Rmin 4000 daniel brown - Study guides, Class notes & Summaries

Actual Cash Value - Replacement Cost-Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and dam...

RMIN 4000 Test 2 Daniel Brown

RMIN 4000 Test 2 Daniel Brown Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is risk financing in the context of risk management? Risk financing involves strategies for managing the financial impact of risks, including insurance, self-insurance, and other financial mechanisms. How does self-insurance differ from traditional insurance? Self-insurance involves setting aside funds to cover potential losses instead of purchasing an insurance policy from an...

RMIN 4000 Exam 2 - UGA Daniel Brown Study Guide Solutions Updated 2024 Private insurance industry - ANSWER-US insurance industry employed 2.9m - closer to 3m now Insurers paid over $20 billion in premium taxes Major types of private insurers - ANSWER-Stock insurers Mutual insurers Mutual Insurers - ANSWER-Owned by policyholders Profits are distributed to policyholders through dividends or rate reductions Types of mutual insurers - ANSWER-Assessment mutual Advance premium mutual Fratern...

RMIN 4000 Test 2 Daniel Brown Questions with verified correct answers

RMIN 4000 Test 2 Daniel Brown Questions & Answers Stock Insurer - ANS-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANS-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London - ANS-Specialized lines of business. Brokers - ANS-represent policyholders to arrange ...

Daniel Brown UGA RMIN 4000 CH 1 | Questions and Answers| Latest Version | 2024/2025 Already Passed What is the connection between risk and uncertainty in financial planning? Risk refers to the possibility of a loss, while uncertainty is the lack of predictability in the outcome. How does diversification help in managing risk? Diversification reduces risk by spreading potential losses across different assets or areas. Why is risk retention considered an important aspect of risk ...

Exposures Things of value (assets) that could be lost (Any situation/circumstance in which a loss is possible, regardless of whether a loss actually occurs) Perils Things that could happen to your assets - cause of loss Risk Management What you do to protect these assets and/or prevent/reduce losses (Identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures) Risk The calculated possibility of a negative outcome Loss Negative...

RMIN 4000 Test 2 Daniel Brown Questions & Answers