RMIN 2005 - Final Exam Questions and
Answers Graded A+
All EXCEPT which of the following is considered a commercial property
exposure?
a. Contents of your residential home
b. Business income
c. Damage to a commercial vehicle
d. Intellectual property - Correct answer-Contents of your residential home
Workers compensation is commonly categorized as either... - Correct answer-A
liability exposure or a group benefits exposure
Which of the following is a group benefit (not including Social Security benefits)
that some employers are required, by law, to provide to their employees? - Correct
answer-Health insurance
Insurance that covers the "city hall" building would fall under what common
categorization of insurance? - Correct answer-public insurance
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,In the Admitted Field of insurance, most risks are in which market? - Correct
answer-standard
In the Non-Admitted Field of insurance, most risks are in which market? - Correct
answer-surplus lines
Which types of insurers make up the majority of insurers in the US? - Correct
answer-stock and mutual
One type of insurer involves members pooling their premiums to jointly insure
each other? Which type of insurer best fits this description? - Correct answer-
Reciprocals
Sometimes insurers will convert from one organizational form to another in order
to get access to capital. From what form to what other form with they sometimes
convert? - Correct answer-From a mutual to a stock
Where are the shares of the stock insurers in the top 10 of property and casualty
insurance writers in 2019 traded? - Correct answer-On the NYSE
The Lloyd's of London building is... - Correct answer-Many stories high with
utilities on the outside
What type of risk would a Lloyd's syndicate be likely to insure?
a. A small restaurant that serves no alcohol
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, b. A 33 year old driver's liability
c. An oil company's liability
d. The health care of a small, US business - Correct answer-An oil company's
liability
What is closest to the equivalent of "the insurance company" at Lloyds?
a. A syndicate
b. The investor or "Name"
c. The managing agency
d. The Lloyd's broker - Correct answer-A syndicate
Which of the following is true about the history and importance of Lloyds?
a. It started out as a bar where sailors would meet people to take to the "Americas"
b. Merchants would insure their cargo with Lloyd's underwriters
c. Lloyd's sells a significant amount of homeowners insurance in the US
d. It started in 1988 - Correct answer-Merchants would insure their cargo with
Lloyd's underwriters
Which of the following is NOT an example of a risks Lloyd's would likely write?
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Answers Graded A+
All EXCEPT which of the following is considered a commercial property
exposure?
a. Contents of your residential home
b. Business income
c. Damage to a commercial vehicle
d. Intellectual property - Correct answer-Contents of your residential home
Workers compensation is commonly categorized as either... - Correct answer-A
liability exposure or a group benefits exposure
Which of the following is a group benefit (not including Social Security benefits)
that some employers are required, by law, to provide to their employees? - Correct
answer-Health insurance
Insurance that covers the "city hall" building would fall under what common
categorization of insurance? - Correct answer-public insurance
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,In the Admitted Field of insurance, most risks are in which market? - Correct
answer-standard
In the Non-Admitted Field of insurance, most risks are in which market? - Correct
answer-surplus lines
Which types of insurers make up the majority of insurers in the US? - Correct
answer-stock and mutual
One type of insurer involves members pooling their premiums to jointly insure
each other? Which type of insurer best fits this description? - Correct answer-
Reciprocals
Sometimes insurers will convert from one organizational form to another in order
to get access to capital. From what form to what other form with they sometimes
convert? - Correct answer-From a mutual to a stock
Where are the shares of the stock insurers in the top 10 of property and casualty
insurance writers in 2019 traded? - Correct answer-On the NYSE
The Lloyd's of London building is... - Correct answer-Many stories high with
utilities on the outside
What type of risk would a Lloyd's syndicate be likely to insure?
a. A small restaurant that serves no alcohol
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, b. A 33 year old driver's liability
c. An oil company's liability
d. The health care of a small, US business - Correct answer-An oil company's
liability
What is closest to the equivalent of "the insurance company" at Lloyds?
a. A syndicate
b. The investor or "Name"
c. The managing agency
d. The Lloyd's broker - Correct answer-A syndicate
Which of the following is true about the history and importance of Lloyds?
a. It started out as a bar where sailors would meet people to take to the "Americas"
b. Merchants would insure their cargo with Lloyd's underwriters
c. Lloyd's sells a significant amount of homeowners insurance in the US
d. It started in 1988 - Correct answer-Merchants would insure their cargo with
Lloyd's underwriters
Which of the following is NOT an example of a risks Lloyd's would likely write?
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