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RMIN 2005 - Final Exam Questions and
Correct Answers
All EXCEPT which of the following is considered a commercial
property exposure?
a. Contents of your residential home
b. Business income
c. Damage to a commercial vehicle
d. Intellectual property Ans: Contents of your residential home
Workers compensation is commonly categorized as either... Ans:
A liability exposure or a group benefits exposure
Which of the following is a group benefit (not including Social
Security benefits) that some employers are required, by law, to
provide to their employees? Ans: Health insurance
Insurance that covers the "city hall" building would fall under what
common categorization of insurance? Ans: public insurance
In the Admitted Field of insurance, most risks are in which
market? Ans: standard
In the Non-Admitted Field of insurance, most risks are in which
market? Ans: surplus lines
Which types of insurers make up the majority of insurers in the
US? Ans: stock and mutual
One type of insurer involves members pooling their premiums to
jointly insure each other? Which type of insurer best fits this
description? Ans: Reciprocals
© 2025 All rights reserved
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Sometimes insurers will convert from one organizational form to
another in order to get access to capital. From what form to what
other form with they sometimes convert? Ans: From a mutual to a
stock
Where are the shares of the stock insurers in the top 10 of
property and casualty insurance writers in 2019 traded? Ans: On
the NYSE
The Lloyd's of London building is... Ans: Many stories high with
utilities on the outside
What type of risk would a Lloyd's syndicate be likely to insure?
a. A small restaurant that serves no alcohol
b. A 33 year old driver's liability
c. An oil company's liability
d. The health care of a small, US business Ans: An oil company's
liability
What is closest to the equivalent of "the insurance company" at
Lloyds?
a. A syndicate
b. The investor or "Name"
c. The managing agency
d. The Lloyd's broker Ans: A syndicate
Which of the following is true about the history and importance of
Lloyds?
a. It started out as a bar where sailors would meet people to take
to the "Americas"
© 2025 All rights reserved
RMIN 2005 - Final Exam Questions and
Correct Answers
All EXCEPT which of the following is considered a commercial
property exposure?
a. Contents of your residential home
b. Business income
c. Damage to a commercial vehicle
d. Intellectual property Ans: Contents of your residential home
Workers compensation is commonly categorized as either... Ans:
A liability exposure or a group benefits exposure
Which of the following is a group benefit (not including Social
Security benefits) that some employers are required, by law, to
provide to their employees? Ans: Health insurance
Insurance that covers the "city hall" building would fall under what
common categorization of insurance? Ans: public insurance
In the Admitted Field of insurance, most risks are in which
market? Ans: standard
In the Non-Admitted Field of insurance, most risks are in which
market? Ans: surplus lines
Which types of insurers make up the majority of insurers in the
US? Ans: stock and mutual
One type of insurer involves members pooling their premiums to
jointly insure each other? Which type of insurer best fits this
description? Ans: Reciprocals
© 2025 All rights reserved
, 2 | Page
Sometimes insurers will convert from one organizational form to
another in order to get access to capital. From what form to what
other form with they sometimes convert? Ans: From a mutual to a
stock
Where are the shares of the stock insurers in the top 10 of
property and casualty insurance writers in 2019 traded? Ans: On
the NYSE
The Lloyd's of London building is... Ans: Many stories high with
utilities on the outside
What type of risk would a Lloyd's syndicate be likely to insure?
a. A small restaurant that serves no alcohol
b. A 33 year old driver's liability
c. An oil company's liability
d. The health care of a small, US business Ans: An oil company's
liability
What is closest to the equivalent of "the insurance company" at
Lloyds?
a. A syndicate
b. The investor or "Name"
c. The managing agency
d. The Lloyd's broker Ans: A syndicate
Which of the following is true about the history and importance of
Lloyds?
a. It started out as a bar where sailors would meet people to take
to the "Americas"
© 2025 All rights reserved
