Rmi insurance exam - Study guides, Class notes & Summaries

Exam 4 RMI 3567 Questions and Answers 100% Correct conventional insurance - Correct Answer ️️ -considered haram as it contractually contains haram elements: riba, gharar, maysir riba - Correct Answer ️️ -no equality between premiums paid and compensation received riba - Correct Answer ️️ -"interest" / usury gharar - Correct Answer ️️ -subject matter of the contract is not certain / uncertainty maysir - Correct Answer ️️ -Policyholders are held to be betting premiums ...

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 Exam(2024 Latest Update)Accurate 16) Participants in the private insurance market include all of the following except: A) insurance buyers B) insurance companies C) insurance regulators D) the FDIC - ANSWER Answer: D 7) Which of the following is not provided on the private insurance market? A) Bank deposit insurance B) Life insurance C) Health insurance D) Commercial lines insurance - ANSWER Answer: A 10) Which of the following statements is not correct about the insurance prem...

RMI insurance exam 1 prep 2022 with complete solution

RMI Insurance Final Exam stu Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for co...

RMI 2101 Exam 2 Questions and Answers Already Passed What are risk transfers of the financing type? (6) Involves 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) Insurance: transfer financial responsibility to ins...

Exam 4 RMI 3567 Questions and Answers 100% Correct conventional insurance - Correct Answer ️️ -considered haram as it contractually contains haram elements: riba, gharar, maysir riba - Correct Answer ️️ -no equality between premiums paid and compensation received riba - Correct Answer ️️ -"interest" / usury gharar - Correct Answer ️️ -subject matter of the contract is not certain / uncertainty maysir - Correct Answer ️️ -Policyholders are held to be betting premiums ...

RMI Exam 4 (2024 Latest Update)Correct 100% 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...

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 3567 Exam 2 Questions and Answers 100% Correct What are three positive externalities that occurred due to access to terrorism insurance? - Correct Answer ️️ -1. facilitates real estate transaction 2. strengthens businesses' ability to operate in risky areas 3. protects wealth/savings of households in risky areas Pollution from gasoline in a car or industrial pollution would be examples of what? - Correct Answer ️️ -negative externality This is the most common terrorism model...