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RMIN 4000 EXAM BUNDLE
RMIN 4000 EXAM BUNDLERMRMIN 4000 EXAM BUNDLEIN 4000 EXAM BUNDLERMIN 4000 EXARMIN 4000 EXAM BUNDLEM BUNDLERMRMIN 4000 EXAM BUNDLEIN 4000 EXAM BUNDLE
[Montrer plus]RMIN 4000 EXAM BUNDLERMRMIN 4000 EXAM BUNDLEIN 4000 EXAM BUNDLERMIN 4000 EXARMIN 4000 EXAM BUNDLEM BUNDLERMRMIN 4000 EXAM BUNDLEIN 4000 EXAM BUNDLE
[Montrer plus]RMIN 4000 UGA Test 1 Questions and Answers (Scored A+) 
 
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 ...
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Ajouter au panierRMIN 4000 UGA Test 1 Questions and Answers (Scored A+) 
 
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 ...
RMIN 4000 Test 1 Brown UGA with Complete SolutiExposures - 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 oc...
Aperçu 2 sur 8 pages
Ajouter au panierRMIN 4000 Test 1 Brown UGA with Complete SolutiExposures - 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 oc...
RMIN 4000 UGA Test 1. Chapters 1-3 Questions& Ans 
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 occurr...
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Ajouter au panierRMIN 4000 UGA Test 1. Chapters 1-3 Questions& Ans 
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 occurr...
RMIN 4000 UGA Test 1 Questions and Answers 100% VeWhat 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 ...
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Ajouter au panierRMIN 4000 UGA Test 1 Questions and Answers 100% VeWhat 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 ...
RMIN 4000 Exam 1 Brown Questions &Answers 1Textbook 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...
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Ajouter au panierRMIN 4000 Exam 1 Brown Questions &Answers 1Textbook 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...
RMIN 4000 UGA Brown Test 4 Questions and Answfee-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 d...
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Ajouter au panierRMIN 4000 UGA Brown Test 4 Questions and Answfee-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 d...
RMIN 4000 Test 3 Brown| Questions and Answers 100% Accurate! 
 
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 a...
Aperçu 2 sur 8 pages
Ajouter au panierRMIN 4000 Test 3 Brown| Questions and Answers 100% Accurate! 
 
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 a...
RMIN 4000 UGA Test 3| Questions and AnswerAuto 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)...
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Ajouter au panierRMIN 4000 UGA Test 3| Questions and AnswerAuto 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)...
RMIN 4000 Final Exam 2024 Questions & Answers 100% accPeril - 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;...
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Ajouter au panierRMIN 4000 Final Exam 2024 Questions & Answers 100% accPeril - 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;...
RMIN 4000 Test 1 Questions and Answers (Rated A+)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...
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Ajouter au panierRMIN 4000 Test 1 Questions and Answers (Rated A+)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...
RMIN 4000 Ragin Test 1 Questions &Answers 100% Verified!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 - ANS...
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Ajouter au panierRMIN 4000 Ragin Test 1 Questions &Answers 100% Verified!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 - ANS...
RMIN 4000 Edmunds Exam 2 Questions and Answers 100% Verified! 
 
 
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 payin...
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Ajouter au panierRMIN 4000 Edmunds Exam 2 Questions and Answers 100% Verified! 
 
 
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 payin...
RMIN 4000 Final Exam Top Hat HW Questions and Answers (Rated A+) 
 
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) = ...
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Ajouter au panierRMIN 4000 Final Exam Top Hat HW Questions and Answers (Rated A+) 
 
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) = ...
RMIN 4000 Exam Questions and Answers 100% Accurate! 
 
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 t...
Aperçu 2 sur 6 pages
Ajouter au panierRMIN 4000 Exam Questions and Answers 100% Accurate! 
 
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 t...
RMIN 4000 Exam Questions and Answers 100% Accurate! 
 
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 t...
Aperçu 2 sur 6 pages
Ajouter au panierRMIN 4000 Exam Questions and Answers 100% Accurate! 
 
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 t...
RMIN 4000 Ragin Exam 1 Questions and Answers 100% 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 losse...
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Ajouter au panierRMIN 4000 Ragin Exam 1 Questions and Answers 100% 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 losse...
RMIN 4000 Test 1(Chapters 1-4) with Complete Solutions(Rated A+) 
 
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-th...
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Ajouter au panierRMIN 4000 Test 1(Chapters 1-4) with Complete Solutions(Rated A+) 
 
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-th...
RMIN 4000 Edmunds Test 3 Questions and AnsBasic 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 acti...
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Ajouter au panierRMIN 4000 Edmunds Test 3 Questions and AnsBasic 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 acti...
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...
Aperçu 1 sur 4 pages
Ajouter au panierStock 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...
Aperçu 2 sur 9 pages
Ajouter au panierexposures - 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...
Aperçu 1 sur 3 pages
Ajouter au panierGross 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...
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Ajouter au panier5 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...
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Ajouter au panierHow 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...
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Ajouter au panierLegal 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...
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Ajouter au panierPhilidelphia 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...
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Ajouter au panierMajor 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...
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Ajouter au panierLannister 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...
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Ajouter au panierLoss 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...
Aperçu 1 sur 4 pages
Ajouter au panierFrequency - 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 ...
Aperçu 2 sur 12 pages
Ajouter au panierExposures - 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...
Aperçu 2 sur 8 pages
Ajouter au panierFrequency - 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...
Aperçu 2 sur 10 pages
Ajouter au panierbasic 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 ...
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Ajouter au panierA 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 : 
...
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Ajouter au panierCost 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...
Aperçu 2 sur 10 pages
Ajouter au panierprinciple 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...
Aperçu 2 sur 9 pages
Ajouter au panierTypes 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...
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Ajouter au panierPrinciple 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...
Aperçu 2 sur 14 pages
Ajouter au panierfrequency - 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...
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