Package deal
RMIN 4000 Final Exam Questions and Correct Answers | Latest Update
RMIN 4000 Final Exam Questions and Correct Answers | Latest Update
[Show more]RMIN 4000 Final Exam Questions and Correct Answers | Latest Update
[Show more]Exposures 
Ans: things of value (assets) that could be lost 
Perils 
Ans: things that cause injury or loss 
risk 
Ans: a calculated possibility of a negative outcome 
Frequency 
Ans: the number of losses (such as fire or theft) that occur within a specified time 
period. aka the probability of a lo...
Preview 3 out of 21 pages
Add to cartExposures 
Ans: things of value (assets) that could be lost 
Perils 
Ans: things that cause injury or loss 
risk 
Ans: a calculated possibility of a negative outcome 
Frequency 
Ans: the number of losses (such as fire or theft) that occur within a specified time 
period. aka the probability of a lo...
types of risk 
 -:- -pure risk 
 -speculative risk 
 -diversifiable risk 
 -nondiversifiable risk 
 -enterprise risk 
 -systemic risk 
risk 
 -:- uncertainty concerning the occurrence of a loss 
uncertainty 
 -:- probabilities cannot be estimated 
loss exposure 
2 | P a g e | G r a d e A + | 2 0 2 4...
Preview 4 out of 31 pages
Add to carttypes of risk 
 -:- -pure risk 
 -speculative risk 
 -diversifiable risk 
 -nondiversifiable risk 
 -enterprise risk 
 -systemic risk 
risk 
 -:- uncertainty concerning the occurrence of a loss 
uncertainty 
 -:- probabilities cannot be estimated 
loss exposure 
2 | P a g e | G r a d e A + | 2 0 2 4...
Auto Insurance 
 -:- -6 or 12 month policy 
 -premiums usually paid monthly or quarterly 
5 general types of auto coverage 
 -:- 1. liability 
 2. damage 
 3. uninsured motorist 
 4. medical payments 
 5. convenience coverage 
Personal Auto Policy (PAP) 
 -:- --3rd party coverages (payments to someo...
Preview 4 out of 46 pages
Add to cartAuto Insurance 
 -:- -6 or 12 month policy 
 -premiums usually paid monthly or quarterly 
5 general types of auto coverage 
 -:- 1. liability 
 2. damage 
 3. uninsured motorist 
 4. medical payments 
 5. convenience coverage 
Personal Auto Policy (PAP) 
 -:- --3rd party coverages (payments to someo...
Major Types of Private Insurers 
 -:- Stock Insurers 
 Mutual Insurers 
 Lloyds of London 
stock insurer 
 -:- a corporation owned by stockholders 
objective is to earn profit for stockholders by increasing dividends 
mutual insurer 
 -:- a corporation owned by the policyholders 
profits are distrib...
Preview 2 out of 8 pages
Add to cartMajor Types of Private Insurers 
 -:- Stock Insurers 
 Mutual Insurers 
 Lloyds of London 
stock insurer 
 -:- a corporation owned by stockholders 
objective is to earn profit for stockholders by increasing dividends 
mutual insurer 
 -:- a corporation owned by the policyholders 
profits are distrib...
Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of 
$136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was 
Lannister's collision loss frequency in 2019? 
 -:- 0.08 (16k/200k) 
Lannister Insurance Company insures 200,000 vehicles. In ...
Preview 4 out of 112 pages
Add to cartLannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of 
$136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was 
Lannister's collision loss frequency in 2019? 
 -:- 0.08 (16k/200k) 
Lannister Insurance Company insures 200,000 vehicles. In ...
Basic Parts of an Insurance Contract 
 -:- 1. Declarations 
 2. Definitions 
 3. Insuring agreement 
 4. Exclusions 
 5. Conditions 
 6. Miscellaneous provisions 
Declarations 
 -:- statements that provide information about the particular property or 
activity to be insured 
definitions 
 -:- state...
Preview 4 out of 37 pages
Add to cartBasic Parts of an Insurance Contract 
 -:- 1. Declarations 
 2. Definitions 
 3. Insuring agreement 
 4. Exclusions 
 5. Conditions 
 6. Miscellaneous provisions 
Declarations 
 -:- statements that provide information about the particular property or 
activity to be insured 
definitions 
 -:- state...
Peril 
 -:- Cause of loss 
Risk 
 -:- Uncertainty about chance, timing, or amount of loss 
Chance of Loss 
 -:- Probability that an event will occur 
Objective Risk 
 -:- The relative variation of actual loss from expected loss; (ActualExpected)/Expected; higher variation means higher risk 
Law of ...
Preview 3 out of 25 pages
Add to cartPeril 
 -:- Cause of loss 
Risk 
 -:- Uncertainty about chance, timing, or amount of loss 
Chance of Loss 
 -:- Probability that an event will occur 
Objective Risk 
 -:- The relative variation of actual loss from expected loss; (ActualExpected)/Expected; higher variation means higher risk 
Law of ...
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 lo...
Preview 3 out of 23 pages
Add to cartExposures 
 -:- 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 lo...
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 ...
Preview 2 out of 12 pages
Add to cartStock 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 ...
exposures 
 -:- things of value (assets) that could be lost 
perils 
 -:- things that could happen to assets 
risk management 
 -:- a process that identifies loss exposures faced by an organization and 
selects the most appropriate techniques for treating such exposures 
risk 
 -:- a calculated pos...
Preview 1 out of 3 pages
Add to cartexposures 
 -:- things of value (assets) that could be lost 
perils 
 -:- things that could happen to assets 
risk management 
 -:- a process that identifies loss exposures faced by an organization and 
selects the most appropriate techniques for treating such exposures 
risk 
 -:- a calculated pos...
Philidelphia judicial hellhole 
 -:- Reputation for excessive verdicts and its "open door" policy to out 
of state 
Georgia judicial hellhole 
 -:- Continue rise in nuclear verdicts, increasing role of third-party 
litigation financing, and premise liability. trial lawyers and jackpot verdict 
...
Preview 3 out of 27 pages
Add to cartPhilidelphia judicial hellhole 
 -:- Reputation for excessive verdicts and its "open door" policy to out 
of state 
Georgia judicial hellhole 
 -:- Continue rise in nuclear verdicts, increasing role of third-party 
litigation financing, and premise liability. trial lawyers and jackpot verdict 
...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.
No, you only buy these notes for $52.57. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now