RMIN4000 FINAL EXAM BROWN Exam fully
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Terms in this set (275)
Lannister Insurance Company insures 0.08 (16k/200k)
200,000 vehicles. In 2019, they paid a
total of $136,000,000 in collision
losses to the owners of 16,000 of
those vehicles. What was Lannister's
collision loss frequency in 2019?
Lannister Insurance Company insures 8500 (136M/16K)
200,000 vehicles. In 2019, they paid a
total of $136,000,000 in collision
losses to the owners of 16,000 of
those vehicles. What was Lannister's
collision loss severity in 2019?
,Michael Scott owns a condominium direct loss
in Scranton, PA. A fire breaks out
when his girlfriend, Jan, is dancing
and knocks over a candle. The fire
damages the condo and Michael's
most prized possession - his plasma
TV. The damage to Michael's plasma
TV is considered a(n):
What is the most important step in Step 1: identify loss exposures
the risk management process?
I have a high deductible ($2,200) in retention
my health insurance plan. The high
deductible is an example of which
type of risk management technique?
Insurance is the most appropriate high severity, low frequency
risk management technique for
which of the following types of loss
exposures?
Review captive insurer
The Very Good Building &
Development Company is a general
contractor (builder). Due to difficulty
finding affordable workers
compensation insurance (covering
employee injuries), Very Good
established its own insurance
company based in Vermont for the
purpose of insuring Very Good's
workers compensation loss
exposures. The company that Very
Good formed is called a
, Jim Halpert and his wife, Pam, are Asymmetric Information
selling the home they've lived in for
the past seven years. They are aware
of an electrical problem in the home
that they do not want to fix because
it would be expensive. Potential
buyers of the home are unaware of
the electrical problem. This is an
example of:
All of the following are examples of A
operational risks EXCEPT:
a) changing conditions in financial
markets
b) employment practices
c) customer service
d) supply chain
Heisenberg Insurance has a home mutual insurer
office in Albuquerque, New Mexico
and they specialize in insuring
chemical manufacturers. Heisenberg
is owned by its policyholders and
any annual profits are distributed
through rate reductions. Which type
of insurer is Heisenberg?
Reubens work in insurance sales. He independent agent
sells insurance through several
different unrelated insurance carriers
that he legally represents. What is
Reuben's job?
solved & updated (latest version verified for
accuracy)
Save
Terms in this set (275)
Lannister Insurance Company insures 0.08 (16k/200k)
200,000 vehicles. In 2019, they paid a
total of $136,000,000 in collision
losses to the owners of 16,000 of
those vehicles. What was Lannister's
collision loss frequency in 2019?
Lannister Insurance Company insures 8500 (136M/16K)
200,000 vehicles. In 2019, they paid a
total of $136,000,000 in collision
losses to the owners of 16,000 of
those vehicles. What was Lannister's
collision loss severity in 2019?
,Michael Scott owns a condominium direct loss
in Scranton, PA. A fire breaks out
when his girlfriend, Jan, is dancing
and knocks over a candle. The fire
damages the condo and Michael's
most prized possession - his plasma
TV. The damage to Michael's plasma
TV is considered a(n):
What is the most important step in Step 1: identify loss exposures
the risk management process?
I have a high deductible ($2,200) in retention
my health insurance plan. The high
deductible is an example of which
type of risk management technique?
Insurance is the most appropriate high severity, low frequency
risk management technique for
which of the following types of loss
exposures?
Review captive insurer
The Very Good Building &
Development Company is a general
contractor (builder). Due to difficulty
finding affordable workers
compensation insurance (covering
employee injuries), Very Good
established its own insurance
company based in Vermont for the
purpose of insuring Very Good's
workers compensation loss
exposures. The company that Very
Good formed is called a
, Jim Halpert and his wife, Pam, are Asymmetric Information
selling the home they've lived in for
the past seven years. They are aware
of an electrical problem in the home
that they do not want to fix because
it would be expensive. Potential
buyers of the home are unaware of
the electrical problem. This is an
example of:
All of the following are examples of A
operational risks EXCEPT:
a) changing conditions in financial
markets
b) employment practices
c) customer service
d) supply chain
Heisenberg Insurance has a home mutual insurer
office in Albuquerque, New Mexico
and they specialize in insuring
chemical manufacturers. Heisenberg
is owned by its policyholders and
any annual profits are distributed
through rate reductions. Which type
of insurer is Heisenberg?
Reubens work in insurance sales. He independent agent
sells insurance through several
different unrelated insurance carriers
that he legally represents. What is
Reuben's job?
