RMIN 5100 Uga Test 1 Exam Questions and Answers 100% Solved Graded A+
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Course
RMIN
Institution
RMIN
RMIN 5100 Uga Test 1 Exam Questions
and Answers 100% Solved Graded A+
risk manager - evaluates risks and determines best approach to
manage risks
risk control - techniques to reduce frequency/severity of losses
risk financing - techniques to pay for losses
retention - paying for the loss out ...
risk manager - ✔✔evaluates risks and determines best approach to
manage risks
risk control - ✔✔techniques to reduce frequency/severity of losses
risk financing - ✔✔techniques to pay for losses
retention - ✔✔paying for the loss out of pocket
transfer - ✔✔using a contract to place the risk on another party
insurance - ✔✔insurance company covers part of the loss (risk financing)
agent - ✔✔someone who legally represents the principal and has the
authority to act on the principal's behalf
independent agent - ✔✔agent has contracts with several insurance
companies
exclusive/captive agent - ✔✔sell products only for one specific company
broker - ✔✔works with multiple insurers but represents the buyer
,underwriter - ✔✔makes decisions to accept or reject applications for
insurance
actuary - ✔✔handle the ratemaking function with insurance companies
ratemaking - ✔✔pricing of insurance and the calculation of insurance
companies
claim adjusting - ✔✔the process of determining coverage, legal liability and
damages, and settling the claim
claims process - ✔✔notice of loss
claim investigation
proof of loss
payment of loss or denial of claim
admitted market - ✔✔regulated by state, access to guarantee fund
non-admitted market - ✔✔Excess and Surplus, not regulated by the state,
has two intermediaries
categories of commercial loss exposures - ✔✔property loss
personnel loss
liability loss
net income loss
methods to identify loss exposures - ✔✔document analysis
, compliance reviews
inspections
expertise
methods of risk control - ✔✔avoidance
loss prevention
loss reduction
separation
diversification
duplication
peril - ✔✔causes the loss (car accident)
hazard - ✔✔increases the frequency/severity of the loss (icy road)
types of hazards - ✔✔physical
moral
morale
legal
engineering approach - ✔✔attacks hazards by reviewing and improving the
design and location of properties and equipment to reduce number of
hazards
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