RMIN4000 FINAL EXAM BROWN Questions and Correct Answers | Latest Update
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Course
RMIN 4000
Institution
RMIN 4000
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 ...
RMIN4000 FINAL EXAM BROWN Questions
and Correct Answers | Latest Update
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 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 severity in 2019?
✓ -:- 8500 (136M/16K)
Michael Scott owns a condominium in Scranton, PA. A fire breaks out when his girlfriend,
Jan, is dancing and knocks over a candle. The fire damages the condo and Michael's most
prized possession - his plasma TV. The damage to Michael's plasma TV is considered a(n):
✓ -:- direct loss
What is the most important step in the risk management process?
Antonio is employed by an insurance company. He reviews applications to determine
whether his company should insure the applicant. Antonio assigns the applicant to a rating
category based on the applicant's degree of risk. Antonio is a(n):
✓ -:- underwriter
Walter White is the owner of A1A Car Wash. Jesse Pinkman is a regular A1A customer.
One day, while waiting for his car to be washed, Jesse slipped on a wet spot on the floor
and injured his back. As a result of his injury, he threatens to file suit against Walt and A1A
4|P a g e | G r a d e A + | 2 0 2 0 2 5
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