Florida State University

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the declarations page of a policy EXPECT: - Name of the insured - A summary of the insurer's major promises - Amount of the premium - Deductible amount A summary of the insurer's major promises Which of the following statements concerning policy "definitions" is/are true? I. The aleatory nature of insurance contracts makes it ne...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the Declarations page of a policy EXCEPT: Name of the insured. A summary of the insurer's major promises. Amount of the premium. Deductible amount. - correct answer A summary of the insurer's major promises. Which of the following statements concerning policy "definitions" is/are true? I. The aleatory nature of insurance co...

RMI 3011 Exam 2 Keith Jones RMI 3011 Florida State University -Question and answers already passed What is the Principle of Indemnity? - correct answer - States that the insurer agrees to pay no more than the actual amount of the loss; stated differently, the insured should not profit from a loss. - Insurance is a contract of indemnity. What are the methods used by courts to determine actual cash value? - correct answer - Replacement Cost Less Depreciation - Fair Market Value - ...

RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution Karen won't allow any of the neighborhood children into her yard because she has a large swimming pool and doesn't want anyone to fall in, resulting in her being responsible for the harm of a child. What type of risk is Karen trying to avoid? liability property personal financial - correct answer liability Gary works in a factory where the workers are known to leave oily rags all over the place. W...

RMI 3011 Exam 1 RMI 3011 Florida State University -Question and answers verified to pass Risk - correct answer uncertainty concerning the occurrence of a loss Loss exposure - correct answer ANY time a loss is possible, not just when a loss occurs Objective Risk - correct answer the relative variation of actual loss vs. expected loss. Ex. how many more/less car accidents actually occurred vs. what the insurance company predicted As the number of exposures increases... - correct an...

RMI 3011 exam 1 RMI 3011 Florida State University -Question and answers already passed Definition of risk - correct answer a situation involving exposure to danger; uncertainty concerning the occurrence of a loss; the level of possibility that an action or activity will lead to a loss or to an outcome. The risk may even pay off and not lead to a loss; it may lead to a gain classifications of risk - correct answer SOS PS DND >objective >subjective >speculative >pure >s...

RMI 3011 Exam 1 Key Terms and Concepts Review RMI 3011 Florida State University -Question and answers rated A+ 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 Probability of 0 - correct answer there's no risk, the event will NOT happen Probability of 1 - correct answer the event WILL happen, no risk but rather plan for it to happ...

RMI 3011 Exam 1 Jones RMI 3011 Florida State University -Question and answers already passed Risk - correct answer Uncertainty concerning the occurrence of loss Uncertainty - correct answer Outcome must be in doubt and at least one outcome is is undesirable Objective risk (Degree of risk) - correct answer the relative variation of actual loss from expected loss it is measurable Subjective risk (perceived risk) - correct answer uncertainty based on a person's mental conditio...

RMI 3011 exam 1 HW RMI 3011 Florida State University -questions and answers correctly solved A condition that increases the chance of loss is called a(n) - correct answer Hazard A publishing company solicits manuscripts for publication. The publishing company is concerned that an author might plagiarize material and that the person who was plagiarized might sue the publisher. To address this risk, the contract with the author includes a hold-harmless agreement. Through this agreement, the a...

RMI 3011 Exam 1 FSU RMI 3011 Florida State University -Question and answers 100% correct Loss Exposure - correct answer any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Risk - correct answer any uncertainty concerning the occurrence of loss Objective Risk - correct answer the relative variation of actual loss from expected loss Subjective (Perceived) Risk - correct answer uncertainty based on a person's mental condition or state ...