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RIBO Questions with Correct Answers.
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RIBO Questions with Correct Answers.
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RIBO Questions with Correct AnswersWhich of the following statements best describes actual cash value?
Correct Answer-The replacement cost at the time of loss less
depreciation
Personal injury liability under the Commercial General Liability Policy
covers sums that the insured becomes legally obligated to pay: Correct
Answer-Because of injury to a person's character by such things as false
arrest or malicious prosecution.
Under an automobile policy, property damage means damage to which
of the following? Correct Answer-Property of others but not the
insured's own property
Law of large numbers is: Correct Answer-Affects the reliance to be
placed on a given probability
In the Homeowners Basic Form, special limits of insurance apply to
which of the following personal property when it is stolen? Correct
Answer-Bicycles
With respect to automobile insurance, what does no-fault insurance
mean? Correct Answer-The legislation has been passed prohibiting or
severely limiting lawsuits for injuries
, Misrepresentation discovered by an insurer may result in the policy
being voided. To do so successfully, the insurer must show Correct
Answer-The misrepresented fact was material to the risk.
What is pure premium? Correct Answer-The premium required to meet
the losses that occur.
To what extent does A2 Loss Assessment coverage in the
Comprehensive Condominium Unit Owners Policy cover an assessment
against a unit owner? Correct Answer-Any covered assessment that is
valid under the corporation, insured by the Unit Owners Policy, and to a
limit of $10,000
Damages awarded for out-of-pocket items such as medical expenses are
known as which of the following? Correct Answer-Special damages
The Transportation peril under Section C - Personal Property, provides
coverage for which one of the following? Correct Answer-Damage to
personal property resulting from upset of the vehicle carrying the
property
An insured will be indemnified against loss or damage arising out of the
occurrence of a certain event provided the event is Correct Answer-
Accidental and in the future
Which of the following actions is not prohibited under the RIB act?
Correct Answer-Giving a policyholder a box of chocolates at Christmas
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