Rmin 4000 - Study guides, Class notes & Summaries

RMIN 4000- Exam 1|192 Questions and Answers|100% Accurate

RMIN 4000 Exam 2 Questions and Answers Already Passed Major Types of Private Insurers Stock Insurers Mutual Insurers Lloyds of London Stock Insurer -A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual Insurer -a corporation owned by policyholders. -profits are distributed to policyholders by dividends or rate reductions. (statefarm, nationwide, liberty mutual) ty...

RMIN 4000 Exam 1 Brown Questions and Answers 100% Accurate RMIN 4000 Exam 1 Brown Questions and Answers 100% Accurate RMIN 4000 Exam 1 Brown Questions and Answers 100% Accurate Textbook definition of RISK - ANSWER-Uncertainty concerning the occurrence of a loss Better definition of RISK - ANSWER-A calculated possibility of a negative outcome Calculated Possibility - ANSWER-0 = Impossible event (NO RISK)

RMIN 4000 Test 4 Brown 2024 Graded A

RMIN 4000 Exam 4 Brown UGA

RMIN 4000 Final Exam with Certified Solutions Peril Cause of loss Risk Uncertainty about chance, timing, or amount of loss Chance of Loss Probability that an event will occur Objective Risk The relative variation of actual loss from expected loss; (Actual- Expected)/Expected; higher variation means higher risk Law of Large Numbers Objective risk varies inversely with the square root of the number of cases Subjective Risk Uncertainty based on a person's mental condition or...

RMIN 4000 Test 3 Brown Latest Version Already Passed Principal of Indemnity insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value the price at which property would sell Val...

RMIN 4000 Exam 3|98 Questions with Accurate Answers

RMIN 4000 Exam 3 - Topics 8,9,10 Questions and Answers 100% Pass How long is an auto insurance policy? usually 6 or 12 months Who writes auto insurance policies? ISO What is ISO? Insurance Services Office Five General Types of Coverage for Auto Insurance 1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Damage 5. Convenience Coverage When is liability coverage implemented in auto? when you have a liability to a 3rd party for property damage (PD) or bodily injury (BI)...

RMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% CorrectRMIN 4000 Exam 2 Questions and Answers 100% Correct Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) ...