RMIN 4000 Edmunds Exam 3 Questions and Verified Answers 100% Correct 2024

RMIN 4000 Edmunds Exam 3 Questions and Verified Answers 100% Correct 2024 Basic parts of an insurance contract - Correct Answer declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions Declarations - Correct Answer statements that provide information about the particular property or activity to be insured What does the declarations page usually contain - Correct Answer name and address, policy dates, amount of insurance, premium and deductible, and other relevant info Definitions - Correct Answer key words or phrases are defined so that coverage under the policy can be determined more easily (insurer-"we,us,out" vs. Insured-"you,your") Insuring agreement - Correct Answer summary of the major promises of the insurer (what is covered) Named perils - Correct Answer only perils specifically named in the policy are covered Open perils (All Risk, Special Coverage) - Correct Answer all perils are covered except for those that are specifically excluded Exclusions - Correct Answer perils or property that are not covered under the policy Why are exclusions necessary - Correct Answer certain perils are considered uninsurable like war and wear and tear What are some reasons to have insurance contract exclusions - Correct Answer presence of extraordinary hazards, coverage provided by other contracts, moral or morale hazard, or coverage not needed by typical insureds Conditions - Correct Answer provisions in the policy that qualify or place limitations on the insurer's promise to perform (prompt notification of loss, no concealment or fraud, etc.) What are some miscellaneous provisions - Correct Answer state mandatory provisions, notice of cancellation, loss, nonrenewal, and mortgagee clause (mortgagee has right to be protected and must prove loss to get paid back)