Test 4 rmin - Study guides, Class notes & Summaries

RMIN 4000 Test 1(Chapters 1-4) with Complete Solutions(Rated A+) Traditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected loss Law of Large Numbers - ANSWER-Objective risk varies inversely with the square root of the number of cases E.X. car insurance subjective ris...

Brown RMIN 5100s test 1 Questions and Answers, 2024 Categories of commercial loss exposures -️️ 1. property loss 2. personnel loss 3. liability loss 4. net income loss Property loss -️️ -tangible (real estate, personal property) -intangible (patent, copyright) Personnel Loss -️️ death, disability, retirement, injury of employees liability loss -️️ your responsibility for bodily injury, property damage, or financial loss to someone net income loss -️️ reduction in income ...

RMIN 4000 UGA Brown Test 4 Exam Review Solution

RMIN 4000 Edmunds Test 3 Questions & Answers Basic Parts of an Insurance Contract - ANS-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANS-statements that provide information about the particular property or activity to be insured definitions - ANS-statements that provide information about the particular property or activity to be insured Insuring Agreement - ANS-Summary of the major promises of the insurer...

RMIN 4000 Edmunds Test 3 Questions and AnsBasic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activity to be insured definitions - ANSWER-statements that provide information about the particular property or activity to be insured Insuring Agreement - ANSWER-Summary of the major promises of t...

RMIN 4000 UGA TEST 1. CHAPTERS 1-3 QUESTIONS & ANSWERS 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANS-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or s...

RMIN 4000 UGA Brown Test 4 Questions and Answfee-for-serive - ANSWER-a separate fee is paid for each service copayment - ANSWER-flat amount the insured must pay each time health services are received calendar year deductible - ANSWER-an aggregate deductible that has to be satisfied only once during the calendar year coinsurance - ANSWER-the percentage of the medical expenses the policyholder must pay in addition to the deductible amount Out-of-pocket maximum (stop-loss limit) - ANSWE...

RMIN TEST 1 Questions And Answers Exam 2024 risk - ANS-an uncertainty concerning the occurrence of a loss loss exposure - ANS-any situation/circumstance in which a loss is possible, regardless of whether a loss occurs objective risk - ANS-(degree of risk) the relative variation of actual loss from expected loss law of large numbers - ANS-as the number of exposure units increases, the more closely the actual loss will approach the expected loss subjective risk - ANS-uncertainty based on ...

RMIN 4000 UGA Brown Test 1 Ch 1-4 | Latest Version | Graded A+ How does risk sharing help reduce the financial impact of a loss? Risk sharing distributes potential losses among multiple parties, reducing the burden on any one individual or organization. What is the role of risk appetite in determining a company's risk management strategy? Risk appetite defines how much risk a company is willing to accept while pursuing its objectives, guiding its decisions on risk control and tra...