Rmin 4000 test 3 2024 Study guides, Class notes & Summaries
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RMIN 4000 Edmunds Test 3 Questions and Answers 100% Verified!!
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Basic Parts of an Insurance Contract - ANSWER-1. Declarations 
2. Definitions 
3. Insuring agreement 
4. Exclusions 
5. Conditions 
6. Miscellaneous provisions 
 
Declarations - ANSWER-statements that provide information about the particular property or activity to be insured 
 
definitions - ANSWER-statements that provide information about the particular property or activity to be insured 
 
Insuring Agreement - ANSWER-Summary of the major promises of the insurer (what the policy covers) 
 
nam...
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RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024
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RMIN 4000 UGA Test 1. Chapters 1-3 
Exam Questions and Answers 2024 
1) Traditionally, risk has been defined as 
A) any situation in which the probability of loss is one. 
B) any situation in which the probability of loss is zero. 
C) uncertainty concerning the occurrence of loss. 
D) the probability of a loss occurring. -Answer-C 
2) Objective risk is defined as 
A) the probability of loss. 
B) the relative variation of actual loss from expected loss. 
C) uncertainty based on a person's mental...
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RMIN 4000 Test 3 Brown| Questions and Answers 100% Correct!!
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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 price at which property would sell 
 
Valued Policy - ANSWER-a pol...
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RMIN 4000 uga test 1 2024
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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 ...
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RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A
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RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A
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RMIN 4000 uga test 1 Questions With Revised Answers
- Exam (elaborations) • 13 pages • 2024
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©THEBRIGHTSTARS 2024 
RMIN 4000 uga test 1 Questions With 
Revised Answers 
Types of risk - answer-pure risk 
-speculative risk 
-diversifiable risk 
-nondiversifiable risk 
-enterprise risk 
-systemic risk 
risk - answeruncertainty concerning the occurrence of a loss 
uncertainty - answerprobabilities cannot be estimated 
loss exposure - answerany situation or circumstance in which a loss is possible, regardless of 
whether a loss actually occurs 
example: earthquake or flood causing damage to...
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