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RMIN 5100S Exam 1 - UGA, Brown Questions and Answers 100% Correct $8.99   Add to cart

Exam (elaborations)

RMIN 5100S Exam 1 - UGA, Brown Questions and Answers 100% Correct

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RMIN 5100S Exam 1 - UGA, Brown Questions and Answers 100% Correct Property risk examples - fire, theft, weather Liability risk examples - negligence, wet floors, employee information security, customer credit card info privacy, underage drinking Risk control techniques - loss prevention, loss...

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  • September 27, 2024
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RMIN 5100S Exam 1 - UGA, Brown

Questions and Answers 100% Correct


Property risk examples - ✔✔fire, theft, weather

Liability risk examples - ✔✔negligence, wet floors, employee information

security, customer credit card info privacy, underage drinking

Risk control techniques - ✔✔loss prevention,

loss reduction,

duplication, separation,

diversification,

avoidance

Risk financing techniques - ✔✔retention, transfer, insurance

Risk manager for a small company - ✔✔plays the role of risk manager but

usually doesn't have the title and has other duties

Risk manager for a mid sized company - ✔✔risk manager

Risk manager for a large company - ✔✔Director of enterprise risk

management, CRO

Risk management process - ✔✔1. identify

, 2. Measure and analyze

3. Select the appropriate techniques (avoid, retain, transfer, control)

4. Implement and monitor

Major insurance company operations - ✔✔sales

underwriting

ratemaking

claims

Agents - ✔✔-legally represents the insurance company (principal) and can

act on their behalf

-principal is responsible for acts of the agent (within the scope of authority)

-has authority to bind

Broker - ✔✔Similar to agents but typically used in commercial lines,

typically don't have authority to bind.



Legally represents insured

Underwriting - ✔✔-selecting, classifying, and pricing applicants for

insurance

-can accept or reject applicants based on underwriting guidelines (set by

Chief Underwriting Officer)

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