam 4 Questions With Correct Answers A contingency beneficiary in a life insurance policy has the right to - answerreceive the policy proceeds if the primary beneficiary dies before the insured A legal reserve in life insurance is a result of - answerexcess premiums in the early policy years being invested at compound interest All of the following are nonforfeiture options found in cash value life insurance policies EXCEPT - an...

RMI 211 EXAM 1 – Meek Study Guide with Complete Solutions Risk - Answer️️ -uncertainty concerning the occurrence of a loss Insurance form of risk - Answer️️ -the property or life that is being considered for insurance Loss exposure - Answer️️ -any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Objective risk - Answer️️ -the relative variation of actual loss from expected loss Subjective (perceived) risk - Answer️️ -uncert...

RMI 211 EXAM 1 – Meek Study Guide with Complete Solutions uncertainty concerning the occurrence of a loss - Answer️️ -Risk the property or life that is being considered for insurance - Answer️️ - Insurance form of risk any situation or circumstance in which a loss is possible, regardless of whether a loss occurs - Answer️️ -Loss exposure the relative variation of actual loss from expected loss - Answer️️ - Objective risk uncertainty based on a person's mental conditio...

RMI 211 Exam 4 Study Guide with Complete Solutions A contingency beneficiary in a life insurance policy has the right to - Answer️️ -receive the policy proceeds if the primary beneficiary dies before the insured A legal reserve in life insurance is a result of - Answer️️ -excess premiums in the early policy years being invested at compound interest All of the following are nonforfeiture options found in cash value life insurance policies EXCEPT - Answer️️ -reduction of premiu...

RMI 211 Exam 4 Study Guide with Complete Solutions A contingency beneficiary in a life insurance policy has the right to - Answer️️ -receive the policy proceeds if the primary beneficiary dies before the insured A legal reserve in life insurance is a result of - Answer️️ -excess premiums in the early policy years being invested at compound interest All of the following are nonforfeiture options found in cash value life insurance policies EXCEPT - Answer️️ -reduction of premiu...

RMI 211 Exam 1 Study Guide with Complete Solutions Uncertainty concerning the occurrence of an event (usually a loss) - Answer️️ -risk used in situations where such probabilities cannot be estimated - Answer️️ -uncertainty Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs - Answer️️ -Loss Exposure - defined as the relative variation of actual loss from expected loss - It can be statistically calculated by some measure of dispersio...