RMIN 4000 Exam 3 Questions and Answers 2024

RMIN 4000 EXAM 3 QUESTIONS AND ANSWERS 2024 Basic Parts of an Insurance Contract - Answer declarations, definitions, insuring agreement, exclusions, conditions, miscellaneous provisions declaration - Answer part of an insurance contract that tells who, what, when, and where, lists the amount of coverage, premiums, and deductibles, and is usually the very first page definition - Answer part of the insurance contract that defines terms like "your covered auto" Insuring Agreement - Answer part of contract that summarizes major promises of insurer; either named perils or all-risks named perils - Answer if a peril is not named, it is not covered under the insurance contract all risks - Answer all perils are covered unless they are specifically excluded reasons for exclusions - Answer some perils are considered uninsurable; some hazards are extraordinary; coverage provided by other contracts; moral hazard problems; coverage not needed by typical insureds conditions - Answer provisions in the insurance policy that qualify or limit the insurer's promise to perform; ex: notifying insurer after loss occurs, protecting property from further damage after a loss, cooperating with the insurer in the event of a liability lawsuit Misc. Provisions in P/C Insurance - Answer assignment of policy, cancellation, "other-insurance" provisions Misc. Provisions in Life/Health Insurance - Answer grace period; reinstatement of lapsed policy endorsements and riders - Answer provisions that legally add to, delete from, or modify the original policy