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

Philidelphia judicial hellhole - ANSWER-Reputation for excessive verdicts and its "open door" policy to out of state Georgia judicial hellhole - ANSWER-Continue rise in nuclear verdicts, increasing role of third-party litigation financing, and premise liability. trial lawyers and jackpot verdict paydays. advertising focus on truckers legal wrong - ANSWER-a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person, to a business org., or to a soc...

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...

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...

RMIN 4000 Exam Questions and Answers 100% Verified RMIN 4000 Exam Questions and Answers 100% Verified RMIN 4000 Exam Questions and Answers 100% Verified Risk - ANSWER-Uncertainty concerning the occurrence of a loss Loss exposure - ANSWER-any situation or circumstance in which a loss might occur (regardless of if it happens or not) - ex: When we think about if we might get sick.. my body is the exposure. If I have a business and 10 buildings.. My buildings are exposures. O...

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...

worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses where the gov't pays a % of losses above a certain amount -will have to be renewed several times -currently 85% of losses above $100 million risk - ANSWER-a calculated possibility of a negative outcome calculated possibility - ANSWER-proba...

Philidelphia judicial hellhole - ANSWER-Reputation for excessive verdicts and its "open door" policy to out of state Georgia judicial hellhole - ANSWER-Continue rise in nuclear verdicts, increasing role of third-party litigation financing, and premise liability. trial lawyers and jackpot verdict paydays. advertising focus on truckers legal wrong - ANSWER-a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person, to a business org., or to a soc...

RMIN 4000 - Exam 1 Study Guide Solutions TRIA - ANSWER-Terrorism risk and insurance act (2002) what is TRIA? - ANSWER-A federal backstop for insurance claims related to terrorism ; has a trigger of $200M Exposures - ANSWER-things of value (assets) that could be lost (ex: car) Perils - ANSWER-things that could happen to these assets/ exposures Risk Management - ANSWER-how to protect these assets and/or prevent/ reduce loss Risk - ANSWER-A calculated probability of a negative outcome (has t...

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 Law of Large Numbers - ANSWER-Objective risk varies inversely with the square root of the number of cases Subjective Risk - ANSWER-Uncertainty based on a person's mental condition or ...

Risk - ANSWER-Uncertainty concerning the occurrence of a loss Loss exposure - ANSWER-any situation or circumstance in which a loss might occur (regardless of if it happens or not) - ex: When we think about if we might get sick.. my body is the exposure. If I have a business and 10 buildings.. My buildings are exposures. Objective risk - ANSWER-relative variation of actual loss from expected loss. Law of large numbers - ANSWER-as the # of exposures increases the more closely the actual ...