RMIN 4000 UGA Edmunds Exam 4 Questions and Answers | Latest Update | 2024/2025 | 100% Pass
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Course
RMIN 4000 UGA Edmunds
Institution
RMIN 4000 UGA Edmunds
RMIN 4000 UGA Edmunds Exam 4
Questions and Answers | Latest Update |
2024/2025 | 100% Pass
What is risk management?
Risk management involves identifying, assessing, and prioritizing risks followed by
coordinated efforts to minimize or control their impact.
What is a risk transfer strat...
RMIN 4000 UGA Edmunds Exam 4
Questions and Answers | Latest Update |
2024/2025 | 100% Pass
What is risk management?
✔✔ Risk management involves identifying, assessing, and prioritizing risks followed by
coordinated efforts to minimize or control their impact.
What is a risk transfer strategy?
✔✔ Risk transfer involves shifting the financial burden of risk from one party to another, often
through insurance or contractual agreements.
What is deductible in insurance terms?
✔✔ A deductible is the amount the insured must pay out of pocket before the insurance company
begins to cover the remaining costs.
What does underwriting mean in the insurance industry?
✔✔ Underwriting is the process of evaluating risks and determining the terms and pricing of
insurance coverage.
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,What is moral hazard in risk management?
✔✔ Moral hazard refers to the increased likelihood of a risk occurring due to the behavior of an
individual who is insulated from the consequences.
What is a premium in insurance?
✔✔ A premium is the amount paid periodically by the insured to the insurance company in
exchange for coverage.
What does claims adjustment involve?
✔✔ Claims adjustment involves the process of investigating and settling insurance claims,
including determining the amount to be paid.
What is reinsurance?
✔✔ Reinsurance is insurance purchased by insurance companies to protect themselves from
large losses by transferring some of their risk to another insurer.
What is the purpose of a loss control program?
✔✔ A loss control program aims to reduce the frequency and severity of losses by implementing
safety and risk management measures.
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, What is coverage limit in an insurance policy?
✔✔ Coverage limit is the maximum amount an insurance company will pay for a covered loss.
What is exclusion in an insurance policy?
✔✔ An exclusion is a provision in an insurance policy that specifies what is not covered under
the policy.
What is moral hazard in the context of insurance?
✔✔ Moral hazard refers to the risk that the behavior of the insured may change as a result of
having insurance coverage.
What is peril in insurance terminology?
✔✔ A peril is a specific risk or cause of loss covered by an insurance policy, such as fire, theft,
or flood.
What is a rider in an insurance policy?
✔✔ A rider is an additional provision or endorsement added to an insurance policy to modify its
coverage or terms.
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