Rmi 300 final - Study guides, Class notes & Summaries

RMI 300 Final Exam 2022 with all the correct answers

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

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...

RMI 300 Final Exam Study Guide Solutions Framing- How to mitigate the Bias - 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 losses, not improve an attribute in w...

RMI 300 Final Exam 2023 with all the correct answers| Graded A+

RMI 300 Final Exam 2023 with all the correct answers| Graded A+