Rmi insurance final exam - Study guides, Class notes & Summaries

RMI Insurance Final Exam stu Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for co...

Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for coverage that should be provided...

Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for coverage that should be provided...

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 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...

International Risk (RMI 3567) Final Exam Questions and Answers Design Defect* - Correct Answer ️️ -A flaw or deficiency in the design of a product that makes it unreasonably dangerous to users. Can result in product liability where manufacturers/designers may be held responsible for injuries or damages caused by the defective design. Manufacturing Defect* - Correct Answer ️️ -A defect that occurs during the manufacturing process, causing a product to deviate from its intended desi...

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...

International Risk (RMI 3567) Final Exam Questions and Answers Design Defect* - Correct Answer ️️ -A flaw or deficiency in the design of a product that makes it unreasonably dangerous to users. Can result in product liability where manufacturers/designers may be held responsible for injuries or damages caused by the defective design. Manufacturing Defect* - Correct Answer ️️ -A defect that occurs during the manufacturing process, causing a product to deviate from its intended desi...

RMI FInal Exam| 100 Questions| Accurate Executor Funds - ANSWER burial expenses, estate settlement costs Income needs of financially-dependent survivors - ANSWER Children Spouse or partner Other dependents (grandchildren, siblings, parents, friends, etc.) Business-related exposures - ANSWER Dependent projects (e.g., client relationships) Replacement of key employee Ownership Face Amount NEEDS - ANSWER Executor funds Income needs of financially-dependent survivors Business-related ...

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...