Ribo insurance exam - Study guides, Class notes & Summaries

RIBO Insurance Exam 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 Exam Graded A 2024

RIBO Insurance Exam Questions and Answers Graded A What makes pure risk insurable while speculative not? 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 A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk A situation where the possibility of either financial loss or gain exists. This is not accepted by insurances. Exam...

RIBO Insurance Exam with complete solution

RIBO Insurance Exam with complete solution

RIBO Insurance Exam (Study Notes for Insurance Exam)Questions With Complete Solutions.