Rmin 5100s atkinson - Study guides, Class notes & Summaries

RMIN 5100S Test 1 Atkinson Questions and Answers 100% Pass Risk Manager - "insured" buyer of insurance - Larger companies will have one personal one - Small to mid-sized companies will have someone else who serves this role - Must evaluate risks and determine the best approach to manage risks -- including Loss Control, Retention and transfer techniques Agent or Broker "Intermediary" Facilitates the purchase of insurance. Advises insured. Negotiates with the insurer. Independ...

Abandonment - - Insurance company may choose to take damaged property and pay insured the value - Insured CANNOT surrender damaged property to insurance company Active Retention - Identify the loss/risk exposure and really consider the risk itself and all the measures around it. (ex. Should we transfer it, retain it etc.) Admitted (standard or retail) Insurance companies - Regulated by the state, They often must subscribe to rating and form regulations of that state. Agent or Broker - "I...

RMIN 5100S - Test 3 (Atkinson) Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is the purpose of a risk avoidance strategy? Risk avoidance eliminates the chance of loss by avoiding activities or situations that pose a risk. What is the concept of risk tolerance? Risk tolerance refers to the level of risk an organization or individual is willing to accept while pursuing objectives. Why is it essential to document risk management processes? Documenting...

RMIN 5100S Test 1 Atkinson Questions and Answers | Latest Update | 2024/2025 | Graded A+ What is risk avoidance in risk management? Risk avoidance involves eliminating a risk entirely by choosing not to engage in the activity that creates the risk. How does risk retention function in risk management? Risk retention occurs when an individual or organization chooses to accept and retain the financial responsibility for a risk instead of transferring it to an insurer. What is the...