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

RMIN 4000 test 2, UGA

Stock Insurer -:- Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer -:- Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London -:- Specialized lines of business. Brokers 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 Excel! 2 0 2 4 /2025 | © copyright ...

RMIN 4000 Test 2 Daniel Brown Questions with verified correct answers

RMIN 4000 Test 2 UGA Marc Ragin

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 property at the time of loss 3 main methods to determine actual cash value: - ANSWER--Replacement cost less depreciation -Fair market value -Broad evidence rule There are ...

RMIN 4000 Test 2 Daniel Brown Questions & Answers

Stock Insurer - correct answer Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - correct answer Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London - correct answer Specialized lines of business. Brokers - correct answer represent policyholders to arrang...

Stock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London - ANSWER-Specialized lines of business. Brokers - ANSWER-represent policyholders to arrange coverage with syndicates. Lega...

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 property at the time of loss 3 main methods to determine actual cash value: - ANSWER--Replacement cost less depreciation -Fair market value -Broad evidence rule There are ...

Stock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Premium Mutual Assessment Mutual Fraternal Insurer Lloyd's of London - ANSWER-Specialized lines of business. Brokers - ANSWER-represent policyholders to arrange coverage with syndicates. Lega...