Rmin 4000 exam 3 2024 - Study guides, Class notes & Summaries

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

RMIN 4000 Exam 2 - UGA Daniel Brown Study Guide Solutions Updated 2024 Private insurance industry - ANSWER-US insurance industry employed 2.9m - closer to 3m now Insurers paid over $20 billion in premium taxes Major types of private insurers - ANSWER-Stock insurers Mutual insurers Mutual Insurers - ANSWER-Owned by policyholders Profits are distributed to policyholders through dividends or rate reductions Types of mutual insurers - ANSWER-Assessment mutual Advance premium mutual Fratern...

basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page usually contain - ANSWER-name and address, policy dates, amount of insurance, premium and deductible, and other relevant info definitions - ANSWER-key words or phrases are defined so that coverage un...

How long is an auto insurance policy? - ANSWER-usually 6 or 12 months Who writes auto insurance policies? - ANSWER-ISO What is ISO? - ANSWER-Insurance Services Office Five General Types of Coverage for Auto Insurance - ANSWER-1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Damage 5. Convenience Coverage When is liability coverage implemented in auto? - ANSWER-when you have a liability to a 3rd party for property damage (PD) or bodily injury (BI) when is uninsured mo...

principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) actual cash value (ACV) - ANSWER-- replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash value of the property at the tim...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

RMIN 4000 EXAM 3 QUESTIONS AND ANSWERS 2024 Basic Parts of an Insurance Contract - Answer declarations, definitions, insuring agreement, exclusions, conditions, miscellaneous provisions declaration - Answer part of an insurance contract that tells who, what, when, and where, lists the amount of coverage, premiums, and deductibles, and is usually the very first page definition - Answer part of the insurance contract that defines terms like "your covered auto" Insuring Agreement -...

RMIN 4000 EXAM 3 QUESTION AND ANSWERS FALL 2024/2025 GRADED A+ Basic Parts of an Insurance Contract - -declarations, definitions, insuring agreement, exclusions, conditions, miscellaneous provisions declaration - -part of an insurance contract that tells who, what, when, and where, lists the amount of coverage, premiums, and deductibles, and is usually the very first page definition - -part of the insurance contract that defines terms like "your covered auto" Insuring Agreement - -pa...