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[Show more]RIBO Test/Exam Bundled Resources with Complete Solution | Expert Verified 2024/2025 | Guaranteed Success
[Show more]*What is a legally binding contract?* (Common Law Contracts) - Agreement - an offer by one party 
and an acceptance by second party 
Consideration - it must include price/value and in the present or future (money or sealed documents) 
Capacity to legally contract - persons must not be minor, insane,...
Preview 3 out of 22 pages
Add to cart*What is a legally binding contract?* (Common Law Contracts) - Agreement - an offer by one party 
and an acceptance by second party 
Consideration - it must include price/value and in the present or future (money or sealed documents) 
Capacity to legally contract - persons must not be minor, insane,...
"Offer" and "acceptance" is best described as being: - Unconditional-communicated-same mannerwithin time limit 
A broker/agent is responsible for what? - Writing only those classes of business acceptable to 
his/her insurer. 
A building owned by A is sold for cash to B. Two days after the sale, ...
Preview 3 out of 29 pages
Add to cart"Offer" and "acceptance" is best described as being: - Unconditional-communicated-same mannerwithin time limit 
A broker/agent is responsible for what? - Writing only those classes of business acceptable to 
his/her insurer. 
A building owned by A is sold for cash to B. Two days after the sale, ...
10 Included ONT. automobiles in OAP #1 
(PT 
BMS 
RAT 
LC) - Private passenger vehicle 
Trucks 
Buses 
Motorcycle 
Snowmobiles 
Recreational vehicle (RV) 
All-Terrain Vehicles (ATV) 
Trailers 
Leased Vehicles 
Commercial Vehicles 
2% Waiver - Pay loss in full (LOSS) 
3 Ways risk (management) is deal...
Preview 2 out of 15 pages
Add to cart10 Included ONT. automobiles in OAP #1 
(PT 
BMS 
RAT 
LC) - Private passenger vehicle 
Trucks 
Buses 
Motorcycle 
Snowmobiles 
Recreational vehicle (RV) 
All-Terrain Vehicles (ATV) 
Trailers 
Leased Vehicles 
Commercial Vehicles 
2% Waiver - Pay loss in full (LOSS) 
3 Ways risk (management) is deal...
A building is valued at $500,000 with a Fire and EC Policy. The insurer stipulates a 90% co-insurance 
clause will apply on the policy. The building is insured for $300,000. One month after the policy has been 
issued; they building suffered a theft loss of $100,000. There is a $1,000 deductible. Ho...
Preview 2 out of 5 pages
Add to cartA building is valued at $500,000 with a Fire and EC Policy. The insurer stipulates a 90% co-insurance 
clause will apply on the policy. The building is insured for $300,000. One month after the policy has been 
issued; they building suffered a theft loss of $100,000. There is a $1,000 deductible. Ho...
A cigarette sets an automobile seat on fire and causes $450 damage. The policy shows a $300 deductible 
under Specified Perils. What would the insurer pay? - $450 
A claim under a liability policy may be triggered by which of the following? - A negligent act 
A Commercial Crime Insurance Policy: - A...
Preview 2 out of 9 pages
Add to cartA cigarette sets an automobile seat on fire and causes $450 damage. The policy shows a $300 deductible 
under Specified Perils. What would the insurer pay? - $450 
A claim under a liability policy may be triggered by which of the following? - A negligent act 
A Commercial Crime Insurance Policy: - A...
A cigarette sets the automobile seat on fire and causes $450 damage. The policy shows a $300 
deductible under Specified Perils. The insurer would pay: 
A. $0 
B. $150 
C. $300 
D. $450 
Deductible does not apply or is $0 in case of fire or lightening. - D. $450 
A client phones to tell you he has b...
Preview 4 out of 39 pages
Add to cartA cigarette sets the automobile seat on fire and causes $450 damage. The policy shows a $300 
deductible under Specified Perils. The insurer would pay: 
A. $0 
B. $150 
C. $300 
D. $450 
Deductible does not apply or is $0 in case of fire or lightening. - D. $450 
A client phones to tell you he has b...
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