Uga rmin Study guides, Class notes & Summaries

RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct 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 histo...

RMIN 4000 UGA Test 1 Questions and Answers 100% Correct RMIN 4000 UGA Test 1 Questions and Answers 100% Correct What is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures)

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RMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete SolutionsRMIN 4000 Test 1 Brown UGA with Complete Solutions Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-things that cause injury or loss risk - ANSWER-a calculated possibility of a negative outcome Frequency - ANSWER-the number of losses (such as fire or theft) that occur within a specified time period. aka the p...

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RMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete SolutionsRMIN 4000 Brown UGA Test 1 with Complete Solutions Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex....

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RMIN 4000 UGA Brown Test 4 Questions and Answers (Graded A)RMIN 4000 UGA Brown Test 4 Questions and Answers (Graded A)RMIN 4000 UGA Brown Test 4 Questions and Answers (Graded A) fee-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