Rmin 4000 test 2 uga - Study guides, Class notes & Summaries

RMIN 4000 Test 2, UGA Questions and Answers 100% VerifiedRMIN 4000 Test 2, UGA Questions and Answers 100% VerifiedRMIN 4000 Test 2, UGA Questions and Answers 100% Verified Principle of Indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (make you whole again, no gain). Purpose: -To prevent the insured from profiting from a loss -To reduce moral hazard Indemnification in property insurance is - ANSWER-based on the actual cash value (ACV) of the prope...

UGA RMIN 4000 Test 4 Questions and Answers (Graded A)UGA RMIN 4000 Test 4 Questions and Answers (Graded A)UGA RMIN 4000 Test 4 Questions and Answers (Graded A) 5 types of employee benefits - ANSWER-1. Medical expenses 2. Loss of income due to disability 3. Loss of income due to death 4. Loss of income due to retirement 5. Loss of income due to unemployment Medical expenses - ANSWER--health insurance -FSAS/HSAS (pre-tax health savings account) -workers comp. Loss of income due to dis...

RMIN 4000 test 2, UGA

RMIN 4000 UGA Test 1. Chapters 1-3 | Latest Update | 2024/2025 | Graded A+ What is risk in the context of insurance? A) A situation where loss is certain B) Uncertainty concerning the occurrence of a loss C) A guarantee of financial gain D) The absence of any potential hazards B) Uncertainty concerning the occurrence of a loss What is the primary purpose of insurance? A) To eliminate all risks B) To transfer risk to an insurer C) To avoid losses D) To increase wealth B) To tra...

RMIN 4000 test 2, UGA|3 Questions and Answers 2024/2025

RMIN 4000 UGA Test 3 Questions and Answers | Latest Update | 2024/2025 | 100% Pass What is the primary purpose of insurance? The primary purpose of insurance is to transfer risk from the insured to the insurer in exchange for a premium. What is a deductible in an insurance policy? A deductible is the amount the insured must pay out of pocket before the insurance company covers the remaining costs. What is "underwriting"? Underwriting is the process by which an insurance co...

RMIN 4000 UGA TEST 1. CHAPTERS 1-3 QUESTIONS & ANSWERS 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANS-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or s...