100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
RIBO Insurance Course Practice Questions Week 3 With Correct Answers. $11.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. RIBO
  4.  
  5. RIBO

Exam (elaborations)

RIBO Insurance Course Practice Questions Week 3 With Correct Answers.
 0 purchase
  • Course
  • RIBO
  • Institution
  • RIBO

©THEBRIGHTSTARS 2024 RIBO Insurance Course Practice Questions Week 3 With Correct Answers. What is a main benefit of having an insurance application completed in writing and signed by the applicant? Select one: a. Provides accurate documentation of the coverage requested and confirms the acc...

[Show more]

Preview 3 out of 20  pages

Document information

  • September 8, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ribo insurance course practice questions week 3 wi

Written for

  • RIBO
  • RIBO

Seller

avatar-seller
Brightstars

Reviews received

Content preview

©THEBRIGHTSTARS 2024




RIBO Insurance Course Practice Questions
Week 3 With Correct Answers.

What is a main benefit of having an insurance application completed in writing and signed by the
applicant?


Select one:
a. Provides accurate documentation of the coverage requested and confirms the accuracy of the
information.
b. Is less costly for the insurer to underwrite written applications than oral applications
c. Allows the insured to get a premium discount of fifteen percent
d. Allows the insured to choose which questions to answer and which to leave blank -
answer✔✔a. Provides accurate documentation of the coverage requested and confirms the
accuracy of the information. The benefit of a written application is that it provides accurate
documentation of what was requested, and indicates the intentions of the parties at the time the
application was made—particularly if the client signs it, as the signature attests to the accuracy
of the information.
What other types of supplemental applications might an intermediary add to a standard
application?


Select one:
a. Home business and oil tank
b. Overland water and criminal history
c. Rental supplements and pre-existing damage

d. Wood heat and sewer back up - answer✔✔a. Home business and oil tank. In addition to the
introductory client profiles form, the intermediary may use other specific application forms for
wood heat, rental supplements, oil tanks, overland water, or business in the home.

, ©THEBRIGHTSTARS 2024
What can result from an agent/broker's failure to advise insurers of all information material to a
risk during the application process?


Select one:
a. The agent/broker will have their license suspended.
b. The agent/broker may be found liable for losses that may occur.
c. The agent/broker will be required to return any commission earned from the sale.

d. The agent/broker may have to pay a fine to the insurer. - answer✔✔b. The agent/broker may
be found liable for losses that may occur. Agents/brokers acting on behalf of insurance
companies and their clients have a duty to advise insurers of all the information material to the
risk.
Which national association is a main resource for and has a key initiative to create industry-
standard application forms?


Select one:
a. Financial Services Regulatory Association (FSRA)
b. Insurance Bureau of Canada (IBC)
c. Financial Services Regulatory Authority (FSRA)
d. Centre for Study of Insurance Operations/Centre D'Étude de la Pratique D'Assurance
(CSIO/CEPA) - answer✔✔d. Centre for Study of Insurance Operations/Centre D'Étude de la
Pratique D'Assurance (CSIO/CEPA). A number of different application forms are in use. The
CSIO is a national association of property and casualty insurers and independent insurance
brokers working together to achieve electronic business solutions for the insurance industry. One
of its projects is the creation of industry-standard application forms.
Who is the person or firm that requests insurance?


Select one:
a. The insurer
b. The applicant
c. The underwriter

, ©THEBRIGHTSTARS 2024
d. The loss adjuster - answer✔✔b. The applicant. An applicant is a person or firm requesting
insurance. The applicant completes and signs written application forms that contain personal
statements.
What does an underwriter watch for when there are more than one loss payees named on an
insurance application?


Select one:
a. Financial hardship, poor property maintenance, and temptation for fraud
b. Increased severity of loss, slow service, and a temptation for fraud
c. Financial success, slow service, and a temptation for fraud

d. Increased frequency of loss, poor property maintenance, and slow service - answer✔✔a.
Financial hardship, poor property maintenance, and temptation for fraud. Most insurers have
criteria that indicate an underwriter must investigate an application with multiple loss payees, as
it could mean financial challenges, improper property maintenance, and a temptation to stage a
loss.
Why do insurers ask for prior insurance on an application?


Select one:
a. Confirm claim history and check for any lienholders
b. Confirm loss history and identify the loss payees
c. Identify previous declinations or cancellations and the amount of coverage

d. Confirm loss history and identify any gaps in coverage - answer✔✔d. Confirm loss history
and identify any gaps in coverage. Applicants are asked for prior insurers names, policy numbers
and policy expiry dates; and this information is used to check loss history, identify any gaps, and
potential moral hazard.
In ratemaking, what does the validity of statistics on past losses depend on?


Select one:
a. A larger sample group and longer time observed
b. A smaller sample group and shorter time observed
c. A larger sample group and shorter time observed

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Brightstars. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$11.49
  • (0)
Add to cart
Added