RMIN 4000 UGA EXAM BUNDLE|WITH CORRECT QUESTIONS& ANSWERS!!RMIN 4000 UGA EXAM BUNDLE|WITH CORRECT QUESTIONS& ANSWERS!!RMIN 4000 UGA EXAM BUNDLE|WITH CORRECT QUESTIONS& ANSWERS!!RMIN 4000 UGA EXAM BUNDLE|WITH CORRECT QUESTIONS& ANSWERS!!RMIN 4000 UGA EXAM BUNDLE|WITH CORRECT QUESTIONS& ANSWERS!...
[Meer zien]
types of risk - ANSWER--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANSWER-uncertainty concerning the occurrence of a loss uncertainty - ANSWER-probabilities cannot be estimated loss exposure - ANSWER-any situation or ci...
Voorbeeld 2 van de 11 pagina's
In winkelwagentypes of risk - ANSWER--pure risk -speculative risk -diversifiable risk -nondiversifiable risk -enterprise risk -systemic risk risk - ANSWER-uncertainty concerning the occurrence of a loss uncertainty - ANSWER-probabilities cannot be estimated loss exposure - ANSWER-any situation or ci...
Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-things that cause injury or loss risk - ANSWER-a calculated possibility of a negative outcome Frequency - ANSWER-the number of losses (such as fire or theft) that occur within a specified time period. aka the pro...
Voorbeeld 2 van de 8 pagina's
In winkelwagenExposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-things that cause injury or loss risk - ANSWER-a calculated possibility of a negative outcome Frequency - ANSWER-the number of losses (such as fire or theft) that occur within a specified time period. aka the pro...
1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANSWER-C 2) Objective risk is defined as ...
Voorbeeld 3 van de 28 pagina's
In winkelwagen1) Traditionally, risk has been defined as A) any situation in which the probability of loss is one. B) any situation in which the probability of loss is zero. C) uncertainty concerning the occurrence of loss. D) the probability of a loss occurring. - ANSWER-C 2) Objective risk is defined as ...
What is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how of...
Voorbeeld 2 van de 10 pagina's
In winkelwagenWhat is risk? - ANSWER-a calculated possibility of a negative outcome What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) What is a negative outcome? - ANSWER-a loss that must be quantifiable What is frequency? - ANSWER-how of...
Textbook definition of RISK - ANSWER-Uncertainty concerning the occurrence of a loss Better definition of RISK - ANSWER-A calculated possibility of a negative outcome Calculated Possibility - ANSWER-0 = Impossible event (NO RISK) 0.5 = Highest Risk (Most Uncertainty) 1 = 100% Certain Eve...
Voorbeeld 2 van de 11 pagina's
In winkelwagenTextbook definition of RISK - ANSWER-Uncertainty concerning the occurrence of a loss Better definition of RISK - ANSWER-A calculated possibility of a negative outcome Calculated Possibility - ANSWER-0 = Impossible event (NO RISK) 0.5 = Highest Risk (Most Uncertainty) 1 = 100% Certain Eve...
fee-for-serive - ANSWER-a separate fee is paid for each service copayment - ANSWER-flat amount the insured must pay each time health services are received calendar year deductible - ANSWER-an aggregate deductible that has to be satisfied only once during the calendar year coinsurance - ANSW...
Voorbeeld 2 van de 5 pagina's
In winkelwagenfee-for-serive - ANSWER-a separate fee is paid for each service copayment - ANSWER-flat amount the insured must pay each time health services are received calendar year deductible - ANSWER-an aggregate deductible that has to be satisfied only once during the calendar year coinsurance - ANSW...
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 - dep...
Voorbeeld 2 van de 8 pagina's
In winkelwagenPrincipal 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 - dep...
Auto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments ...
Voorbeeld 3 van de 17 pagina's
In winkelwagenAuto Insurance - ANSWER--6 or 12 month policy -premiums usually paid monthly or quarterly 5 general types of auto coverage - ANSWER-1. liability 2. damage 3. uninsured motorist 4. medical payments 5. convenience coverage Personal Auto Policy (PAP) - ANSWER---3rd party coverages (payments ...
