Rmi exam 2 - Study guides, Class notes & Summaries

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 ...

RMI Exam 2 -Slide notes Questions With Complete Solutions

RMI Exam 2 Complete Questions with Which one of the following is TRUE? A. It's the total amount of expected losses that causes risk. B. The Law of Large Numbers will work if you group together houses and commercial buildings for purposes of fire insurance. C. Liability risks are relatively easy for insurers to price. D. For new types of risk, the Coefficient of Variation (COV) is high. E. None of the above are TRUE. - ANSWER Correct answer: D. For new types of risk, the Coefficient of...

RMI EXAM 2(2024 Latest Update)Accurate 100% chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market valu...

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...

Which one of the following is TRUE? A. It's the total amount of expected losses that causes risk. B. The Law of Large Numbers will work if you group together houses and commercial buildings for purposes of fire insurance. C. Liability risks are relatively easy for insurers to price. D. For new types of risk, the Coefficient of Variation (COV) is high. E. None of the above are TRUE. - ANSWER Correct answer: D. For new types of risk, the Coefficient of Variation (COV) is high. Which on...

Which one of the following is TRUE? A. It's the total amount of expected losses that causes risk. B. The Law of Large Numbers will work if you group together houses and commercial buildings for purposes of fire insurance. C. Liability risks are relatively easy for insurers to price. D. For new types of risk, the Coefficient of Variation (COV) is high. E. None of the above are TRUE. - ANSWER Correct answer: D. For new types of risk, the Coefficient of Variation (COV) is high. Which on...

RMI 3011 Exam 2 Keith Jones Accurate 100% RMI 3011 Exam 2 Keith Jones Accurate 100% RMI 3011 Exam 2 Keith Jones Accurate 100% RMI 3011 Exam 2 Keith Jones Accurate 100%

chapter 5 - ANSWER chapter 5 principle of indemnity - ANSWER The insurer agrees to pay no more than the actual amount of the loss purpose of principle of indemnity - ANSWER -to prevent the insured from profiting from a loss -to reduce moral hazard in property insurance, indemnification is based on the _____ - ANSWER actual cash value methods of determining actual cash value - ANSWER -replacement cost less depreciation -fair market value -broad evidence rule actual cash value - ...

RMI 2302 Exam 2 - FSU Dr. Nyce Questions and Answers Already Passed Who uses decision making ? Individuals Organizations Government Individuals use expected ____ Utility Organizations use expected ____ Value What entity is able to take on risk regardless of the reward Gov't What is one of the big problems we have with modeling how decisions are made? Decisions are made is that they do not explicitly account for biases on the part of the decision maker What is Bias? an incl...