RIBO Exam Prep UPDATED Exam Questions and CORRECT Answers
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Course
RIBO
Institution
RIBO
RIBO Exam Prep UPDATED Exam
Questions and CORRECT Answers
Implied Contract - Correct Answer- a contract that comes about from the actions of the
parties
Express Contract - Correct Answer- Terms have been specificity states and agreed upon by
both parties
Reinsurance - Correct Answer- insur...
RIBO Exam Prep UPDATED Exam
Questions and CORRECT Answers
Implied Contract - Correct Answer- a contract that comes about from the actions of the
parties
Express Contract - Correct Answer- Terms have been specificity states and agreed upon by
both parties
Reinsurance - Correct Answer- insurance for insurance companies
Frequency - Correct Answer- Percentage of what we insure.
severity - Correct Answer- $ amount of the loss
contract - Correct Answer- agreement between two or more parties
void - Correct Answer- The policy never existed. Any premium received must be returned.
legal entity/person - Correct Answer- Someone who can sue or be sued.
tort - Correct Answer- You have been legally wronged
contribution - Correct Answer- Insurance under more than one policy (excess insurance)
Concealment (Nondisclosure) - Correct Answer- Silence where there is obligation to speak.
Loss policy voucher (LPV) - Correct Answer- Single page saying you want to cancel your
policy. Signed and dated.
vandalism - Correct Answer- damage to property without regard to ownership
, malicious act - Correct Answer- Damage to property due to ownership
risk - Correct Answer- The chance of loss
Negligence - Correct Answer- What a reasonable and prudent person would or would t do in
a similar situation
hazard - Correct Answer- Condition that may cause a peril to occur or make the loss more
severe
proximate cause - Correct Answer- Immediate/effective cause of the loss
General insurance - Correct Answer- Everything other than life and health insurance
indemnified - Correct Answer- To put you back in the same financial position you were just
prior to loss. No better. No worse.
First party - Correct Answer- Insured
Second party - Correct Answer- insurer
third party - Correct Answer- Anyone outside of the insured contract that takes legal action
against the contract
I.N.B.R - Correct Answer- Incurred losses that have not been reported
Insurable Interest - Correct Answer- something of value that, if lost, would cause you
financial harm
Actual Cash Value - Correct Answer- Today's market price less depreciation
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