Rmi 2101 Study guides, Class notes & Summaries

RMI 2101 Exam 3 Latest Update Graded A+ Insurance Supply Insurers are willing to sell insurance at a particular price. Pi Price of insurance Pi = P* + Risk Charge + Loading Pmax the most an individual will pay for insurance for a particular risk. Risks are insurarable if.. Pi < Pmax Why might Pi > Pmax? - Pi is too high - risk charge is too high, loading costs are too high. - Pmax is too low - individuals underestimate the severity or frequency of the loss. Moral haza...

RMI 2101 Exam 1 Latest Version Graded A+ Risk Uncertainty about future losses No uncertainty= no risk Probablilty of a loss -Likelihood of a loss - Range from 0-1 or 0% to 100% Common Elements of pure risk and speculative risk _Involve uncertainty Differences in Pure and Speculative risk -Difference is in the outcomes or "possible future state of world" Pure Risk Possible Outcomes Loss No loss Speculative Risk Outcomes Loss, No loss, gain Pure Risk Examples Natu...

RMI 2101 Exam 1 (Temple University) Already Graded A Risk is the uncertainty about future losses or outcomes Probability likelihood that an outcome or event will occur Pure Risk is a chance of loss or no loss but no chance for gain; always undesirable Good Example of Pure Risk? You own a building, it will either burn or not burn, either way your financial responsibility remains constant. Pay the for the up keep of the building or suffer financial loss if building burns. Specu...

RMI 2101 - Quiz 2 Latest Update Graded A+ Handlers of RM before RM Dept. Finance dept - small org risk manager - med org cro - large org who coined the term Risk Management? Prof. Wayne Snider of Temple University STEPS IN THE RM PROCESS 1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the Chosen Strategies what is a ...

RMI 2101 Exam 2 Questions and Answers Already Passed What are risk transfers of the financing type? (6) Involves the transfer of risk through insurance or non-insurance techniques to shift the financial responsibility of a loss to another party. The activity or asset is still exposed to loss. Financial responsibility can be transfered back. Explain the insurance and non-insurance techniques of risk transfers and provide examples. (6) Insurance: transfer financial responsibility to ins...

RMI 2101 Topic 6 Latest Version Graded A+ Risk Financing deals with sources of funds to pay for external or internal funds Risk transfers of the financing type seek external sources from third parties to finance loss, still have asset or activity exposed to loss transfer financial responsibility for the loss, not the asset or activity itself ex: insurance insurance transfer of the financial responsibility of the loss to the insurer - but not the asset or activity itself Leases ...

RMI 2101 Topic 11 with Complete Solutions Issues of employer provided healthcare benefits High cost of health care -High cost of inflation compared to overall rate of inflation -High premiums for employers -High costs for governments High % of uninsured or underinsured patients -Access problem -45 million uninsured pre Obama Care Indemnity Plans Old School Plan Covers room cost of hospital, surgeon's fees, and follow-up visits Gaps in Indemnity Plans Non-hospital based expend...

RMI 2101 Topic 10 Latest Update Graded A+ Employee Benefits Any type of compensation other than direct current salary or wages Reasons why firms offer employee benefits -Attract and retain capable employees -Tax advantages -Productivity and better employee relations -Employer can take advantage of group insurance Non-Contributory Benefit Financing Employer pays for the full cost of the plan. The employee is covered without making a financial contribution. Contributory Benefit ...

RMI 2101 Exam 1 McCloskey 2023