Rmin 5100s test 1 - Study guides, Class notes & Summaries

Abandonment - - Insurance company may choose to take damaged property and pay insured the value - Insured CANNOT surrender damaged property to insurance company Active Retention - Identify the loss/risk exposure and really consider the risk itself and all the measures around it. (ex. Should we transfer it, retain it etc.) Admitted (standard or retail) Insurance companies - Regulated by the state, They often must subscribe to rating and form regulations of that state. Agent or Broker - "In...

RMIN 5100S Test 1 Atkinson Questions and Answers 100% Pass Risk Manager - "insured" buyer of insurance - Larger companies will have one personal one - Small to mid-sized companies will have someone else who serves this role - Must evaluate risks and determine the best approach to manage risks -- including Loss Control, Retention and transfer techniques Agent or Broker "Intermediary" Facilitates the purchase of insurance. Advises insured. Negotiates with the insurer. Independ...

Brown RMIN 5100s test 1 Questions and Answers, 2024 Categories of commercial loss exposures -️️ 1. property loss 2. personnel loss 3. liability loss 4. net income loss Property loss -️️ -tangible (real estate, personal property) -intangible (patent, copyright) Personnel Loss -️️ death, disability, retirement, injury of employees liability loss -️️ your responsibility for bodily injury, property damage, or financial loss to someone net income loss -️️ reduction in income ...

RMIN 5100S Test 1 Atkinson Questions and Answers | Latest Update | 2024/2025 | Graded A+ What is risk avoidance in risk management? Risk avoidance involves eliminating a risk entirely by choosing not to engage in the activity that creates the risk. How does risk retention function in risk management? Risk retention occurs when an individual or organization chooses to accept and retain the financial responsibility for a risk instead of transferring it to an insurer. What is the...

Brown RMIN 5100s test 1 UPDATED ACTUAL Questions and CORRECT Answers Categories of commercial loss exposures - CORRECT ANSWER- 1. property loss 2. personnel loss 3. liability loss 4. net income loss Property loss - CORRECT ANSWER- -tangible (real estate, personal property) -intangible (patent, copyright)

Brown RMIN 5100s test 1 questions and answers 2024

Brown RMIN 5100s test 1|Questions with 100% Correct Answers | Verified | Latest Update 2024 Graded A+

Brown RMIN 5100s Test 1 Questions and Answers 2024 Categories of commercial loss exposures - Correct Answer-1. property loss 2. personnel loss 3. liability loss 4. net income loss Property loss - Correct Answer--tangible (real estate, personal property) -intangible (patent, copyright) Personnel Loss - Correct Answer-death, disability, retirement, injury of employees liability loss - Correct Answer-your responsibility for bodily injury, property damage, or financial loss to someone net ...

Brown RMIN 5100s test 1|Questions with 100% Correct Answers | Verified | Latest Update 2024 Graded A+

Brown RMIN 5100s test 1 questions and answers 2024 | VERIFIED COMPLETLY 100% | GRADED A+