RMI 3011

RMI3011 Chapters 1-4 Exam 1 RMI 3011 Florida State University -Question and answers correctly solved Risk - correct answer Means there is uncertainty about the outcome, and there is a possibility of the outcome being unfavorable (an indeterminate outcome & adverse consequence). A condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for. What are the 2 common elements of risk? - correct answer 1. Indeterminancy- at least tw...

RMI 3011 FSU EXAM 3-STITH RMI 3011 Florida State University -Question and answers verified to pass Homeowners Insurance - correct answer -Forms, drafted by ISO are widely used in United States Insurance Services Office (ISO) - correct answer -Designed for the owner-occupants of family dwellings -A policy can be used to cover the dwelling, other structures, personal property, additional living expenses, personal liability claims, and medical payments -Six form are available HO-2 (Br...

RMI3011 FSU Exam 2 RMI 3011 Florida State University -Questions with complete solution Declarations - correct answer Statements that provide information about the particular property or activity to be insured Definitions - correct answer Clearly define key words or phrases in an insurance contract Named Perils - correct answer Covered perils are specifically named in the policy Open Perils - correct answer All perils are covered unless specifically excluded Reasons for Exclu...

RMI 3011 Exam 1 RMI 3011 Florida State University -Question and answers verified to pass Risk - correct answer uncertainty concerning the occurrence of a loss Loss exposure - correct answer ANY time a loss is possible, not just when a loss occurs Objective Risk - correct answer the relative variation of actual loss vs. expected loss. Ex. how many more/less car accidents actually occurred vs. what the insurance company predicted As the number of exposures increases... - correct an...

RMI 3011 Exam 1 Key Terms and Concepts Review RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Loss Exposure - correct answer any situation or circumstance in which a loss is possible, regardless of whether a loss occurs Probability of 0 - correct answer there's no risk, the event will NOT happen Probability of 1 - correct answer the event WILL happen, no risk but rather plan for it to happ...

RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+ life insurance is an insurance contract that... - correct answer pays a specified amount of money (the "face amount") life insurance is an insurance contract that... - correct answer to a person or organization (the "beneficiary") life insurance is an insurance contract that... - correct answer when a person named on the policy (the "insured") dies true - correct answer many diffe...

RMI 3011 - EXAM 1 (Melvin Stith) RMI 3011 Florida State University -Question and answers rated A+ Risk - correct answer Uncertainty concerning the occurrence of a loss Risk - correct answer used to identify the property or life that is being considered for insurance Risk - correct answer used in situations where the probabilities of possible outcomes are known Uncertainty - correct answer used in situations where such probabilities cannot be estimated Loss Exposure - correct...

RMI 3011 Chapter 14 RMI 3011 Florida State University -Question answers already passed Reasons for Social Insurance, why are they necessary? - correct answer To help solve complex social problems. To provide coverage for perils that are difficult to insure privately. To provide a base of economic security to the population. Basic Characteristics of Social Insurance Social insurance programs are distinct from other government insurance programs because: - correct answer Most progra...

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 EXPECT: - Name of the insured - A summary of the insurer's major promises - Amount of the premium - Deductible amount 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 contracts makes it ne...

RMI 3011 EXAM 3 FSU RMI 3011 Florida State University -Question and answers already passed Medical Expense Insurance - correct answer Protects an individual or family for covered medical expenses because of illness or injury Out-of-Pocket Maximum Limits - correct answer 100% of the 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...