RMI 4224 Quiz UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (20)
All of the following are true concerning hazard Except: "Hazard" is synonymous with "peril."
Joe owns a bar on the edge of the FSU campus. Joe is Avoidance
concerned about the risk of liability associated with over-
serving patrons with too much alcohol. Joe has several
risk management techniques available to manage this risk.
Joe decides the best way to manage this risk is to sell his
bar to another person. The risk management technique
Joe utilized is known as:
An element of a legally-binding contract includes which All of the above
of the following?:
One characteristic of an insurance contract is the "take-it- Contract of Adhesion
or leave" nature of the contract's contents. That is, the
insurance company drafts all the contract provisions with
little or no input from the potential insured. This
characteristic makes an insurance contract a/an:
Shavon's home is insured for loss under a standard HO-3 Indemnity
policy. She reports the theft of her 5 year-old TV to her
insurance company. Although Shavon paid $1,500 for the
TV five years ago, she was only paid the actual cash value
(ACV) of her TV ($750) by her insurer. What principle of
insurance does this example illustrate?:
Which of the following statements is/are true? idk but its not 2 only
I. The insurance company's duty to defend is broader than
its duty to pay covered losses.
II. Endorsements always provide additional coverage.
All of the following are examples of an insurable interest got this wrong
EXCEPT:
All of the following statements concerning insurance Most property insurance policies have provisions that allow an insured to
policy provisions are true EXCEPT: abandon damaged property they no longer want to the insurance company.
C
Terms in this set (20)
All of the following are true concerning hazard Except: "Hazard" is synonymous with "peril."
Joe owns a bar on the edge of the FSU campus. Joe is Avoidance
concerned about the risk of liability associated with over-
serving patrons with too much alcohol. Joe has several
risk management techniques available to manage this risk.
Joe decides the best way to manage this risk is to sell his
bar to another person. The risk management technique
Joe utilized is known as:
An element of a legally-binding contract includes which All of the above
of the following?:
One characteristic of an insurance contract is the "take-it- Contract of Adhesion
or leave" nature of the contract's contents. That is, the
insurance company drafts all the contract provisions with
little or no input from the potential insured. This
characteristic makes an insurance contract a/an:
Shavon's home is insured for loss under a standard HO-3 Indemnity
policy. She reports the theft of her 5 year-old TV to her
insurance company. Although Shavon paid $1,500 for the
TV five years ago, she was only paid the actual cash value
(ACV) of her TV ($750) by her insurer. What principle of
insurance does this example illustrate?:
Which of the following statements is/are true? idk but its not 2 only
I. The insurance company's duty to defend is broader than
its duty to pay covered losses.
II. Endorsements always provide additional coverage.
All of the following are examples of an insurable interest got this wrong
EXCEPT:
All of the following statements concerning insurance Most property insurance policies have provisions that allow an insured to
policy provisions are true EXCEPT: abandon damaged property they no longer want to the insurance company.