Peril - ANSWER-Cause of loss Risk - ANSWER-Uncertainty about chance, timing, or amount of loss Chance of Loss - ANSWER-Probability that an event will occur Objective Risk - ANSWER-The relative variation of actual loss from expected loss; (Actual-Expected)/Expected; higher variation means hi...
Voorbeeld 2 van de 8 pagina's
In winkelwagenPeril - ANSWER-Cause of loss Risk - ANSWER-Uncertainty about chance, timing, or amount of loss Chance of Loss - ANSWER-Probability that an event will occur Objective Risk - ANSWER-The relative variation of actual loss from expected loss; (Actual-Expected)/Expected; higher variation means hi...
Risk - ANSWER-a calculated possibility of a negative outcome Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-Things that can happen to assets Risk Management - ANSWER-Process that identifies loss exposures faced by an organization and selects the most appropri...
Voorbeeld 2 van de 13 pagina's
In winkelwagenRisk - ANSWER-a calculated possibility of a negative outcome Exposures - ANSWER-things of value (assets) that could be lost Perils - ANSWER-Things that can happen to assets Risk Management - ANSWER-Process that identifies loss exposures faced by an organization and selects the most appropri...
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 wo...
Voorbeeld 1 van de 3 pagina's
In winkelwagenrisk - 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 wo...
major types of private insurers - ANSWER-Stock, Mutual, and Lloyd's of London stock insurers - ANSWER-corporation owned by stockholders. objective is to earn profit for stockholders by increasing the value of the stock and paying dividends Mutual insurers - ANSWER-a corporation owned by poli...
Voorbeeld 2 van de 11 pagina's
In winkelwagenmajor types of private insurers - ANSWER-Stock, Mutual, and Lloyd's of London stock insurers - ANSWER-corporation owned by stockholders. objective is to earn profit for stockholders by increasing the value of the stock and paying dividends Mutual insurers - ANSWER-a corporation owned by poli...
Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000) = 0.05 Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, t...
Voorbeeld 1 van de 4 pagina's
In winkelwagenSpeedy Dawg Delivery has 1,000 delivery vehicles. In 2020, they incurred $1,000,000,000 in losses that resulted from 50 occurrences / accidents. What was Speedy Dawg Delivery's loss frequency in 2020? - ANSWER-0.05 (50/1,000) = 0.05 Speedy Dawg Delivery has 1,000 delivery vehicles. In 2020, t...
Risk - ANSWER-Uncertainty concerning the occurrence of a loss Loss exposure - ANSWER-any situation or circumstance in which a loss might occur (regardless of if it happens or not) - ex: When we think about if we might get sick.. my body is the exposure. If I have a business and 10 buildings.. My...
Voorbeeld 2 van de 6 pagina's
In winkelwagenRisk - ANSWER-Uncertainty concerning the occurrence of a loss Loss exposure - ANSWER-any situation or circumstance in which a loss might occur (regardless of if it happens or not) - ex: When we think about if we might get sick.. my body is the exposure. If I have a business and 10 buildings.. My...
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 cert...
Voorbeeld 2 van de 9 pagina's
In winkelwagenworker'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 cert...
Traditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected loss Law of Lar...
Voorbeeld 2 van de 7 pagina's
In winkelwagenTraditional definition of risk - ANSWER-uncertainty Definition of risk - ANSWER-uncertainty about chance, timing, or amount of loss Chance of loss - ANSWER-the probability that an event will occur Objective risk - ANSWER-the relative variation of actual loss from expected loss Law of Lar...
Basic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activity to be insured definitions - ANSWER...
Voorbeeld 2 van de 13 pagina's
In winkelwagenBasic Parts of an Insurance Contract - ANSWER-1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations - ANSWER-statements that provide information about the particular property or activity to be insured definitions - ANSWER...
Stock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Pr...
Voorbeeld 1 van de 4 pagina's
In winkelwagenStock Insurer - ANSWER-Corporation owned by Stockholders (earn profit for stockholders by increasing the value of the stock and paying dividends). Mutual Insurer - ANSWER-Corporation owned by Policyholders (profits are distributed to policyholders by dividends or rate reductions). Advance Pr...
exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets risk management - ANSWER-what do you want to do to protect these assets and/or prevent/reduce losses risk of driving a car - ANSWER-exposure: car peril: car accident ris...
