RHODE ISLAND INSURANCE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
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Module
RHODE ISLAND INSURANCE
Institution
RHODE ISLAND INSURANCE
the role of insurance is to
Ans: transfer the risk of financial loss from an individual or business to an
insurance company
Quiz: organized and incorporated under state law owned by
stockholders who get a paid share of the company's profit through
dividends. also referred to as a nonpartici...
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RHODE ISLAND INSURANCE EXAM 2025- 2026
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
the role of insurance is to
Ans: transfer the risk of financial loss from an individual or business to an
insurance company
Quiz: organized and incorporated under state law owned by
stockholders who get a paid share of the company's profit through
dividends. also referred to as a nonparticipating or non-par bc policy
holder do not participate in paid dividends
Ans: stock insurance company
Quiz: organized and incorporated under state law. but they have no
stockholders. instead, the policyholders own the company. owners get
paid a share of the companies profits through dividends. participating
or par companies bc policy owners do not participate in paid
dividends
Ans: mutual insurer companies
Quiz: process of a stock company being converted into a mutual
company
,Ans: mutualization
Quiz: process of a mutual company being converted into a stock
company
Ans: demutualization
Quiz: an association formed to underwrite and issue insurance like
coverage on certain items and areas that might otherwise be
uninsurable
Ans: Lloyds of London
Quiz: are a specialized branch of the insurance industry that insurers
other insurance company's risk. *is an arrangement by which an
insurance company transfers or sells a portion of the risk to a
reinsurance company
Ans: reinsurers
Quiz: the insurance company transferring the risk
Ans: ceding company
Quiz: industrial insurance sold by home service or debit insurance
companies
Ans: home service insurers
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, Quiz: when 3rd party ownership is involved, applicants who also
happen to be the stated primary beneficiary are required to have
Ans: insurable interest in the proposed insured
Quiz: which is considered a statement that is assured to be true in every
respect
Ans: warranty
Quiz: which best describes a warranty
Ans: statement guaranteed to be true
Quiz: which of these is not considered to be an element of an
insurance contract
Ans: negotiating
Quiz: a life insurance policy would be considered contract without?
Ans: insurable interest
Quiz: all of the following (bilateral unilateral aleatory adhesion) are
considered to be typical characteristics describing the nature of an
insurance contract except
Ans: bilateral
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