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RMI 3011 Quiz 2 RMI 3011 Florida State University -Questions with complete solution
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RMI 3011 Quiz 2 RMI 3011 Florida State University -Questions with complete solution Insurance is a Contract of ____________________ - correct answer indemnity What is indemnity? - correct answer Try to put you in the same position financially after loss as you enjoyed before the loss Exc...

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  • December 1, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 quiz 2
  • rmi 3011 quiz 2 questions with complete solution
  • rmi 3011 quiz 2 rmi 3011 florida state university

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RMI 3011 Quiz 2 Questions with
complete solution
Insurance is a Contract of ____________________ - correct answer
✔indemnity


What is indemnity? - correct answer ✔Try to put you in the same position
financially after loss as you enjoyed before the loss


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


What is an Insurance interest? - correct answer ✔You must own the item
you lost


When is an insurable interest required for property/casualty to be paid out? -
correct answer ✔At the time of the loss


When is insurable interest required for life insurance to be paid out? - correct
answer ✔At the time of application


What is subrogation? (Example) - correct answer ✔If you hit a car, and the
owner of the car files claim with their particular insurance carrier, the ability to
sue you gets transferred to the insurance company


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

, 3 Factors of utmost good faith - correct answer ✔Representations
Concealments
Warranties


Example of material misrepresentation - correct answer ✔Broken TV is a
new Samsung instead of old crappy tv


Example of concealment - correct answer ✔Not telling insurance company
that tv stand was loose before it fell


5 requirements of insurance contract - correct answer ✔1) Offer and
Acceptance (Applicant makes an offer)
2) Exchange of Consideration (Insured pays premiums/ Abides by terms)
3) Competent Parties (Can't make deal with 6 year old)
4) Legal Purpose (Can't insure cocaine)
5) Legal Form (Written document not required)


5 Things a contract is in the insurance world - correct answer ✔Aleatory
Unilateral
Personal
Conditional
Adhesion


What is an aleatory contract? - correct answer ✔Unequal value is exchanged
b/w parties to contract(premium vs coverage)


What is a unilateral contract? - correct answer ✔promise for an act

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