Rmin 4000 test 3 2024 - Study guides, Class notes & Summaries

RMIN 4000 Test 3 Brown Questions and Answers 2024.

RMIN 4000 UGA Test 1. Chapters 1-3 | Latest Update | 2024/2025 | Graded A+ What is risk in the context of insurance? A) A situation where loss is certain B) Uncertainty concerning the occurrence of a loss C) A guarantee of financial gain D) The absence of any potential hazards B) Uncertainty concerning the occurrence of a loss What is the primary purpose of insurance? A) To eliminate all risks B) To transfer risk to an insurer C) To avoid losses D) To increase wealth B) To tra...

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 2, UGA|3 Questions and Answers 2024/2025

RMIN 4000 UGA Test 3 Questions and Answers | Latest Update | 2024/2025 | 100% Pass What is the primary purpose of insurance? The primary purpose of insurance is to transfer risk from the insured to the insurer in exchange for a premium. What is a deductible in an insurance policy? A deductible is the amount the insured must pay out of pocket before the insurance company covers the remaining costs. What is "underwriting"? Underwriting is the process by which an insurance co...

RMIN 4000 Test 3 Brown Questions and Answers | Latest Update | 2024/2025 | Already Passed What is insurance coverage limit? An insurance coverage limit is the maximum amount an insurer will pay for a covered loss under a policy. How is risk exposure defined in risk management? Risk exposure refers to the potential for financial loss or damage that an organization or individual faces due to identified risks. What does underwriting involve in the insurance process? Underwritin...

RMIN 4000 Edmunds Test 3 Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is subrogation and why is it important in insurance? Subrogation is the process by which an insurer seeks to recover costs from a third party responsible for a loss after the insurer has paid the claim. Describe the concept of excess and surplus lines in insurance. Excess and surplus lines are insurance policies offered by insurers who are not licensed in the insured's state but provi...

RMIN 4000 Test 3 Brown Questions and Answers 2024.

RMIN 4000 uga test 1 2024 types of risk -Answer--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk -Answer-uncertainty concerning the occurrence of a loss uncertainty -Answer-probabilities cannot be estimated loss exposure -Answer-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (degree of ...