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RMI 3011 Chapter 6 RMI 3011 Florida State University -Question and answers correctly solved $12.99   Add to cart
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RMI 3011 Chapter 6 RMI 3011 Florida State University -Question and answers correctly solved
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RMI 3011 Chapter 6 RMI 3011 Florida State University -Question and answers correctly solved Parts of an Insurance Contract - correct answer 1) Declarations 2) Definitions 3) Insuring agreement 4) Exclusions 5) Conditions 6) Endorsements/Riders Declarations (the "dec" page) - correct ans...

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  • November 30, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 chapter 6
  • rmi 3011 chapter 6 question and answers correctly
  • rmi 3011 chapter 6 rmi 3011 florida state universi

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RMI 3011 Chapter 6 Question and
answers correctly solved
Parts of an Insurance Contract - correct answer ✔1) Declarations
2) Definitions
3) Insuring agreement
4) Exclusions
5) Conditions
6) Endorsements/Riders


Declarations (the "dec" page) - correct answer ✔Customizes the policy to be
insured. Lists details such as:
-policyholder
-policy number
-effective dates
-limit
-deductible
-premium
Depending on premium type, may also include:
-mortgaged
-budding details
-vehicle details (description, VIN)
-beneficiaries


Definitions - correct answer ✔section defining key terms throughout the
policy

, For example....
-who is a "named insured"
-what is considered an "insured location"
-what an "occurrence" is
Note that other sections also may define terms (eg. the exclusion for "earth
movement" may define what that includes)


Maybe under definitions? - correct answer ✔-named insured and additional
insureds
-named peril vs open perils


Named perils - correct answer ✔-listed
-"here are the perils we insure against... fire, windstorm, theft..etc"


Open perils - correct answer ✔-everything is covered except what is
excluded
-more advantageous and consumer friendly


All risk - correct answer ✔-broad form perils
-term no longer used


Insuring Agreement - correct answer ✔-what the insurer agrees to do and
the major conditions under which it agrees
-what IS covered under the policy
-"Personal Liability"
1) "pay up to our limit of liability etc..."
2) "provide a defense at our expense etc..." (duty to defend)

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