Rmin 4000 ragin 2024 Study guides, Class notes & Summaries

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...

RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) possibility - ANSWER-a probabilistic outcome that is known or estimated loss - ANSWER-must be quantifiable, typically in dollar amounts pure risk - ANSWER-risk with only two future potential states of the world (ex....

risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) possibility - ANSWER-a probabilistic outcome that is known or estimated loss - ANSWER-must be quantifiable, typically in dollar amounts pure risk - ANSWER-risk with only two future potential states of the world (ex. flood, time of death, cancer) speculative risk - ANSWER-risk with three potential states of the world: loss, break even, or gain (ex. investments, gambling) moral hazard - ANSWER-idea t...

Gross Premium - ANSWER-Total premium charged per unit of coverage Risk Charge - ANSWER-Estimation of risk of the insurer. 3* SD/ per person Admin Costs - ANSWER-Money spent in daily operations of company. Ex. Salaries, overhead, marketing Expected Loss - ANSWER-Expected frequency * expected severity Fortuitous - ANSWER-Random, accidental, no control over E(F)/E(S) Underwriting - ANSWER-process of classifying a risk Risk based pricing - ANSWER-Higher the risk you are, the more t...