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RMI 3011 exam 2 RMI 3011 Florida State University -Question and answers verified to pass $13.49   Add to cart
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RMI 3011 exam 2 RMI 3011 Florida State University -Question and answers verified to pass
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RMI 3011 exam 2 RMI 3011 Florida State University -Question and answers verified to pass actual cash value - correct answer = replacement cost - depreciation fair market value Exceptions to the Principle of Indemnity - correct answer replacement cost insurance, valued policy, valued poli...

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  • November 30, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 exam 2
  • rmi 3011 exam 2 question and answers verified to p
  • rmi 3011 exam 2 rmi 3011 florida state university

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RMI 3011 exam 2 Question and answers
verified to pass
actual cash value - correct answer ✔= replacement cost - depreciation
fair market value


Exceptions to the Principle of Indemnity - correct answer ✔replacement cost
insurance, valued policy, valued policy laws, life insurance


insurable interest - correct answer ✔established through ownership or
loaned money


prevent gambling, reduce moral hazard, property insurance - accurately
measure the insured's loss


when insurable interest is required for property/casualty - correct answer
✔time of loss


when insurable interest is required for life insurance - correct answer ✔time
of the application


Principle of Subrogation (substitution) - correct answer ✔purpose of claiming
reimbursment from third party when third party is at fault, holds guilty party
accountable. life insurance exception (if husband murders wife), insurer
cannot subrogate against its own insureds


effect of material misrepresentations - correct answer ✔have you had heart
sugery? answer no but true answer is yes. premiums will be returned and
there will be no coverage

, Effect of innocent misrepresentation - correct answer ✔mom's bday is wrong
on birth certificate or birth year listed wrong


concealment in insurance applications - correct answer ✔failure to disclose
something you knew or should've known, if carrier can prove they will void
coverage, if you consider heart surgery different than heart transplant and
falsely say no


warranties in insurance contracts - correct answer ✔effect of breach of
warranty - if you take boat out farther than specified in contract, loss not
covered but coverage won't be voided


requirements of an enforceable contract - correct answer ✔-offer and
acceptance = applicant/insured makes an offer
-exchange of consideration = insured pays premium and abides by terms
while insurer offers promise
-competent parties
-legal purpose
-legal form = written doc not always required


distinct characteristics of insurance contracts - correct answer ✔-aleatory
contract
-unilateral contract
-personal contract
-conditional contract
-contract of adhesion

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