Rmi insurance exam - Study guides, Class notes & Summaries

RMI insurance exam 1 prep Correct QuesWhich type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person ...

Which type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person is covered is the: A. declarations se...

Which type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person is covered is the: A. declarations se...

RMI 300 Final Exam UPDATED Exam Questions and CORRECT Answers What are the different parts of an insurance contract? - CORRECT ANSWER- 1. Declarations page 2. Insuring agreement 3. Exclusions 4. Conditions 5. Attachments What are the different parts in the declarations page? - CORRECT ANSWER- 1. Exposure information 2. Insurer and policy information

RMI 3502: EXAM 1 (topics 1-3) Latest 2024 Graded A+ Stock Insurance Companies These insurance companies primarily advantage from the ability to build capital quickly Stock Insurance Companies The most common type of insurance company is... Stock Insurance Companies This type of company is a proprietary insurer (for-profit) and owned by stockholders who are the risk bearers of the company Stock Insurance Companies These companies raise capital by: 1. Selling stock 2. Issuing ...

RMI 3567 Exam 3 Questions and Answers Already Passed Name four examples of alternative capital Pension Plan Endowments Hedge Funds Alt. Asset Manager what is it called when a reinsurer transfers risk to another reinsurer? Retrocession who is the reinsurer who the additional risk is ceded to? Retrocessionaire Who is the primary or reinsurer who transfers the risk? cedent Where are the top insurance markets? US China Japan What is the US insurance market driven by? prop...

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 2101 Exam 3 Latest Update Graded A+ Insurance Supply Insurers are willing to sell insurance at a particular price. Pi Price of insurance Pi = P* + Risk Charge + Loading Pmax the most an individual will pay for insurance for a particular risk. Risks are insurarable if.. Pi < Pmax Why might Pi > Pmax? - Pi is too high - risk charge is too high, loading costs are too high. - Pmax is too low - individuals underestimate the severity or frequency of the loss. Moral haza...

RMI 3567 Exam 2 Questions and Answers Already Passed What are three positive externalities that occurred due to access to terrorism insurance? 1. facilitates real estate transaction 2. strengthens businesses' ability to operate in risky areas 3. protects wealth/savings of households in risky areas Pollution from gasoline in a car or industrial pollution would be examples of what? negative externality This is the most common terrorism model for insurance risk pool What are the t...