Rmin 4000 test 3 brown - Study guides, Class notes & Summaries

Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANSWER-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANSWER-the price at which property would sell Valued Policy - ANSWER-a pol...

RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A Principal of Indemnity - insurer pays no more than actual amount of the loss; insurer should not profit from the loss

RMIN 4000 Test 3 Brown Latest Version Already Passed Principal of Indemnity insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value the price at which property would sell Val...

RMIN 4000 Test 3 Brown Updated 2024 Solution Guide Graded A

RMIN 4000 TesRMIN 4000 Test 3 Brown| Questions and Answers 100% CorrectRMIN 4000 Test 3 Brown| Questions and Answers 100% CorrectRMIN 4000 Test 3 Brown| Questions and Answers 100% Correctt 3 Brown| Questions and Answers 100% Correct Principal of Indemnity - ANSWER-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANSWER-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Val...

RMIN 4000 Test 3 Brown Questions & Answers Principal of Indemnity - ANS-insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - ANS-the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - ANS-replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Market Value - ANS-the price at which property would sell Va...

RMIN 4000 Test 3 Brown UPDATED ACTUAL Exam Questions and CORRECT Answers Principal of Indemnity - CORRECT ANSWER- insurer pays no more than actual amount of the loss; insurer should not profit from the loss Replacement cost - CORRECT ANSWER- the cost to replace an inventory item in its identical form (similar workmanship and quality) Actual Cash Value - CORRECT ANSWER- replacement cost - depreciation

Actual Cash Value - replacement cost - depreciation in property ins, usually based on the actual cash value of the property at the time of loss Additional Insured - a person or party who is added to the named insured's policy by an endorsement Advantages of Group Insurance - -may be less expensive -tax benefits to employees (costs are usually pre tax) -employer may pay all/part of premium -no evidence of insurability -may get insurance you wouldn't have normally bought Advantages of u...

RMIN 4000 Test 3 Brown Questions and Answers | Latest Update | 2024/2025 | Already Passed What is insurance coverage limit? An insurance coverage limit is the maximum amount an insurer will pay for a covered loss under a policy. How is risk exposure defined in risk management? Risk exposure refers to the potential for financial loss or damage that an organization or individual faces due to identified risks. What does underwriting involve in the insurance process? Underwritin...

RMIN 4000 Test 3 Brown Questions with verified correct answers - complete solution 2024.