RMI 3011

RMI 3011 Exam 3 FSU RMI 3011 Florida State University -Question and answers 100% correct Annuity - correct answer *Periodic payment that continues for a fixed period or the rest of a designated life(s) *An Annuity is: - correct answer The opposite of life insurance Annuitant - correct answer The person who receives the payments Major Types of Annuities (3) - correct answer 1. Fixed Annuity 2. Variable Annuity 3. Equity-Indexed Annuity Fixed Annuity - correct answer Pays ...

RMI 3011 Final Exam RMI 3011 Florida State University -Question and answers rated A+ Which of the following statements is (are) true with respect to annuities? I. Annuities are the opposite of life insurance. II. The fundamental purpose of annuities is to replace lost income in case of premature death. - correct answer I only When selling life annuities, what risk is the insurer pooling? - correct answer excessive longevity Life annuity payments are made up of all of the following EX...

RMI 3011 Exam 2 Quiz RMI 3011 Florida State University -Questions and answers already passed The most heavily regulated lines of insurance (types of policies) include: auto liability life insurance large commercial lines property all of the above none of the above - correct answer auto liability One argument in favor of state regulation is: state regulation is not uniform, it can be challenging and inefficient state regulation is more flexible state regulation is ineffective for la...

RMI 3011 Final Exam Jones RMI 3011 Florida State University -Question and answers already passed What are the perils affecting income? - correct answer - Premature Death - Disability - Old Age - Poor Health - Unemployment What is Premature Death? - correct answer The death of a family head with outstanding unfulfilled financial obligations. What are the costs of premature death to the family? - correct answer - The family's share of the deceased breadwinner's future earning...

RMI 3011 Exam 3 RMI 3011 Florida State University -Question and answers verified to pass The phrase "general liability" is used to refer to the legal liability of a business arising from all of the following EXCEPT A) employees injured on the job. B) defective products. C) liability assumed by contract. D) completed operations. - correct answer A) employees injured on the job. Liability arising out of work performed by independent contractors is referred to as A) contractual li...

RMI 3011 Exam 2 Keith Jones RMI 3011 Florida State University -Question and answers already passed What is the Principle of Indemnity? - correct answer - States that the insurer agrees to pay no more than the actual amount of the loss; stated differently, the insured should not profit from a loss. - Insurance is a contract of indemnity. What are the methods used by courts to determine actual cash value? - correct answer - Replacement Cost Less Depreciation - Fair Market Value - ...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers verified to pass Basic parts of an insurance contract - correct answer Declarations Definitions Insuring Agreement Exclusions Conditions Miscellaneous Provisions Declarations - correct answer -Statements that provide information about the particular property or activity to be insured -Usually found on the first page of the policy -Usually contains name of the insured, location of the property, period of protect...

RMI 3011 Exam 3 Study Guide RMI 3011 Florida State University -Question and answers correctly Which of the following statements is/are true with respect to annuities? - correct answer annuities are the opposite of life insurance When selling life annuities, what risk is the insurer pooling? - correct answer excessive longevity Life annuity payments are made up of all of the following EXCEPT: - correct answer unliquidated principal of annuitants who live too long Stan paid an insu...

RMI 3011 Study Guide RMI 3011 Florida State University -Question and answers verified to pass The main goal of risk management is... a. To eliminate risk b. To minimize negative effects of risk c. To maximize my income d. To ensure that I purchase insurance at the optimal time - correct answer b. To minimize negative effects of risk Assume that James, previously the Chief Risk Officer (CRO) of Walmart (which sells low-cost products), has recently accepted a CRO position at Macy's ...

RMI 3011 NYCE EXAM 1 RMI 3011 Florida State University -Question and answers correctly solved 1. The definition of risk contains which important components: I. Uncertainty II. Economic loss III. Premiums - correct answer 1 and 2 1. Which of the following are considered "burdens" of risk: a. Losses b. Higher borrowing costs c. Greater liquidity needs d. All of the above e. None of the above - correct answer D 1. The cost of risk includes: a. Outlays to reduce risk b. Op...