Ribo entry level 1 exam - Study guides, Class notes & Summaries

RIBO ENTRY LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ....

RIBO ENTRY LEVEL 1 UPDATED Exam Questions and CORRECT Answers Risk - Correct Answer- Chance of a loss Which type of risk is insured and why? - Correct Answer- Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - Correct Answer- REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance

10 Included ONT. automobiles in OAP #1 (PT BMS RAT LC) - Private passenger vehicle Trucks Buses Motorcycle Snowmobiles Recreational vehicle (RV) All-Terrain Vehicles (ATV) Trailers Leased Vehicles Commercial Vehicles 2% Waiver - Pay loss in full (LOSS) 3 Ways risk (management) is dealt with? - REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance

Risk - Chance of a loss Which type of risk is insured and why? - Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk - C) Doing nothing / avoiding the risk Insurer - Insurance company Stock Insurance company...