RMIN Chapters 11-13 Final Exam Study Questions and Answers Already Passed
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 - Answers a- Contents of your residential home
Workers compensation is commonly categorized as either
a
A property exposure or a liability exposure
b
A property exposure or public entity risk
c
A liability exposure or a group benefits exposure
d
A public entity risk or a group benefits exposure - Answers c- 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?
a
Life insurance
b
Health insurance
,c
Retirement annuities
d
Disability insurance - Answers b- Health insurance
Insurance that covers the "city hall" building would fall under what common categorization of
insurance?
a
Metropolitan insurance
b
Government insurance
c
State insurance
d
Public insurance - Answers d- Public insurance
Which types of insurers make up the majority of insurers in the US?
a
Stock and mutual
b
Stock and Lloyd's of London
c
Mutual and Reciprocal
d
Mutual and Lloyd's of London - Answers a- 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?
a
, Stock insurers
b
Mutual insurers
c
Reciprocals
d
Lloyd's of London - Answers c- Reciprocals
Sometimes insurers will covert from one organizational form to another in order to get access to capital.
From what form to what other form with they sometimes convert?
a
From a reciprocal to a mutual
b
From a stock to a mutual
c
From a mutual to a stock
d
From a reciprocal to a Lloyd's syndicat - Answers c- From a mutual to a stock
Which of the following makes up the most (in number) of the top 10 writers of property and casualty
insurance in 2019?
a
Stock
b
Mutual
c
Reciprocal
d
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 - Answers a- Contents of your residential home
Workers compensation is commonly categorized as either
a
A property exposure or a liability exposure
b
A property exposure or public entity risk
c
A liability exposure or a group benefits exposure
d
A public entity risk or a group benefits exposure - Answers c- 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?
a
Life insurance
b
Health insurance
,c
Retirement annuities
d
Disability insurance - Answers b- Health insurance
Insurance that covers the "city hall" building would fall under what common categorization of
insurance?
a
Metropolitan insurance
b
Government insurance
c
State insurance
d
Public insurance - Answers d- Public insurance
Which types of insurers make up the majority of insurers in the US?
a
Stock and mutual
b
Stock and Lloyd's of London
c
Mutual and Reciprocal
d
Mutual and Lloyd's of London - Answers a- 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?
a
, Stock insurers
b
Mutual insurers
c
Reciprocals
d
Lloyd's of London - Answers c- Reciprocals
Sometimes insurers will covert from one organizational form to another in order to get access to capital.
From what form to what other form with they sometimes convert?
a
From a reciprocal to a mutual
b
From a stock to a mutual
c
From a mutual to a stock
d
From a reciprocal to a Lloyd's syndicat - Answers c- From a mutual to a stock
Which of the following makes up the most (in number) of the top 10 writers of property and casualty
insurance in 2019?
a
Stock
b
Mutual
c
Reciprocal
d
