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FSU RMI 3011 CHAPTER 6 RMI 3011 Florida State University - Question and answers verified to pass $11.99   Add to cart
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FSU RMI 3011 CHAPTER 6 RMI 3011 Florida State University - Question and answers verified to pass
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FSU RMI 3011 CHAPTER 6 RMI 3011 Florida State University - Question and answers verified to pass Principle of Indemnity - correct answer the insurer agrees to pay no more than the actual amount of the loss Valued policy - correct answer policy that pays the face amount of insurance if a tot...

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  • November 30, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fsu rmi 3011 chapter 6
  • fsu rmi 3011 chapter 6 question and answers verifi
  • fsu rmi 3011 chapter 6 rmi 3011 florida state univ

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FSU RMI 3011 CHAPTER 6 Question and
answers verified to pass
Principle of Indemnity - correct answer ✔the insurer agrees to pay no more
than the actual amount of the loss


Valued policy - correct answer ✔policy that pays the face amount of
insurance if a total loss occurs


Valued policy law - correct answer ✔state law that requires certain insurance
policies to be valued policies


Replacement Cost Insurance - correct answer ✔there is no deduction for
physical depreciation in determining the amount paid for a loss


Life Insurance - correct answer ✔type of valued policy that pays a stated
amount to the beneficiary upon the insured's death


Principle of Insurable Interest - correct answer ✔the insured must be in a
position to lose financially if a covered loss occurs


subrogation - correct answer ✔insurer is entitled to recover from a negligent
3rd party after loss payments are made to the insured


Principle of utmost good faith - correct answer ✔higher degree of honesty is
imposed on both parties to an insurance contract than to most other contracts


Requirements of an Insurance Contract - correct answer ✔1. Offer &
Acceptance

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