Rmin test 2 - Study guides, Class notes & Summaries

RMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedRMIN 4000 Edmunds Test 3 Questions and Answers 100% VerifiedBasic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activi...

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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...

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RMIN 4000 Test 2 Daniel Brown With Verified Correct Answers 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 represent policyholders to arrange covera...

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...

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RMIN 4000 Test 2 UGA Marc Ragin with Complete SolutionsRMIN 4000 Test 2 UGA Marc Ragin with Complete SolutionsRMIN 4000 Test 2 UGA Marc Ragin with Complete SolutionsRMIN 4000 Test 2 UGA Marc Ragin with Complete Solutions 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