RMIN 5100S Test 1 Atkinson Exam 2026
Questions and Answers
Risk Manager - Correct answer-- "insured" buyer of insurance
- Larger companies will have one personal one
- Small to mid-sized companies will have someone else who serves this role
- Must evaluate risks and determine the best approach to manage risks -- including
Loss Control, Retention and transfer techniques
Agent or Broker - Correct answer-"Intermediary" Facilitates the purchase of
insurance. Advises insured. Negotiates with the insurer.
Independent Agent - Correct answer-- The agent has contracts with several to many
companies
- More frequently used in Commercial P&C
Exclusive Agent - Correct answer-- More frequently used in personal lines and
very small businesses
- Agents ONLY sell products for this insurance company.
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, Broker vs Independent Agent - Correct answer-(Brokers) Legally work on behalf
of the insurance buyer
(Independent Agent) Legally works on behalf of the insurance company
Underwriter - Correct answer-"insurer" Provides insurance coverage aka the
insurance company
Underwriting - Correct answer-refers to the process of selecting, classifying, and
pricing applicants for insurance (set terms, conditions, pricing)
Line underwriter - Correct answer-makes daily decisions concerning the
acceptance or rejection of business
the Chief Underwriting Officer - Correct answer-who sets the standards and
guidelines
Why is it so difficult to figure out what to charge in rating and ratemaking? -
Correct answer-With insurance, we do not know the cost of the goods until AFTER
the product is sold.
Ratemaking - Correct answer-refers to the pricing of insurance and the calculation
of insurance premiums.
rate - Correct answer-price per unit of insurance
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Questions and Answers
Risk Manager - Correct answer-- "insured" buyer of insurance
- Larger companies will have one personal one
- Small to mid-sized companies will have someone else who serves this role
- Must evaluate risks and determine the best approach to manage risks -- including
Loss Control, Retention and transfer techniques
Agent or Broker - Correct answer-"Intermediary" Facilitates the purchase of
insurance. Advises insured. Negotiates with the insurer.
Independent Agent - Correct answer-- The agent has contracts with several to many
companies
- More frequently used in Commercial P&C
Exclusive Agent - Correct answer-- More frequently used in personal lines and
very small businesses
- Agents ONLY sell products for this insurance company.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Broker vs Independent Agent - Correct answer-(Brokers) Legally work on behalf
of the insurance buyer
(Independent Agent) Legally works on behalf of the insurance company
Underwriter - Correct answer-"insurer" Provides insurance coverage aka the
insurance company
Underwriting - Correct answer-refers to the process of selecting, classifying, and
pricing applicants for insurance (set terms, conditions, pricing)
Line underwriter - Correct answer-makes daily decisions concerning the
acceptance or rejection of business
the Chief Underwriting Officer - Correct answer-who sets the standards and
guidelines
Why is it so difficult to figure out what to charge in rating and ratemaking? -
Correct answer-With insurance, we do not know the cost of the goods until AFTER
the product is sold.
Ratemaking - Correct answer-refers to the pricing of insurance and the calculation
of insurance premiums.
rate - Correct answer-price per unit of insurance
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
