Rmin 4000 uga - Study guides, Class notes & Summaries

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that the costs of defense will not erode the coverage limits available for payment of claims. •But, the duty to defend ENDS when limits have been exhausted through actual payment of claims Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be ...

RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024 1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. -Answer-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental...

RMIN 4000 uga test 1|102 Questions And Answers

RMIN 4000 UGA Test 1. Chapters 1-3 | Latest Update | 2024/2025 | Graded A+ What is risk in the context of insurance? A) A situation where loss is certain B) Uncertainty concerning the occurrence of a loss C) A guarantee of financial gain D) The absence of any potential hazards B) Uncertainty concerning the occurrence of a loss What is the primary purpose of insurance? A) To eliminate all risks B) To transfer risk to an insurer C) To avoid losses D) To increase wealth B) To tra...

1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANSWER-C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or state of mind. D) the cause of loss. - ANSWER-B ...

RMIN 4000 UGA TEST 1 QUESTIONS & ANSWERS types of risk - ANS--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANS-uncertainty concerning the occurrence of a loss uncertainty - ANS-probabilities cannot be estimated loss exposure - ANS-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs example: earthquake or flood causing damage to a manufacturing plant objective risk (d...

RMIN 4000 UGA Brown Test 4 Exam Review-with 100% verified solutions

RMIN 4000 UGA Brown Test 4 Latest Update Already Passed fee-for-serive a separate fee is paid for each service copayment flat amount the insured must pay each time health services are received calendar year deductible an aggregate deductible that has to be satisfied only once during the calendar year coinsurance the percentage of the medical expenses the policyholder must pay in addition to the deductible amount Out-of-pocket maximum (stop-loss limit) the most the insured wil...

RMIN 4000 UGA test 1|111 Answered Questions A+ Graded

RMIN 4000 uga test 1 (Solved) Correctly 2024!!