RMIN 4000 UGA Edmunds Exam 4 Questions and Answers | Latest Update | 2024/2025 | 100% Pass
8 views 0 purchase
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.
1
,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.
2
, 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.
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
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!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
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.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.73. You're not tied to anything after your purchase.
