Rmi 211 - Study guides, Class notes & Summaries

©SOPHIABENNETT@ Sunday, August 25, 2024 2:42 PM 3 Under an original age conversion, the policy owner must pay a financial adjustment in addition to the premium for the new policy. Evidence of insurability is required before a conversion is permitted. Most insurers require original age conversion to take place within a specified period (5 years, for example) of the issue of the term policy. - Answer️️ -Evidence of insurability is required before a conversion is permitted. All of the...

um provisions, if an insured becomes disabled: 1. premiums are continued to be paid by the insurance company on behalf of the insured 2. premiums paid by the insured are waived by the insurance company - answer2. only Ann is considering the purchase of a life insurance policy with these characteristics: flexible premium payments, the insurance and savings components are separate, the interest rate credited to the cash value is tied to a changing market interest rate but a minimum interest r...

RMI 211 MSU Exam 1 STUDY GUIDE WITH COMPLETE SOLUTIONS Peril - Answer️️ -Cause of a lost Hazard - Answer️️ -Condition that creates frequency or severity of loss Chance of Loss - Answer️️ -the probability that an event will occur Pure Risk - Answer️️ -A situation in which there are only the possibilities of loss or no loss Objective Probability - Answer️️ -the long-run relative frequency of an event based on the assumptions of an infinite number of observations and of...

RMI 211: Chapter 3 - Introduction to Risk Management Exam Study Guide Risk Management - Answer️️ -a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures Loss Exposure - Answer️️ -any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Pre-Loss Objectives - Answer️️ --Prepare for potential losses in the most economical way -Reduce anxiety -Meet any legal ...

RMI211 Practice Exam 3 Practice Questions and Answers The major reasons for insurer insolvency include which of the following: I. Inadequate pricing and loss reserves II. Rapid Growth and inadequate surplus A. I only B. II only C. both I and II D. Neither I norII - Answer️️ -C Which of the following is a principal method of insuring the solvency of insurers? A. requiring submission of annual financial statements to state regulators B. tracking and investing market conduct complai...

RMI 211 Mock Test Questions With Correct Answers 1) A family's automobile that is a total loss as a result of a collision is an example of which of the following types of risk? I. Speculative risk II. Diversifiable risk A) I only B) II only C) both I and II D) neither I nor II - answerB 2) All of the following are programs to insure nondiversifiable risks EXCEPT A) federal flood insurance. B) auto physical damage insurance. C) Social Security. D) unemployment insurance. - answerB ...

RMI 211 EXAM 1 Questions With Correct Answers What is Risk? - answerUncertainty regarding loss Objective Risk - answerthe relative variation of actual loss from expected loss Subjective Risk - answeruncertainty based on a person's mental condition or state of mind (difficult to measure) objective probability - answerLikelihood that a specific result will occur, based on hard facts and numbers a priori - answerby logical deduction such as in games of chance empirically - answerby induct...

©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM RMI 211 EXAM 1 – Meek Questions With Correct Answers Uncertainty concerning the occurrence of a loss - answerRisk the property or life that is being considered for insurance - answerInsurance form of risk any situation or circumstance in which a loss is possible, regardless of whether a loss occurs - answerLoss exposure the relative variation of actual loss from expected loss - answerObjective risk uncertainty based on a person's men...

©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM RMI 211 Exam 1 Study Guide Questions With Correct Answers Uncertainty concerning the occurrence of an event (usually a loss) - answerrisk used in situations where such probabilities cannot be estimated - answeruncertainty Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs - answerLoss Exposure - defined as the relative variation of actual loss from expected loss - It can be statistically calcu...