Voorbeeld 2 van de 9 pagina's
In winkelwagenexposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets risk management - ANSWER-what do you want to do to protect these assets and/or prevent/reduce losses risk of driving a car - ANSWER-exposure: car peril: car accident ris...
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...
Voorbeeld 1 van de 3 pagina's
In winkelwagenGross 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...
5 types of employee benefits - ANSWER-1. Medical expenses 2. Loss of income due to disability 3. Loss of income due to death 4. Loss of income due to retirement 5. Loss of income due to unemployment Medical expenses - ANSWER--health insurance -FSAS/HSAS (pre-tax health savings account) -wor...
Voorbeeld 2 van de 6 pagina's
In winkelwagen5 types of employee benefits - ANSWER-1. Medical expenses 2. Loss of income due to disability 3. Loss of income due to death 4. Loss of income due to retirement 5. Loss of income due to unemployment Medical expenses - ANSWER--health insurance -FSAS/HSAS (pre-tax health savings account) -wor...
How long is an auto insurance policy? - ANSWER-usually 6 or 12 months Who writes auto insurance policies? - ANSWER-ISO What is ISO? - ANSWER-Insurance Services Office Five General Types of Coverage for Auto Insurance - ANSWER-1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Dam...
Voorbeeld 2 van de 11 pagina's
In winkelwagenHow long is an auto insurance policy? - ANSWER-usually 6 or 12 months Who writes auto insurance policies? - ANSWER-ISO What is ISO? - ANSWER-Insurance Services Office Five General Types of Coverage for Auto Insurance - ANSWER-1. Liability 2. Uninsured Motorist 3. Medical Payments 4. Dam...
Legal wrong - ANSWER-a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person or to society as a whole types of legal wrong - ANSWER-crime, breach of contract, tort Tort - ANSWER-a legal wrong for which the court allows a remedy in the form of mone...
Voorbeeld 2 van de 12 pagina's
In winkelwagenLegal wrong - ANSWER-a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person or to society as a whole types of legal wrong - ANSWER-crime, breach of contract, tort Tort - ANSWER-a legal wrong for which the court allows a remedy in the form of mone...
Philidelphia judicial hellhole - ANSWER-Reputation for excessive verdicts and its "open door" policy to out of state Georgia judicial hellhole - ANSWER-Continue rise in nuclear verdicts, increasing role of third-party litigation financing, and premise liability. trial lawyers and jackpot verdic...
Voorbeeld 2 van de 9 pagina's
In winkelwagenPhilidelphia judicial hellhole - ANSWER-Reputation for excessive verdicts and its "open door" policy to out of state Georgia judicial hellhole - ANSWER-Continue rise in nuclear verdicts, increasing role of third-party litigation financing, and premise liability. trial lawyers and jackpot verdic...
Major Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual...
Voorbeeld 2 van de 11 pagina's
In winkelwagenMajor Types of Private Insurers - ANSWER-Stock Insurers Mutual Insurers Lloyds of London Stock Insurer - ANSWER--A corporation owned by stockholders. -Objective is to earn profits for the stockholders by increasing stock and paying dividends. (Progressive, Allstate, Metlife, etc.) Mutual...
Lannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? - ANSWER-0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In...
Voorbeeld 4 van de 40 pagina's
In winkelwagenLannister Insurance Company insures 200,000 vehicles. In 2019, they paid a total of $136,000,000 in collision losses to the owners of 16,000 of those vehicles. What was Lannister's collision loss frequency in 2019? - ANSWER-0.08 (16k/200k) Lannister Insurance Company insures 200,000 vehicles. In...
Loss exposure - ANSWER-A situation or circumstance in which the loss is possible, regardless of whether a loss occurs A physical hazard - ANSWER-Dense fog that increases the chance of an automobile accident is an example of Subjective risk - ANSWER-Uncertainty based on a person's mental condi...
Voorbeeld 2 van de 11 pagina's
In winkelwagenLoss exposure - ANSWER-A situation or circumstance in which the loss is possible, regardless of whether a loss occurs A physical hazard - ANSWER-Dense fog that increases the chance of an automobile accident is an example of Subjective risk - ANSWER-Uncertainty based on a person's mental condi...
Frequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insure...
