Rmi 300 - Study guides, Class notes & Summaries

RMI 300 Final Exam UPDATED Exam Questions and CORRECT Answers What are the different parts of an insurance contract? - CORRECT ANSWER- 1. Declarations page 2. Insuring agreement 3. Exclusions 4. Conditions 5. Attachments What are the different parts in the declarations page? - CORRECT ANSWER- 1. Exposure information 2. Insurer and policy information

RMI 300 Final Exam UPDATED ACTUAL Exam Questions and CORRECT Answers What are the 3 ways a company decides who takes on what risks? - CORRECT ANSWER- -Better Opportunity to pool -Better way to use loss control incentives -Who has the benefit in taxes Prevention - CORRECT ANSWER- Any measure that lessens the probability (frequency) of loss but does not eliminate it

RMI 300: Exam 2 Latest 2024 Graded A+ random variable variables whose outcomes are uncertain and can have different values how to develop probability distributions 1) identify all possible outcomes 2) calculate probabilities for all possible outcomes collectively exhaustive account for all possibilities mutually exclusive define so that the occurrence of one outcome precludes the occurrence of any other discrete distribution when variables are integers, that is, distinct value...

RMI 300 Final Exam 2022 with all the correct answers

RMI 300 Final Exam ACTUAL Exam Questions and CORRECT Answers Framing- How to mitigate the Bias - CORRECT ANSWER- is the way we define the decision to be made. Think of a picture frame, which is a lens through which we see the situation. Some qualities are inside and some outside. -Restate/reframe the issue before making a decision. -Work towards neutral representations. -Recognize the influence of gains versus losses; most effective concessions are those that reduce the opponents los...

RMI 300 Exam 1 Rated A+ 2024

RMI 300 Final Exam | With complete solution 2024/25 | Rated A+

RMI 300: Exam 2 Questions With 100% Correct Answers random variable - answervariables whose outcomes are uncertain and can have different values how to develop probability distributions - answer1) identify all possible outcomes 2) calculate probabilities for all possible outcomes collectively exhaustive - answeraccount for all possibilities mutually exclusive - answerdefine so that the occurrence of one outcome precludes the occurrence of any other discrete distribution - answerwhen var...

RMI 300 Final Exam Questions and Answers 100% Pass What are the different parts of an insurance contract? - ANSWER-1. Declarations page 2. Insuring agreement 3. Exclusions 4. Conditions 5. Attachments What are the different parts in the declarations page? - ANSWER-1. Exposure information 2. Insurer and policy information What is the exposure information used for in the declarations page of an insurance contract? - ANSWER-Underwriting purposes What does the exposure information contain...

RMI 300 Final Exam Practice Questions and Answers What are the 3 ways a company decides who takes on what risks? - ANSWER--Better Opportunity to pool -Better way to use loss control incentives -Who has the benefit in taxes Prevention - ANSWER-Any measure that lessens the probability (frequency) of loss but does not eliminate it Reduction - ANSWER-Any effort that lessens the size (severity) of losses that do occur Avoidance - ANSWER-Marking decisions with the intention of eliminating eit...