Ribo level 1 || COMPLETE QUESTIONS WITH 100% RATED CORRECT
ANSWERS | GRADED A+| 2025 LATEST UPDATED
Terms in this set (33)
In contact law, consideration... an exchange of something of value
what elements must be agreement, consideration, legality of object, legal capacity, genuine
present to constitute a legal intention
contract?
How to deal with risk? a) Control b) Avoidance c) Retention d) Transfer
What is the most realistic transfer
way to deal with risk
What are the elements special insurable interest, utmost good faith, indemnity
to insurance contracts
which document is used rider
exclusively to add coverage to
an insurance policy
which type of risk is not Speculative risk
insurable
1) Endorsement: this is issued by the insurer to show that a
change has been made to the policy.
What are some of the ways 2) Rider: this adds coverage on top of your regular
changes can be made to insurance policy. An additional premium is usually
insurance policies? required to be paid.
3) Floater: this is a type of insurance policy that insures
property that frequently moves around (ie. a
contractor's tools)
Under a Fire and Extended a) riot
Coverage
policy which item is not
included? a) riot b) smoke c)
explosion d) earthquake
, if an insurance company turns property and causality insurance compensation corporation
out to be
insolvent, who steps in to
indemnify policy holders?
what is the fiduciary to return any unearned commissions
responsibility of a broker?
According to the insurance al of the above
act, which of the following
need to be included on the
declarations page? a) parties
to the
contract b) policy period c)loss
payee(s) d) coverage & amount
of insurance e) rates f) subject
matter of insurance
what is the statutory condition the insured must take reasonable steps to protect their property
of "salvage" entail? from further loss
which type of fire is a) hostile fire
insurable? a) hostile fire b)
friendly fire
which of the following are types b) false description of property to the prejudice of
of the insurer & c) fraudulent omission of a material
misrepresentation? a)
fact
misrepresentation of a non-
material fact b) false
description of property to
the prejudice of the insurer
c) fraudulent omission of a
material fact d) accidental
omission of a material fact
protection is usually only available while the property is on
the stated premises but sometimes, it is necessary to move
removal clause that property to an unnamed premises in order to protect it
from further loss.
In that case, insurers have agreed to offer coverage at a
location that is not named on the policy for up to 7 days
(or until policy expiry).
what is the difference an agent represents the interests
ANSWERS | GRADED A+| 2025 LATEST UPDATED
Terms in this set (33)
In contact law, consideration... an exchange of something of value
what elements must be agreement, consideration, legality of object, legal capacity, genuine
present to constitute a legal intention
contract?
How to deal with risk? a) Control b) Avoidance c) Retention d) Transfer
What is the most realistic transfer
way to deal with risk
What are the elements special insurable interest, utmost good faith, indemnity
to insurance contracts
which document is used rider
exclusively to add coverage to
an insurance policy
which type of risk is not Speculative risk
insurable
1) Endorsement: this is issued by the insurer to show that a
change has been made to the policy.
What are some of the ways 2) Rider: this adds coverage on top of your regular
changes can be made to insurance policy. An additional premium is usually
insurance policies? required to be paid.
3) Floater: this is a type of insurance policy that insures
property that frequently moves around (ie. a
contractor's tools)
Under a Fire and Extended a) riot
Coverage
policy which item is not
included? a) riot b) smoke c)
explosion d) earthquake
, if an insurance company turns property and causality insurance compensation corporation
out to be
insolvent, who steps in to
indemnify policy holders?
what is the fiduciary to return any unearned commissions
responsibility of a broker?
According to the insurance al of the above
act, which of the following
need to be included on the
declarations page? a) parties
to the
contract b) policy period c)loss
payee(s) d) coverage & amount
of insurance e) rates f) subject
matter of insurance
what is the statutory condition the insured must take reasonable steps to protect their property
of "salvage" entail? from further loss
which type of fire is a) hostile fire
insurable? a) hostile fire b)
friendly fire
which of the following are types b) false description of property to the prejudice of
of the insurer & c) fraudulent omission of a material
misrepresentation? a)
fact
misrepresentation of a non-
material fact b) false
description of property to
the prejudice of the insurer
c) fraudulent omission of a
material fact d) accidental
omission of a material fact
protection is usually only available while the property is on
the stated premises but sometimes, it is necessary to move
removal clause that property to an unnamed premises in order to protect it
from further loss.
In that case, insurers have agreed to offer coverage at a
location that is not named on the policy for up to 7 days
(or until policy expiry).
what is the difference an agent represents the interests
