Rmin 4000 test 3 - Study guides, Class notes & Summaries

Actual Cash Value - replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Additional Insured - a person or party who is added to the named insured's policy by an endorsement Advantages of Group Insurance - -may be less expensive -tax benefits to employees (costs are usually pre tax) -employer may pay all/part of premium -no evidence of insurability -may get insurance you wouldn't have normally bought Advantages of u...

RMIN 4000 Test 3 Brown Questions with verified correct answers - complete solution 2024.

RMIN 4000 Test 3 Brown Questions and Answers 2024.

RMIN 4000 Test 3 Brown| Questions and Answers 100% Accurate! Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANSWER-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANSWER-the pr...

RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A Principal of Indemnity insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value the price at which property would sell Val...

RMIN 4000 Test 3 Brown Questions & Answers

Principal of Indemnity - correct answer insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - correct answer the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - correct answer replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - correct answer the price at which property would sell...

A combined ration grater than 1 (or 100 percent) means that an underwriting loss has occurred - ANSWER-Which of the following statements about the combined ratio is true? Because insurance contracts are conditional - ANSWER-Why can an insurer refuse to pay a claim if an insured fails to abide by the policy provisions? Experience rating - ANSWER-Under one type of merit rating, the class or manual rate is adjusted upward or downward based on past loss history. This type of merit rating is ca...

RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A

RMIN 4000 Test 3|40 Answered Questions