Rmi exam 2 - Study guides, Class notes & Summaries

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 211 Exam 2 Review Correct Questions and Types of Private Insurers - ANSWER Stock Insurers Mutual Insurers Reciprocal exchanges Lloyd's of London Blue Cross Blue Shield plans Health maintenance organizations (HMOs) Stock Insurers - ANSWER Owned by Stockholders, publicly traded and goal is to profit shareholders Mutual Insurers - ANSWER Owned by policyholders, and goal is to be there for their policy holders Fraternal Insurer - ANSWER insures members of a private nonprofit organ...

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 2302 Final Exam Nyce Questions and Answers Already Passed The number of years between same-sized natural disaster events is also known as Return Period Frequency and magnitude of natural disasters typically have a _____ ? Inverse relationship Risks of "high concern" in the Global Risk Report 2014 1. Food crisis 2. Water crisis 3. Political instability Today, most developed countries have gone from _____ death rates and _____ birth rates to _____ death rates and _____ birth...

RMI 2101 Exam 3 Latest Update Graded A+ Insurance Supply Insurers are willing to sell insurance at a particular price. Pi Price of insurance Pi = P* + Risk Charge + Loading Pmax the most an individual will pay for insurance for a particular risk. Risks are insurarable if.. Pi < Pmax Why might Pi > Pmax? - Pi is too high - risk charge is too high, loading costs are too high. - Pmax is too low - individuals underestimate the severity or frequency of the loss. Moral haza...

RMI 2302 Nyce Module 2 Exam Questions And Answers (Verified And Updated) A Scientific View of Risk - answerProbability of a person suffering an adverse effect from some activity or exposure over a given period of time/involvement. -ADDS A TIME ELEMENT Risk Reduction and Public Policy - answerRisk Reduction has costs (both monetary and non- monetary) Requires putting a value on human life How much are you worth? Parents? Grandparents? How do you balance risk/reward? Can drive highway de...

RMI 2302 Exam 2 Questions And Answers (Verified And Updated) free market - answerfails to protect consumer interests requiring the government to find appropriate ways to protect us from ourselves; rewards those people who understand consumer behavior and can exploit consumer's weaknesses In a world dominated by rational behavior... - answerthe government could focus on externalities and focus less on consumers Jeremy Bentham - answer(19th century) Urged politicians to design policies tha...

RMI 300: Exam 2 Questions With 100% Correct Answers random variable - answervariables whose outcomes are uncertain and can have different values how to develop probability distributions - answer1) identify all possible outcomes 2) calculate probabilities for all possible outcomes collectively exhaustive - answeraccount for all possibilities mutually exclusive - answerdefine so that the occurrence of one outcome precludes the occurrence of any other discrete distribution - answerwhen var...

RMI 2101 Exam 2 Questions With Verified And Updated Answers What are risk transfers of the financing type? (6) - answerInvolves 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) - answerInsurance: transfer financial re...

RMI 2302 Final Exam Nyce UPDATED Actual Exam Questions and CORRECT Answers The number of years between same-sized natural disaster events is also known as - CORRECT ANSWER- Return Period Frequency and magnitude of natural disasters typically have a _____ ? - CORRECT ANSWER- Inverse relationship Risks of "high concern" in the Global Risk Report 2014 - CORRECT ANSWER- 1. Food crisis 2. Water crisis 3. Political instability