Rmi exam - Study guides, Class notes & Summaries

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

chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market value -broad evidence rule actual cash value - ...

Which one of the following is TRUE? A. It's the total amount of expected losses that causes risk. B. The Law of Large Numbers will work if you group together houses and commercial buildings for purposes of fire insurance. C. Liability risks are relatively easy for insurers to price. D. For new types of risk, the Coefficient of Variation (COV) is high. E. None of the above are TRUE. - ANSWER Correct answer: D. For new types of risk, the Coefficient of Variation (COV) is high. Which on...

Which one of the following is TRUE? A. It's the total amount of expected losses that causes risk. B. The Law of Large Numbers will work if you group together houses and commercial buildings for purposes of fire insurance. C. Liability risks are relatively easy for insurers to price. D. For new types of risk, the Coefficient of Variation (COV) is high. E. None of the above are TRUE. - ANSWER Correct answer: D. For new types of risk, the Coefficient of Variation (COV) is high. Which on...

RMI exam 1 Complete Questions And Answers Risk defined - ANSWER - A situation involving exposure to danger - uncertainty concerning the occurrence of a loss - possibility of loss on the person or entity that is insured Peril - ANSWER Cause of a loss - auto accident: collision is the peril Hazard - ANSWER Condition that increases the chance of a loss Physical hazard - ANSWER Physical condition that increases the frequency/severity of loss Moral hazard - ANSWER Dishonesty or ...

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centralize loss retention - ANSWER because an organization is able to insure all of its subsidiaries with the same pure captive, it is more likely to be able to a long-term relationship with a reinsurer enables a primary insurer to consistently fulfill producers' requests for insurance - ANSWER which one of the following statements is correct regarding treaty reinsurance collects premiums. issues policies, and pays covered losses - ANSWER a captive insurer the severity of losses transf...

chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market value -broad evidence rule actual cash value - ...

RMI 4115 Exam 1 questions with correct answers

RMI LAW FINAL EXAM STUDY A+ GRADED.