- Study guides, Class notes & Summaries

Daniel Brown UGA RMIN 4000 CH 1

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2 pages

Written in 2024/2025

Grade A+

julianah420

Rmin 4000 Uga Test 1 Questions And Answers 2024

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21 pages

Written in 2024/2025

Grade A+

Teacher101

RMIN 4000 Exams - Questions with Answers - Package Deal

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47 items

AccurateScores

RMIN 4000 UGA test 3|105 Questions & Answers 2024

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18 pages

Written in 2024/2025

Grade A+

AccurateScores

RMIN 4000 UGA test 1|111 Answered Questions A+ Graded

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10 pages

Written in 2024/2025

Grade A+

AccurateScores

RMIN 4000 uga test 1|102 Questions And Answers

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11 pages

Written in 2024/2025

Grade A+

AccurateScores

holdharmless clause - ️️if a manufacturer of scaffolds inserts a hold-harmless clause in a contract with a retailer, the retailer agrees to hold the manufacturer harmless in case a scaffold collapses and someone is injured two ways objective probability can be determined - ️️1) deductive reasoning (priori probabilities): probability of getting a head from the toss of a perfectly balanced coin is 1/2 bc there are two sides 2) inductive reasoning: the probability that a person age 21...

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11 pages

Written in 2024/2025

Grade A+

ACADEMICMATERIALS

Rmin 4000 Exam Package Deal With 100% Correct Answers

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10 items

ACADEMICMATERIALS

hedging price risks - hedging is a technique for transferring the risk of unfavorable price fluctuations to a speculator by purchasing and selling futures contracts on an organized exchange, such as the chicago board of trade subjective probability - the individual's personal estimate of the chance of loss example: people who buy a lottery ticket on their birthday may believe it is their lucky day and overestimate the small chance of winning enterprise risk - a term that encompasses all m...

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15 pages

Written in 2024/2025

Grade A+

ACADEMICMATERIALS

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that the costs of defense will not erode the coverage limits available for payment of claims. •But, the duty to defend ENDS when limits have been exhausted through actual payment of claims Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be ...

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24 pages

Written in 2024/2025

Grade A+

ACADEMICMATERIALS

UGA Bundled Exams and Study Guides 2024/2025 with complete solutions

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24 items

ACADEMICMATERIALS

RMIN 4000 Complete Package Deal With Verified Study Solutions Rated A+

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9 items

Brainarium

4 types of hazards - 1) physical hazard 2) moral hazard 3) attitudinal hazard 4) legal hazard 6 characteristics of an insurable risk - 1) there must be a large number of exposure units 2) the loss must be accidental and unintentional 3) the loss must be determinable and measurable 4) the loss should not be catastrophic 5) the chance of loss must be calculable 6) the premium must be economically feasible active retention - active risk retention means that an individual is consciously aw...

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15 pages

Written in 2023/2024

Grade A+

Brainarium

4 types of hazards - Answer-1) physical hazard 2) moral hazard 3) attitudinal hazard 4) legal hazard 6 characteristics of an insurable risk - Answer-1) there must be a large number of exposure units 2) the loss must be accidental and unintentional 3) the loss must be determinable and measurable 4) the loss should not be catastrophic 5) the chance of loss must be calculable 6) the premium must be economically feasible active retention - Answer-active risk retention means that an individ...

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15 pages

Written in 2023/2024

Grade A+

ACADEMICMATERIALS

RMIN 4000 UGA Test 1. Chapters 1-3 Questions and Answers

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28 pages

Written in 2023/2024

Grade A+

Gordones22

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. C 2) Objective risk is defined as A) the probability of loss. B) the relative variation of actual loss from expected loss. C) uncertainty based on a person's mental condition or state of mind. D) the cause of loss. B 3) An insurance compan...

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65 pages

Written in 2023/2024

Grade A+

AmazingGrace

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 as historical cost!) actual cash value (ACV) - ANSWER-- replacement cost - depreciation - in property insurance, indemnification is usually based on the actual cash value of the property at the tim...

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10 pages

Written in 2023/2024

Grade A+

nursingismylife

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 verdict paydays. advertising focus on truckers legal wrong - ANSWER-a violation of a person's legal rights, or a failure to perform a legal duty owed to a certain person, to a business org., or to a soc...

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9 pages

Written in 2023/2024

Grade A+

nursingismylife

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) - ANSWER---3rd party coverages (payments to someone else): •Part A: Liability Coverage (required by state) --1st party coverages (payments to you): •Part B: Medical Payments Coverage •Part ...

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17 pages

Written in 2023/2024

Grade A+

nursingismylife

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 quantifiable What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures) What is severity? - ANSWER-How much a loss costs when it occurs (severity = t...

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10 pages

Written in 2023/2024

Grade A+

nursingismylife