Rmi insurance Study guides, Class notes & Summaries

Who considered risk as a choice - Answer-Bernstein; "Risk is uncertainty about outcomes that can be either negative or positive" Definitions of Risk - Answer-ISO: effect of uncertainty on objects COSO: possibility that an event will occur and adversely affect achievement of outcomes RIMS: uncertain future outcome can be pos/neg RMI: Probable freq and probable magnitude of future loss CFA: Exposure to a proposition of which one is uncertain Definitions of Risk Management - Answer-ISO: Co...

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 2101 - Quiz 2 Latest Update Graded A+ Handlers of RM before RM Dept. Finance dept - small org risk manager - med org cro - large org who coined the term Risk Management? Prof. Wayne Snider of Temple University STEPS IN THE RM PROCESS 1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the Chosen Strategies what is a ...

chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market value -broad evidence rule actual cash value - ...

RMI FInal Exam| 100 Questions| Accurate Executor Funds - ANSWER burial expenses, estate settlement costs Income needs of financially-dependent survivors - ANSWER Children Spouse or partner Other dependents (grandchildren, siblings, parents, friends, etc.) Business-related exposures - ANSWER Dependent projects (e.g., client relationships) Replacement of key employee Ownership Face Amount NEEDS - ANSWER Executor funds Income needs of financially-dependent survivors Business-related ...

Problems with the health care system in the United States that led to implementation of the Affordable Care Act included 1. Rising healthcare expenditures 2.Considerable waste and inefficiency in the healthcare system A) I only B) II only C) both I and II D) neither I nor II - ANSWER C) both I and II All of the following are historical reasons for the increase in health care expenditures in the U.S. EXCEPT A) cost insulation because of third-party payers. B) employer-sponsored hea...

RMI 2302 Chapter 1- Basic Of Risk Questions and Answers 100% Pass What is Risk? Uncertainty Regarding Loss How to measure risk? In Standard Deviation or Variation Can information alter risk? No, but it can alter uncertainty Pure Risk A category of risk in which loss is the only possible outcome; there is no beneficial result Speculative Risk A category of risk that, when undertaken, results in an uncertain degree of gain or loss. Static Risk Are the losses that are caused by...

RMI 2101 topic 1 Latest 2024 Graded A+ Pure Risk A risk where there is a loss or no loss Speculative Risk A risk where there is a loss, gain or neither Static Risk Risk where it does not really change significantly over time (ex: nature disaster ) Dynamic Risk A risk that is new, emerging risk (ex: terrorism, privacy rights) Source of Pure risk 1. Human Capital 2. Ownership of financial or physical asset 3.Liabilities Peril Intermediate cause of the loss frequency Number o...

International Risk (RMI 3567) Final Exam Questions and Answers Design Defect* - Correct Answer ️️ -A flaw or deficiency in the design of a product that makes it unreasonably dangerous to users. Can result in product liability where manufacturers/designers may be held responsible for injuries or damages caused by the defective design. Manufacturing Defect* - Correct Answer ️️ -A defect that occurs during the manufacturing process, causing a product to deviate from its intended desi...

RMI 2101 Topic 10 Latest Update Graded A+ Employee Benefits Any type of compensation other than direct current salary or wages Reasons why firms offer employee benefits -Attract and retain capable employees -Tax advantages -Productivity and better employee relations -Employer can take advantage of group insurance Non-Contributory Benefit Financing Employer pays for the full cost of the plan. The employee is covered without making a financial contribution. Contributory Benefit ...