- Study guides, Class notes & Summaries

distribution- independent agency - usually represents several unrelated insurers agents are paid a commission which varies by the line of insurance the agency owns the expirations or renewal rights to the business agents may be authorized to adjust small claims and may provide loss control services to their insurers large brokerage firms - very important in commercial P&C coverage may have knowledge of highly specialized insurance markets may provide risk management and loss control servic...

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4 pages

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nondiversifiable risk - ️️-affects entire economy -cannot be reduced thru diversififcation -gov. assistance may be needed to insure -risks are correlated (inflation, unemployment) -ex: flood, earthquake systemic risk - ️️-risk collapse of an entire system or entire market due to a failure of a single entity or group of entities that can result in a breakdown of the entire financial system -instability in the financial system due to interdependency between the players and the mar...

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mo physical hazard - a physical condition that increases the frequency or severity of loss ral hazard - the presence of insurance changes the behavior of the insured (sometimes involves dishonesty, but not always) risk management - a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures risk - a calculated possibility of a negative outcome frequency - probability of a loss over a certain period of time sever...

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2 pages

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17 pages

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RMIN 4000 UGA Brown Test 4 Questions and Answfee-for-serive - ANSWER-a separate fee is paid for each service copayment - ANSWER-flat amount the insured must pay each time health services are received calendar year deductible - ANSWER-an aggregate deductible that has to be satisfied only once during the calendar year coinsurance - ANSWER-the percentage of the medical expenses the policyholder must pay in addition to the deductible amount Out-of-pocket maximum (stop-loss limit) - ANSWE...

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5 pages

Written in 2023/2024

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nursingismylife

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+

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RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct RMIN 4000 UGA Brown Exam 3 Questions and Answers 100% Correct 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 histo...

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10 pages

Written in 2023/2024

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NursingTutor1

RMIN 4000 UGA Brown Test 4 Questions and Answers (Graded A)RMIN 4000 UGA Brown Test 4 Questions and Answers (Graded A)RMIN 4000 UGA Brown Test 4 Questions and Answers (Graded A) fee-for-serive - ANSWER-a separate fee is paid for each service copayment - ANSWER-flat amount the insured must pay each time health services are received calendar year deductible - ANSWER-an aggregate deductible that has to be satisfied only once during the calendar year

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5 pages

Written in 2023/2024

Grade A+

NursingTutor1