Rmi exam 3 - Study guides, Class notes & Summaries

RMI exam 2 Correct Questions and Answers(RATED A) What are the 2 basic forms of an insuring agreement - ANSWER 1. named perils coverage: only perils specifically named in the policy are covered 2. open-perils: all losses are covered except losses specifically excluded Describe the 3 major types of exclusions - ANSWER 1. excluded perils (flood, intentional act) 2. excluded losses (a professional liability) 3. excluded property (pets) Describe the miscellaneous provision - ANSWER cance...

RMI 3567 Exam 2 Questions and Answers 100% Correct What are three positive externalities that occurred due to access to terrorism insurance? - Correct Answer ️️ -1. facilitates real estate transaction 2. strengthens businesses' ability to operate in risky areas 3. protects wealth/savings of households in risky areas Pollution from gasoline in a car or industrial pollution would be examples of what? - Correct Answer ️️ -negative externality This is the most common terrorism model...

Exam 4 RMI 3567 Questions and Answers 100% Correct conventional insurance - Correct Answer ️️ -considered haram as it contractually contains haram elements: riba, gharar, maysir riba - Correct Answer ️️ -no equality between premiums paid and compensation received riba - Correct Answer ️️ -"interest" / usury gharar - Correct Answer ️️ -subject matter of the contract is not certain / uncertainty maysir - Correct Answer ️️ -Policyholders are held to be betting premiums ...

RMI 2302 Exam 2 Latest 2024 with Verified Solutions free market fails to protect consumer interests requiring the government to find appropriate ways to protect us from ourselves; rewards those people who understand consumer behavior and can exploit consumer's weaknesses In a world dominated by rational behavior... the government could focus on externalities and focus less on consumers Jeremy Bentham (19th century) Urged politicians to design policies that maximized peoples happ...

RMI 2302 Final Exam Nyce Exam Questions With Verified Answers The number of years between same-sized natural disaster events is also known as - answerReturn Period Frequency and magnitude of natural disasters typically have a _____ ? - answerInverse relationship Risks of "high concern" in the Global Risk Report 2014 - answer1. Food crisis 2. Water crisis 3. Political instability Today, most developed countries have gone from _____ death rates and _____ birth rates to _____ death rate...

RMI 2101 Exam 2 Questions and Answers Already Passed What are risk transfers of the financing type? (6) Involves the transfer of risk through insurance or non-insurance techniques to shift the financial responsibility of a loss to another party. The activity or asset is still exposed to loss. Financial responsibility can be transfered back. Explain the insurance and non-insurance techniques of risk transfers and provide examples. (6) Insurance: transfer financial responsibility to ins...

RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated) Risk Likelihood - answerFrequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to ...

Exam 2 RMI 2302 - FSU Dr. Nyce Exam Questions With Verified Answers Who uses decision making ? - answerIndividuals Organizations Government Individuals use expected ____ - answerUtility Organizations use expected ____ - answerValue What entity is able to take on risk regardless of the reward - answerGov't What is one of the big problems we have with modeling how decisions are made? - answerDecisions are made is that they do not explicitly account for biases on the part of the decision...

RMI 2302 Final Exam Nyce Exam Questions With Verified Answers The number of years between same-sized natural disaster events is also known as - answerReturn Period Frequency and magnitude of natural disasters typically have a _____ ? - answerInverse relationship Risks of "high concern" in the Global Risk Report 2014 - answer1. Food crisis 2. Water crisis 3. Political instability Today, most developed countries have gone from _____ death rates and _____ birth rates to _____ death rate...

RMI 2101 Exam Questions With Verified And Updated Answers Handlers of RM before RM Dept. - answerFinance dept - small org risk manager - med org cro - large org who coined the term Risk Management? - answerProf. Wayne Snider of Temple University STEPS IN THE RM PROCESS - answer1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the...