Rmin 4000 uga 2024 Study guides, Class notes & Summaries
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RMIN 4000 UGA Test 3| Questions and Answers 100% Accurate!!
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Auto Insurance - ANSWER--6 or 12 month policy 
-premiums usually paid monthly or quarterly 
 
5 general types of auto coverage - ANSWER-1. liability 
2. damage 
3. uninsured motorist 
4. medical payments 
5. convenience coverage 
 
Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments to someone else): 
•Part A: Liability Coverage (required by state) 
--1st party coverages (payments to you): 
•Part B: Medical Payments Coverage 
•Part C: Uninsured Motorists Coverage 
•Part D...
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RMIN 4000 UGA Test 1 Questions and Answers (GRADED A+)
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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 risk) - ANSWER-...
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RMIN 4000 UGA Test 1 Questions and Answers 100% Correct!!
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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) 
 
What is severity? - ANSWER-How much a loss costs when it occurs (severity = total losses ($) / number of losses) 
 
What is a p...
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RMIN 4000 UGA Brown Exam 3 Questions & Answers 100% Correct
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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...
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RMIN 4000 Brown UGA Test 1 with Complete Solutions
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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 - ...
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RMIN 4000 Test 1 Brown UGA with Complete Solutions!!
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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...
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RMIN 4000 UGA Brown Test 4 Questions and Answers (GRADED A+)
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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...
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RMIN 4000 Test 1 Brown UGA Study Guide 2024 with complete solution
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RMIN 4000 Test 1 Brown UGA Study 
Guide 2024 with complete solution 
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 (fire, theft, ...
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RMIN 4000 Test 2, UGA Questions and Answers 100% Verified!!
- Exam (elaborations) • 4 pages • 2024
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Principle of Indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (make you whole again, no gain). 
 
Purpose: 
-To prevent the insured from profiting from a loss 
-To reduce moral hazard 
 
Indemnification in property insurance is - ANSWER-based on the actual cash value (ACV) of the property at the time of loss 
 
3 main methods to determine actual cash value: - ANSWER--Replacement cost less depreciation 
-Fair market value 
-Broad evidence rule 
 
There are ...
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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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