Rmin 4000 test 2 - Study guides, Class notes & Summaries

RMIN 4000 Test 2 Daniel Brown (2024/2025) 100% Solved Stock Insurer Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London Specialized lines of business. Brokers represent policyholders to arrange coverage with...

Gross Premium - ANSWER-Total premium charged per unit of coverage Risk Charge - ANSWER-Estimation of risk of the insurer. 3* SD/ per person Admin Costs - ANSWER-Money spent in daily operations of company. Ex. Salaries, overhead, marketing Expected Loss - ANSWER-Expected frequency * expected severity Fortuitous - ANSWER-Random, accidental, no control over E(F)/E(S) Underwriting - ANSWER-process of classifying a risk Risk based pricing - ANSWER-Higher the risk you are, the more t...

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Actual Cash Value - Replacement Cost-Depreciation Actuary - A person who uses complex statistical methods and technology to analyze loss and other data to determine rates and premiums. Brokers - represent policyholders to arrange coverage with syndicates. Legally represents insured. Ceding Company - The primary insurer that initially wrote the insurance. Cession - The amount of insurance ceded to the reinsurer. Claim Adjusting - The process of determining coverage, legal liability and dam...

RMIN 4000 Test 2 Daniel Brown Questions and Answers 100% Accurate RMIN 4000 Test 2 Daniel Brown Questions and Answers 100% Accurate RMIN 4000 Test 2 Daniel Brown Questions and Answers 100% AccurateStock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Adv...

RMIN 4000 Test 2, UGA Questions and Answers 100% VerifiedRMIN 4000 Test 2, UGA Questions and Answers 100% VerifiedRMIN 4000 Test 2, UGA Questions and Answers 100% Verified 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 prope...

RMIN 4000 Test 2 Daniel Brown With Verified Correct Answers Stock Insurer Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London Specialized lines of business. Brokers represent policyholders to arrange covera...

RMIN 4000 Test 2 UGA Marc Ragin with Complete SolutionsRMIN 4000 Test 2 UGA Marc Ragin with Complete SolutionsRMIN 4000 Test 2 UGA Marc Ragin with Complete SolutionsRMIN 4000 Test 2 UGA Marc Ragin with Complete Solutions Gross Premium - ANSWER-Total premium charged per unit of coverage Risk Charge - ANSWER-Estimation of risk of the insurer. 3* SD/ per person Admin Costs - ANSWER-Money spent in daily operations of company. Ex. Salaries, overhead, marketing

RMIN 4000 Test 2 Daniel Brown Exam|50 Questions and Answers