Rmin 4000 brown uga Study guides, Class notes & Summaries

RMIN 4000 Exam 2 - UGA Daniel Brown 2024 Solution Guide Graded A Private insurance industry US insurance industry employed 2.9m - closer to 3m now Insurers paid over $20 billion in premium taxes Major types of private insurers Stock insurers Mutual insurers Mutual Insurers Owned by policyholders Profits are distributed to policyholders through dividends or rate reductions Types of mutual insurers Assessment mutual Advance premium mutual Fraternal insurer Assessment mutual ...

RMIN 4000 Test 1 Brown UGA Latest 2024 Rated A+ 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 condition t...

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RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution

RMIN 4000 Test 1 Brown UGA Questions and Answers 2024

_______ _____________ is a risk control technique that reduces the severity of a loss. it can occur preloss or post-loss. examples are duplication, diversification, and separation - Loss reduction __________________ _____________ is a risk financing technique in which you transfer liability by contract, hedging, or incorporation. - Non-Insurance transfer. 2 techniques for managing risk - risk control, risk financing 4 Steps in Risk Management Process - 1. Identify potential losses 2. Evalua...

RMIN 4000 UGA Brown Test 4 Latest Update Already Passed fee-for-serive a separate fee is paid for each service copayment flat amount the insured must pay each time health services are received calendar year deductible an aggregate deductible that has to be satisfied only once during the calendar year coinsurance the percentage of the medical expenses the policyholder must pay in addition to the deductible amount Out-of-pocket maximum (stop-loss limit) the most the insured wil...

RMIN 4000 UGA Brown Test 4 Exam Review Solution fee-for-serive - ANS-a separate fee is paid for each service copayment - ANS-flat amount the insured must pay each time health services are received calendar year deductible - ANS-an aggregate deductible that has to be satisfied only once during the calendar year coinsurance - ANS-the percentage of the medical expenses the policyholder must pay in addition to the deductible amount Out-of-pocket maximum (stop-loss limit) - ANS-the most the ...

RMIN 4000 UGA- Brown- exam 1 Questions and Answers | 100% Pass!! definition of risk -Answer-A calculated possibility of a negative outcome calculated possibility -Answer-probabilistic outcome, ranges from 0-1 (0-100%) negative outcome -Answer-loss, must be quantifiable ($) frequency -Answer--"how often does a loss occur?" -number of losses in a certain time period -probability of a loss Severity -Answer--"how much does it cost when a loss occurs?" - dollar amount how to calculate f...

RMIN 4000 Test 1 Brown UGA UPDATED Exam Questions and CORRECT Answers Exposures - Correct ANSWER- things of value (assets) that could be lost Perils - Correct ANSWER- things that cause injury or loss risk - Correct ANSWER- a calculated possibility of a negative outcome Frequency - Correct ANSWER- the number of losses (such as fire or theft) that occur within a specified time period. aka the probability of a loss Severity - Correct ANSWER- the dollar amount of a loss for a specific peril...