Rmin test 2 - Study guides, Class notes & Summaries

RMIN Test 1 pt 2 Questions & Answers All of the following are characteristics of insurance EXCEPT A) risk avoidance. B) pooling of losses. C) payment of fortuitous losses. D) indemnification. - ANS-A) risk avoidance. Which of the following is implied by the pooling of losses? A) sharing of losses by an entire group B) inability to predict losses with any degree of accuracy C) substitution of actual loss for average loss D) increase of objective risk - ANS-A) sharing of losses by...

RMIN Test 2 Daniel Brown UGA Study Guide Solutions stock insurers mutual insurers Lloyd's of London - ANSWER-Major Types of Private Insurers stock insurer - ANSWER-a corporation owned by stockholders objective is to earn profit for stockholders by increasing the value of the stock and paying dividends mutual insurer - ANSWER-a corporation owned by policyholders profits are distributed to policyholders by dividends or rate reductions advance premium mutual assessment mutual Copyrigh...

RMIN Test 1 pt 2 Questions & Answers

RMIN TEST 2 Questions with verified correct answers.

RMIN 4000 Brown Test 2 Questions With Verified Correct Answers Major Types of Private Insurers - ANSWER Stock Insurers Mutual Insurers Lloyd's of London Stock Insurer - ANSWER A corporation owned by stockholders. Objective is to earn profit for stockholders by increasing the value of the stock and paying dividends. Ex: Allstate, Progressive, MetLife Mutual Insurer - ANSWER A corporation owned by policyholders. Profits are distributed to policyholders by dividends or rate redu...

RMIN 5100S Test 2 Brown QUESTIONS AND VERIFIED CORRECT ANSWERS 1. categories of commercial loss exposures (4)√√correct answer√√ 1. property 2. personnel 3. liability 4. net income 2. commercial property loss exposures√√correct answer√√ type of property causes of loss to property financial consequences of property losses commercial property coverage part 3. types of property√√correct answer√√ real and personal 4. real property√√correct answer√√ l...

Gross Premium - ANSWER-Total premium charged per unit of coverage Risk Charge - ANSWER-Estimation of risk of the insurer. 3* SD/ per person Admin Costs - ANSWER-Money spent in daily operations of company. Ex. Salaries, overhead, marketing Expected Loss - ANSWER-Expected frequency * expected severity Fortuitous - ANSWER-Random, accidental, no control over E(F)/E(S) Underwriting - ANSWER-process of classifying a risk Risk based pricing - ANSWER-Higher the risk you are, the more t...

categories of commercial loss exposures (4) - 1. property 2. personnel 3. liability 4. net income commercial property loss exposures - type of property causes of loss to property financial consequences of property losses commercial property coverage part types of property - real and personal real property - land & buildings, all property permanently attached to buildings, driveways, sidewalks, underground piping, etc, plumbing, wiring, HVAC personal property - all property that is not...

RMIN 5100S- Test 2 Questions With Complete Solutions.