Rmin 4000 uga test - Study guides, Class notes & Summaries

RMIN 4000 uga test 1 Questions and Answers 100- Verified

RMIN 4000 uga test 1 questions and answers

RMIN 4000 Uga Test 1 UPDATED ACTUAL Exam Questions and CORRECT Answers

RMIN 4000 UGA test 1 Questions and Answers 2024.

Auto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments to someone else): •Part A: Liability Coverage (required by state) --1st party coverages (payments to you): •Part B: Medical Payments Coverage •Part C: Uninsured Motorists Coverage •Part D...

RMIN 4000 UGA Test 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed What are the primary functions of risk management in an organization? The primary functions include identifying, assessing, and mitigating risks to protect assets and ensure business continuity. How does risk assessment contribute to effective risk management? Risk assessment identifies potential risks and evaluates their impact, allowing for the development of strategies to manage and minimiz...

RMIN 4000 UGA Test 3 Questions and Answers | Latest Update | 2024/2025 | 100% Pass What is the primary purpose of insurance? The primary purpose of insurance is to transfer risk from the insured to the insurer in exchange for a premium. What is a deductible in an insurance policy? A deductible is the amount the insured must pay out of pocket before the insurance company covers the remaining costs. What is "underwriting"? Underwriting is the process by which an insurance co...

RMIN 4000 UGA Test 1 Questions and Answers (Scored A+) types of risk - ANSWER--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANSWER-uncertainty concerning the occurrence of a loss uncertainty - ANSWER-probabilities cannot be estimated loss exposure - ANSWER-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 manufa...

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 ...

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 ...