Ribo insurance - Study guides, Class notes & Summaries

RIBO Insurance Exam Questions with Correct Answers

RIBO Insurance Course Practice Questions Week 3 Questions with Correct Answers

RIBO Insurance Course Practice Questions Week 4 questions with Correct Answers

*What is a legally binding contract?* (Common Law Contracts) - Agreement - an offer by one party and an acceptance by second party Consideration - it must include price/value and in the present or future (money or sealed documents) Capacity to legally contract - persons must not be minor, insane, impaired or mentally incompetent Genuine intention - beyond just agreement, there has to be true intention involved Legality of Purpose - contract requires to be legal from all aspects (cannot brea...

RIBO Insurance Practice Exam Solved 100% Correct

RIBO Insurance Exam UPDATED Exam Questions and CORRECT Answers What makes pure risk insurable while speculative not? - Correct Answer- Pure risk insurance is a situation involving a chance of a loss without a chance of gain. Insurance will accept situations where there is no potential for gain. Pure Risk - Correct Answer- A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk - Correct Answer- A situation where the possibility of eit...

RIBO Insurance Course Practice Questions and Answers Week 4

RIBO Insurance Course UPDATED Exam Questions and CORRECT Answers Mary lives in a townhouse unit that she rents. A fire in the unit next door also damages Mary's unit. The damage is significant and Mary will have to move out while it is being repaired. Which tenants policy section will cover the cost of providing her with a temporary place to live? Select one: a. Property contents b. Additional living expenses

Mary lives in a townhouse unit that she rents. A fire in the unit next door also damages Mary's unit. The damage is significant and Mary will have to move out while it is being repaired. Which tenants policy section will cover the cost of providing her with a temporary place to live? Select one: a. Property contents b. Additional living expenses c. Accident benefits d. Liability insurance - Answer-b. Additional living expenses. Similar to homeowners' insurance, a tenants policy carries...