Rmin 4000 uga brown 2024 - Study guides, Class notes & Summaries

principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - ANSWER-- replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash value of the property at the tim...

Daniel Brown UGA RMIN 4000 CH 1 | Questions and Answers| Latest Version | 2024/2025 Already Passed What is the connection between risk and uncertainty in financial planning? Risk refers to the possibility of a loss, while uncertainty is the lack of predictability in the outcome. How does diversification help in managing risk? Diversification reduces risk by spreading potential losses across different assets or areas. Why is risk retention considered an important aspect of risk ...

Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, collision) Peril - ANSWER-cause of a loss Ex. fire, tornado, collision, burglary hazard - ANSWER-condition that creates or increases the frequency and/or severity of a loss physical hazard - ...

Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-things that cause injury or loss risk - ANSWER-a calculated possibility of a negative outcome Frequency - ANSWER-the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity - ANSWER-the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard - ANSWER-a condition tha...

fee-for-serive - ANSWER-a separate fee is paid for each service copayment - ANSWER-flat amount the insured must pay each time health services are received calendar year deductible - ANSWER-an aggregate deductible that has to be satisfied only once during the calendar year coinsurance - ANSWER-the percentage of the medical expenses the policyholder must pay in addition to the deductible amount Out-of-pocket maximum (stop-loss limit) - ANSWER-the most the insured will have to pay out-o...

RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution Exposures things of value (assets) that could be lost Perils things that cause injury or loss risk a calculated possibility of a negative outcome Frequency the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard a...

RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution Exposures things of value (assets) that could be lost Perils things that cause injury or loss risk a calculated possibility of a negative outcome Frequency the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity the dollar amount of a loss for a specific peril (fire, theft, collision) aka How much does it cost when the loss does occur? Hazard a...

RMIN 4000 Exam 2 - UGA Daniel Brown 2024 Solution Guide Graded A