RMI 3011

RMI 3011 exam 1 RMI 3011 Florida State University -Question and answers already passed Definition of risk - correct answer a situation involving exposure to danger; uncertainty concerning the occurrence of a loss; the level of possibility that an action or activity will lead to a loss or to an outcome. The risk may even pay off and not lead to a loss; it may lead to a gain classifications of risk - correct answer SOS PS DND >objective >subjective >speculative >pure >s...

RMI 3011 Exam 1 RMI 3011 Florida State University -Questions with complete solution Karen won't allow any of the neighborhood children into her yard because she has a large swimming pool and doesn't want anyone to fall in, resulting in her being responsible for the harm of a child. What type of risk is Karen trying to avoid? liability property personal financial - correct answer liability Gary works in a factory where the workers are known to leave oily rags all over the place. W...

RMI 3011 Exam 1 Jones RMI 3011 Florida State University -Question and answers already passed Risk - correct answer Uncertainty concerning the occurrence of loss Uncertainty - correct answer Outcome must be in doubt and at least one outcome is is undesirable Objective risk (Degree of risk) - correct answer the relative variation of actual loss from expected loss it is measurable Subjective risk (perceived risk) - correct answer uncertainty based on a person's mental conditio...

RMI 3011 FINAL EXAM FSU ZAVADA RMI 3011 Florida State University -Questions with complete solution Annuity - correct answer A periodic payment that continues for a fixed period or for the duration of a designated life or lives. It provides protection against the risk of excessive longevity. The fundamental purpose is to provide a lifetime income that cannot be outlived Types of Annuity - correct answer Fixed annuity Variable annuity Equity-indexed annuity Fixed Annuity - correct an...

RMI Exam 1 RMI 3011 Florida State University -Questions with complete solution Slippery roads or fog are examples of a: A. Physical hazard B. Moral hazard C. Societal hazard D. Liability hazard E. Hazardous environment - correct answer A When measuring risk, frequency is synonymous with: A. Impact B. Likelihood C. Severity D. Expected value E. Standard deviation - correct answer B Air bags in a vehicle are an example of: A. Risk (loss) prevention B. Risk (loss) reduction ...

RMI 3011 Exam 3 FSU RMI 3011 Florida State University -Question and answers 100% correct Premature Death - correct answer the death of a family head with unfulfilled financial obligations The need for Life Insurance - correct answer 1. Single People: Not needed 2. Single-parent Families: Maybe, use cost benefit analysis 3. Two income earners with children: Maybe but probably not 4. Traditional families: Yes, one income 5. Blended families: Depends if traditional/two-income 6. Sandwi...

RMI 3011: Exam 1 RMI 3011 Florida State University -Questions with complete solution Insurance - correct answer -Device for the transfer and pooling of risks -A known small loss (premium payment) replaces a possible unknown large loss Risk - correct answer possibility of loss Peril - correct answer -Cause of loss Ex: Death, Disability, Collision, Fire, Legal liability Hazard - correct answer - condition that increases the likelihood of loss or increases the size of the lo...

RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the Declarations page of a policy EXCEPT: Name of the insured. A summary of the insurer's major promises. Amount of the premium. Deductible amount. - correct answer A summary of the insurer's major promises. Which of the following statements concerning policy "definitions" is/are true? I. The aleatory nature of insurance co...

RMI 3011 Quiz 5 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 earnings i...

RMI 3011 - Final Exam (FSU) RMI 3011 Florida State University -Question and answers rated A+ Medical Expense Insurance - correct answer Protects and individual or family for covered medical expenses because of illness or injury Out-of-Pocket Maximum Limits - correct answer 100% of covered medical expenses in excess of the deductible are paid after the insured pays a certain amount out-of-pocket (Health Insurance) Coinsurance - correct answer Percentage of the bill in excess of th...