Rmin 4000 exam stuvia - Study guides, Class notes & Summaries

RMIN 4000 Edmunds Exam 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Exam 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Exam 3 Questions and Answers 100% Verified basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page usually contain - AN...

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

RMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECTRMIN 4000 EXAM 1 QUESTIONS AND ANSWERS 100% CORRECT Exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets Risk management - ANSWER-what do you do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and se...

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 ex) probability of a fire is 0.0071 per loss exposure per year severity - ANSWER-- how much does it cost when a loss does occur? - the dollar amount of loss for a specific peril (fire, theft, collision). ex) average fire loss is $32,547 peril - ANSWER-- cause of a loss - things that could happen to assets - ...

RMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% Correct Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) ...

RMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% CorrectRMIN 4000 Ragin Exam 1 Questions and Answers 100% Correct worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses where the gov't p...

Exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets Risk management - ANSWER-what do you do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Risk - ANSWER-a calculates possibility of a negative outcome Calculated possibility - ANSWER-a probabilistic outcome (chance of loss, ...

Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer - ANSWER--a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) types of mutual insurer...