Rmin 4000 ragin 2024 Study guides, Class notes & Summaries
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RMIN 4000 Ragin Exam 1 Questions and Answers 100% Correct!!
- Exam (elaborations) • 9 pages • 2024
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worker's compensation - ANSWER-employee injuries can have compensation in a percentage of lost wages, medical payment/care, death benefits, and body part payments 
 
Terrorism Risk & Insurance Act (2002) - ANSWER-federal backstop for terrorism losses where the gov't pays a % of losses above a certain amount 
-will have to be renewed several times 
-currently 85% of losses above $100 million 
 
risk - ANSWER-a calculated possibility of a negative outcome 
 
calculated possibility - ANSWER-proba...
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RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate
- Exam (elaborations) • 3 pages • 2024
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RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate 
 
 
RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate 
 
 
RMIN 4000 Ragin Test 1 Questions and Answers 100% Accurate 
 
 
risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) 
 
possibility - ANSWER-a probabilistic outcome that is known or estimated 
 
loss - ANSWER-must be quantifiable, typically in dollar amounts 
 
pure risk - ANSWER-risk with only two future potential states of the world (ex....
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RMIN 4000 Ragin Test 1 Questions &Answers 100% Accurate!!
- Exam (elaborations) • 3 pages • 2024
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Available in package deal
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- $10.99
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risk - ANSWER-a calculated possibility of a negative outcome (loss and probability) 
 
possibility - ANSWER-a probabilistic outcome that is known or estimated 
 
loss - ANSWER-must be quantifiable, typically in dollar amounts 
 
pure risk - ANSWER-risk with only two future potential states of the world (ex. flood, time of death, cancer) 
 
speculative risk - ANSWER-risk with three potential states of the world: loss, break even, or gain (ex. investments, gambling) 
 
moral hazard - ANSWER-idea t...
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RMIN 4000 Test 2 UGA Marc Ragin with Complete Solutions!!
- Exam (elaborations) • 3 pages • 2024
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Gross Premium - ANSWER-Total premium charged per unit of coverage 
 
Risk Charge - ANSWER-Estimation of risk of the insurer. 3* SD/ per person 
 
Admin Costs - ANSWER-Money spent in daily operations of company. Ex. Salaries, overhead, marketing 
 
Expected Loss - ANSWER-Expected frequency * expected severity 
 
Fortuitous - ANSWER-Random, accidental, no control over E(F)/E(S) 
 
Underwriting - ANSWER-process of classifying a risk 
 
Risk based pricing - ANSWER-Higher the risk you are, the more t...
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