Rmi insurance Study guides, Class notes & Summaries

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 ...

RMI exam 2 Correct Questions and Answers(RATED A) What are the 2 basic forms of an insuring agreement - ANSWER 1. named perils coverage: only perils specifically named in the policy are covered 2. open-perils: all losses are covered except losses specifically excluded Describe the 3 major types of exclusions - ANSWER 1. excluded perils (flood, intentional act) 2. excluded losses (a professional liability) 3. excluded property (pets) Describe the miscellaneous provision - ANSWER cance...

RMI Exam 2 Complete Questions with Which one of the following is TRUE? A. It's the total amount of expected losses that causes risk. B. The Law of Large Numbers will work if you group together houses and commercial buildings for purposes of fire insurance. C. Liability risks are relatively easy for insurers to price. D. For new types of risk, the Coefficient of Variation (COV) is high. E. None of the above are TRUE. - ANSWER Correct answer: D. For new types of risk, the Coefficient of...

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 ...

RMI 2101 Exam 2 Questions and Answers Already Passed What are risk transfers of the financing type? (6) Involves the transfer of risk through insurance or non-insurance techniques to shift the financial responsibility of a loss to another party. The activity or asset is still exposed to loss. Financial responsibility can be transfered back. Explain the insurance and non-insurance techniques of risk transfers and provide examples. (6) Insurance: transfer financial responsibility to ins...

RMI Exam 3| 100 Questions| Answers| Accurcentralize loss retention - ANSWER because an organization is able to insure all of its subsidiaries with the same pure captive, it is more likely to be able to a long-term relationship with a reinsurer enables a primary insurer to consistently fulfill producers' requests for insurance - ANSWER which one of the following statements is correct regarding treaty reinsurance collects premiums. issues policies, and pays covered losses - ANSWER a captiv...

RMI 2302 Exam 1 Nyce Latest Update Graded A+ Risk Uncertainty regarding loss. There are different magnitudes of risk based on the decision maker: individual, organization, and society. Danger does not equal risk. Information does not alter risk. Uncertainty When you do not know the outcome, there is uncertainty. Multiple outcomes can also lead to uncertainty. Uncertainty is doubt about our ability to predict future outcomes. Because uncertainty is subjective, it can differ across in...

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...

RMI 2101 Exam 1 (Temple University) Already Graded A Risk is the uncertainty about future losses or outcomes Probability likelihood that an outcome or event will occur Pure Risk is a chance of loss or no loss but no chance for gain; always undesirable Good Example of Pure Risk? You own a building, it will either burn or not burn, either way your financial responsibility remains constant. Pay the for the up keep of the building or suffer financial loss if building burns. Specu...

RMI 3567 Exam 2 Questions and Answers 100% Correct What are three positive externalities that occurred due to access to terrorism insurance? - Correct Answer ️️ -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? - Correct Answer ️️ -negative externality This is the most common terrorism model...