Uga rmin - Study guides, Class notes & Summaries

RMIN 4000 UGA Test 1 Questions and Answers (Graded A)RMIN 4000 UGA Test 1 Questions and Answers (Graded A)RMIN 4000 UGA Test 1 Questions and Answers (Graded A)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, r...

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RMIN 4000 Exam 2 - UGA Daniel Brown UPDATED ACTUAL Exam Questions and CORRECT Answers Private insurance industry - CORRECT ANSWER- US insurance industry employed 2.9m - closer to 3m now Insurers paid over $20 billion in premium taxes Major types of private insurers - CORRECT ANSWER- Stock insurers Mutual insurers Mutual Insurers - CORRECT ANSWER- Owned by policyholders

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RMIN 4000 UGA Edmunds Exam 4 Questions and Answers (Graded A)RMIN 4000 UGA Edmunds Exam 4 Questions and Answers (Graded A)RMIN 4000 UGA Edmunds Exam 4 Questions and Answers (Graded A)RMIN 4000 UGA Edmunds Exam 4 Questions and Answers (Graded A) Philidelphia judicial hellhole - ANSWER-Reputation for excessive verdicts and its "open door" policy to out of state Georgia judicial hellhole - ANSWER-Continue rise in nuclear verdicts, increasing role of third-party litigation financing, and premi...

RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct 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 histo...

RMIN 4000 UGA Test 1 Questions and Answers 100% Correct RMIN 4000 UGA Test 1 Questions and Answers 100% Correct What is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures)

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