RMI 4224 Quiz with 100% complete
solutions already passed
All of the following are true concerning hazard Except: - correct answer ✔✔"Hazard" is
synonymous with "peril."
Joe owns a bar on the edge of the FSU campus. Joe is 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: - correct
answer ✔✔Avoidance
An element of a legally-binding contract includes which of the following?: - correct answer
✔✔All of the above
One characteristic of an insurance contract is the "take-it-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: - correct
answer ✔✔Contract of Adhesion
Shavon's home is insured for loss under a standard HO-3 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?: - correct answer ✔✔Indemnity
Which of the following statements is/are true?
I. The insurance company's duty to defend is broader than its duty to pay covered losses.
II. Endorsements always provide additional coverage. - correct answer ✔✔idk but its not 2 only
solutions already passed
All of the following are true concerning hazard Except: - correct answer ✔✔"Hazard" is
synonymous with "peril."
Joe owns a bar on the edge of the FSU campus. Joe is 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: - correct
answer ✔✔Avoidance
An element of a legally-binding contract includes which of the following?: - correct answer
✔✔All of the above
One characteristic of an insurance contract is the "take-it-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: - correct
answer ✔✔Contract of Adhesion
Shavon's home is insured for loss under a standard HO-3 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?: - correct answer ✔✔Indemnity
Which of the following statements is/are true?
I. The insurance company's duty to defend is broader than its duty to pay covered losses.
II. Endorsements always provide additional coverage. - correct answer ✔✔idk but its not 2 only
