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Exam (elaborations)

RMIN 4000 UGA TEST 1 QUESTIONS AND ANSWERS 2024

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RMIN 4000 UGA TEST 1 QUESTIONS AND ANSWERS 2024

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  • November 9, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMIN 4000 UGA
  • RMIN 4000 UGA
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RMIN 4000 UGA TEST 1

social insurance programs - ANSWERS--social security, unemployment, workers
comp

-financed entirely or in large party by contributions from employers and /or
employees

-In favor of low income groups



other govt' insurance programs - ANSWERS--found at both the federal and state
level

-examples: federal flood insurance, state health insurance pools



social benefits of insurance - ANSWERS--indemnification for loss

-reduction of worry and fear

-source of investment funds

-loss prevention

-enhancement of credit



social costs of insurance - ANSWERS--cost of doing business:

an expense loading is the amount needed to pay all expenses, including
commissions, general administrative expenses, taxes, acquisition expenses, and
for contingencies and profit

,-fraudulent claims

-inflated claims



captive insurer - ANSWERS-insurer owned by a parent firm for the purpose of
insuring the parent firm's loss exposures



-single parent captive

-association or group captive is owned by several parents



Retention advantages - ANSWERS--save on loss costs

-save on expenses

-encourage loss prevention

-increase cash flow



retention disadvantages - ANSWERS--possible higher losses

-possible higher expenses

-possible higher taxes



non-insurance transfer - ANSWERS-method other than insurance by which a pure
risk and its potential financial consequences are transferred to another party

example: leases, contracts, hold holdharmless agreements

, non-insurance transfer advantages - ANSWERS--can transfer some losses that are
not insurable

-less expensive

-can transfer loss to someone who is in a better position to control losses



non-insurance transfer disadvantages - ANSWERS--contract language may be
ambiguous, so transfer may fail

-if the other party fails to pay, firm is still responsible for the loss

-insurers may not give credit for transfers



deductible - ANSWERS-specified amount subtracted from the loss payment
otherwise payable to the insured



excess insurance policy - ANSWERS--the insurer pays only if the actual loss
exceeds the amount a firm has decided to retain



rate - ANSWERS-price per unit of insurance



exposure unit - ANSWERS-unit of measurement used in insurance pricing



actuary - ANSWERS-rates and premiums are determined by this using company
past loss experience and industry statistics

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