Voorbeeld 1 van de 4 pagina's
In winkelwagenFrequency - ANSWER-How often does a loss occur? Frequency = Number of Losses / Number of Exposures Severity - ANSWER-How much does it cost when a loss does occur? Severity = Total Losses ($) / Number of Losses Moral Hazard - ANSWER-The presence of insurance changes the behavior of the insure...
Exposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets Risk management - ANSWER-what do you do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects ...
Voorbeeld 2 van de 12 pagina's
In winkelwagenExposures - ANSWER-things of value (assets) that could be lost perils - ANSWER-things that could happen to these assets Risk management - ANSWER-what do you do to protect these assets and/or prevent/reduce losses? process that identifies loss exposures faced by an organization and selects ...
Frequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, col...
Voorbeeld 2 van de 8 pagina's
In winkelwagenFrequency - ANSWER-How often does a loss occur? The number of losses (such as fire, theft, collision) that occur within a specified time period probability of a loss severity - ANSWER-How much does it cost when a loss does occur? The dollar amount of loss for a specific peril (fire, theft, col...
basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page us...
Voorbeeld 2 van de 10 pagina's
In winkelwagenbasic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page us...
A combined ration grater than 1 (or 100 percent) means that an underwriting loss has occurred - ANSWER-Which of the following statements about the combined ratio is true? Because insurance contracts are conditional - ANSWER-Why can an insurer refuse to pay a claim if an insured fails to abide by ...
Voorbeeld 1 van de 4 pagina's
In winkelwagenA combined ration grater than 1 (or 100 percent) means that an underwriting loss has occurred - ANSWER-Which of the following statements about the combined ratio is true? Because insurance contracts are conditional - ANSWER-Why can an insurer refuse to pay a claim if an insured fails to abide by ...
Cost Sharing in Health Insurance - ANSWER-• Copayments • Deductibles • Coinsurance • Out-of-Pocket Maximum Limits Copayment - ANSWER-A flat amount the insured must pay for certain benefits, such as an office visit or generic drug. Does not count towards annual deductible. Examples : ...
Voorbeeld 3 van de 19 pagina's
In winkelwagenCost Sharing in Health Insurance - ANSWER-• Copayments • Deductibles • Coinsurance • Out-of-Pocket Maximum Limits Copayment - ANSWER-A flat amount the insured must pay for certain benefits, such as an office visit or generic drug. Does not count towards annual deductible. Examples : ...
principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same a...
Voorbeeld 2 van de 10 pagina's
In winkelwagenprinciple of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same a...
Types of Employee Benefits - ANSWER--medical expenses - loss of income due to... a) death b) disability c) unemployment d) retirement medical expenses - ANSWER--health insurance - FSAs/HSAs- pre tax health savings accounts -worker's comp loss of income due to death - ANSWER-(not ge...
Voorbeeld 2 van de 9 pagina's
In winkelwagenTypes of Employee Benefits - ANSWER--medical expenses - loss of income due to... a) death b) disability c) unemployment d) retirement medical expenses - ANSWER--health insurance - FSAs/HSAs- pre tax health savings accounts -worker's comp loss of income due to death - ANSWER-(not ge...
Principle of Indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (make you whole again, no gain). Purpose: -To prevent the insured from profiting from a loss -To reduce moral hazard Indemnification in property insurance is - ANSWER-based on the actual cash...
Voorbeeld 1 van de 4 pagina's
In winkelwagenPrinciple of Indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (make you whole again, no gain). Purpose: -To prevent the insured from profiting from a loss -To reduce moral hazard Indemnification in property insurance is - ANSWER-based on the actual cash...
frequency - ANSWER-- how often does a loss occur? - the number of losses (such as fire, theft, collision) that occur within a specified time period. - probability of a loss ex) probability of a fire is 0.0071 per loss exposure per year severity - ANSWER-- how much does it cost when a loss d...
Voorbeeld 2 van de 14 pagina's
In winkelwagenfrequency - ANSWER-- how often does a loss occur? - the number of losses (such as fire, theft, collision) that occur within a specified time period. - probability of a loss ex) probability of a fire is 0.0071 per loss exposure per year severity - ANSWER-- how much does it cost when a loss d...
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper papersbyjol. Stuvia faciliteert de betaling aan de verkoper.
Nee, je koopt alleen deze samenvatting voor $49.49. Je zit daarna nergens aan vast.
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 99283 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen
