Rmin test 2 - Study guides, Class notes & Summaries

RMIN Test 2 Daniel Brown UGA Questions and Answers | Latest Update | 2024/2025 | 100% Pass Why is risk control essential in risk management, beyond just buying insurance? Risk control reduces the frequency and severity of losses, making it easier to manage and transfer risks effectively. How does the law of large numbers benefit insurance companies? The law of large numbers helps insurance companies predict losses more accurately by pooling a large number of similar risks. W...

RMIN Test 1 pt 2 Questions & Answers

RMIN 4000 Brown Test 2 Questions With Verified Correct Answers Major Types of Private Insurers - ANSWER Stock Insurers Mutual Insurers Lloyd's of London Stock Insurer - ANSWER A corporation owned by stockholders. Objective is to earn profit for stockholders by increasing the value of the stock and paying dividends. Ex: Allstate, Progressive, MetLife Mutual Insurer - ANSWER A corporation owned by policyholders. Profits are distributed to policyholders by dividends or rate redu...

RMIN 5100S Test 2 Brown QUESTIONS AND VERIFIED CORRECT ANSWERS 1. categories of commercial loss exposures (4)√√correct answer√√ 1. property 2. personnel 3. liability 4. net income 2. commercial property loss exposures√√correct answer√√ type of property causes of loss to property financial consequences of property losses commercial property coverage part 3. types of property√√correct answer√√ real and personal 4. real property√√correct answer√√ l...

RMIN TEST 2 Questions with verified correct answers.

Gross Premium - ANSWER-Total premium charged per unit of coverage Risk Charge - ANSWER-Estimation of risk of the insurer. 3* SD/ per person Admin Costs - ANSWER-Money spent in daily operations of company. Ex. Salaries, overhead, marketing Expected Loss - ANSWER-Expected frequency * expected severity Fortuitous - ANSWER-Random, accidental, no control over E(F)/E(S) Underwriting - ANSWER-process of classifying a risk Risk based pricing - ANSWER-Higher the risk you are, the more t...

categories of commercial loss exposures (4) - 1. property 2. personnel 3. liability 4. net income commercial property loss exposures - type of property causes of loss to property financial consequences of property losses commercial property coverage part types of property - real and personal real property - land & buildings, all property permanently attached to buildings, driveways, sidewalks, underground piping, etc, plumbing, wiring, HVAC personal property - all property that is not...

RMIN 5100S- Test 2 Questions With Complete Solutions.