Florida State University

RMI 3011- chapter 11 RMI 3011 Florida State University -Questions with complete solution when was the social security system signed into law? - correct answer august 14, 1935 by franklin d Roosevelt two primary issues with the social security program - correct answer -number of workers paying into the system relative to the number of retirees and other beneficiaries -the significant increase in the life expectancy of our current and future population what % of income of the elderly ...

RMI 3011: Exam 1 RMI 3011 Florida State University -Questions with complete solution Insurance - correct answer -Device for the transfer and pooling of risks -A known small loss (premium payment) replaces a possible unknown large loss Risk - correct answer possibility of loss Peril - correct answer -Cause of loss Ex: Death, Disability, Collision, Fire, Legal liability Hazard - correct answer - condition that increases the likelihood of loss or increases the size of the lo...

RMI 3011 - Chapter 1 RMI 3011 Florida State University -Question and answers already passed Risk - correct answer Uncertainty concerning the occurrence of a loss Loss Exposure - correct answer Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Objective Risk - correct answer Defined as the relative variation of actual loss from expected loss Subjective Risk - correct answer Defined as uncertainty based on a person's mental conditi...

RMI 3011- Health Insurance RMI 3011 Florida State University -Question and answers 100% correct US Health Care delivery system problems - correct answer -Rising health-care expenditures -Large number of uninsured in the population -Uneven quality of medical care -Considerable waste and inefficiency -Defects in financing health care -Abusive insurer practices how much of the nation's income is spent on health care? - correct answer more than one in six billion three causes o...

RMI 3011- Chapter 3 RMI 3011 Florida State University -Question and answers correctly solved Association or group captive - correct answer An insurer owned by several parents, for example corporations that belong to trade associations. Avoidance - correct answer A risk control technique in which a certain loss exposure is never acquired, or an existing loss exposure is abandoned. Captive insurer - correct answer Insurance company established and owned by a parent firm in order to...

FSU RMI 3011 - Chapter 1 RMI 3011 Florida State University - Question and answers correctly solved Subjective Risk - correct answer Perceived, uncertainty based on a person's mental condition or state of mind Objective Risk - correct answer relative variation of actual loss vs. expected loss (home insurance example) - can be measured (variation) - More data you get into the system, the less variation % you have Types of Hazard - correct answer Physical, Moral, Attitudinal, L...

FSU RMI 3011 Final Exam RMI 3011 Florida State University - Questions with complete solution A Savings Incentive Match Plan for Employees (SIMPLE) - correct answer This plan is limited to employers that employ 100 or fewer employees and do not maintain another qualified plan A simplified employee pension(SEP) - correct answer a retirement plan in which the employer contributes to an IRA established for each eligible employee. Keogh plans - correct answer Retirement plans for the owne...

FSU RMI 3011 EXAM 1 RMI 3011 Florida State University - Question and answers 100% correct Cost Benefit Analysis - correct answer Increase spending one element reduce spending on another element - consider direct and indirect - Spend until cost outweighs benefit - time value of money Indirect Loss - correct answer Financial loss arising from loss of use of property Property Risk - correct answer - Direct loss - Indirect loss Types of property - correct answer -Real pro...

FSU RMI 3011 CHAPTER 6 RMI 3011 Florida State University - Question and answers verified to pass Principle of Indemnity - correct answer the insurer agrees to pay no more than the actual amount of the loss Valued policy - correct answer policy that pays the face amount of insurance if a total loss occurs Valued policy law - correct answer state law that requires certain insurance policies to be valued policies Replacement Cost Insurance - correct answer there is no deduction fo...

FSU RMI 3011 CHAPTER 4 RMI 3011 Florida State University - Questions with complete solution Reasons for regulation - correct answer 1. Make insurance available 2. Maintain insurer solvency 3. Compensate for inadequate consumer knowledge 4. Ensure reasonable rates Paul vs. Virginia (1868) - correct answer Affirmed states rights to regulate insurance U.S. vs. South-Eastern Underwriters Association (1944) - correct answer Ruled that insurance is interstate commerce and the federal ...