Rmi insurance exam - Study guides, Class notes & Summaries

International Risk (RMI 3567) Final Exam Questions and Answers Design Defect* - Correct Answer ️️ -A flaw or deficiency in the design of a product that makes it unreasonably dangerous to users. Can result in product liability where manufacturers/designers may be held responsible for injuries or damages caused by the defective design. Manufacturing Defect* - Correct Answer ️️ -A defect that occurs during the manufacturing process, causing a product to deviate from its intended desi...

RMI 2101 Exam 2 Questions With Verified And Updated Answers What are risk transfers of the financing type? (6) - answerInvolves 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) - answerInsurance: transfer financial re...

RMI 2101 Exam 3 Questions With Verified And Updated Answers Insurance Supply - answerInsurers are willing to sell insurance at a particular price. Pi - answerPrice of insurance Pi = P* + Risk Charge + Loading Pmax - answerthe most an individual will pay for insurance for a particular risk. Risks are insurarable if.. - answerPi < Pmax Why might Pi > Pmax? - answer- Pi is too high - risk charge is too high, loading costs are too high. - Pmax is too low - individuals underestimate th...

RMI FInal Exam| 100 Questions| Accurate Executor Funds - ANSWER burial expenses, estate settlement costs Income needs of financially-dependent survivors - ANSWER Children Spouse or partner Other dependents (grandchildren, siblings, parents, friends, etc.) Business-related exposures - ANSWER Dependent projects (e.g., client relationships) Replacement of key employee Ownership Face Amount NEEDS - ANSWER Executor funds Income needs of financially-dependent survivors Business-related ...

RMI 2302 Nyce Module 8 Exam Questions With Verified Answers Business risk - answerDeviations in profitability. This is a very broad category of risk that is caused by operational, hazard, financial, or strategic risks. Business risk can be caused by: - answer• Prices • Regulation • Competition, etc Operation risk - answerPotential losses from internal sources: • Manufacturing processes • Fraud • Mismanagement • Employee mistakes Hazard risk - answerTypically used in ins...

RMI 2101 Exam 2 Questions With Verified And Updated Answers What are risk transfers of the financing type? (6) - answerInvolves 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) - answerInsurance: transfer financial re...

RMI 2101 Exam 3 Questions With Verified And Updated Answers Insurance Supply - answerInsurers are willing to sell insurance at a particular price. Pi - answerPrice of insurance Pi = P* + Risk Charge + Loading Pmax - answerthe most an individual will pay for insurance for a particular risk. Risks are insurarable if.. - answerPi < Pmax Why might Pi > Pmax? - answer- Pi is too high - risk charge is too high, loading costs are too high. - Pmax is too low - individuals underestimate th...

RMI 2303 Exam 1 Nyce Questions With 100% Correct Answers Which describes the immediate cause of a loss - answerperil Carly is involved in a 3 car auto accident. Which risk is this an example of - answerparticular risk risk prevention and risk reduction are both included in which of the following - answerrisk (loss) control which is a common pre-loss objective - answereconomy which is the last step in the risk management process (but is often done first)? - answerreview and evaluate ris...

RMI 2101 Topic 10 Exam Questions With Verified And Updated Answers Employee Benefits - answerAny type of compensation other than direct current salary or wages Reasons why firms offer employee benefits - answer-Attract and retain capable employees -Tax advantages -Productivity and better employee relations -Employer can take advantage of group insurance Non-Contributory Benefit Financing - answerEmployer pays for the full cost of the plan. The employee is covered without making a financ...

RMI 2101 Topic 10 Exam Questions With Verified And Updated Answers Employee Benefits - answerAny type of compensation other than direct current salary or wages Reasons why firms offer employee benefits - answer-Attract and retain capable employees -Tax advantages -Productivity and better employee relations -Employer can take advantage of group insurance Non-Contributory Benefit Financing - answerEmployer pays for the full cost of the plan. The employee is covered without making a financ...