RMI 4420 FINAL EXAM 2024-2025 |ACTUAL COMPLETE QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY
GRADED A+.
Which one of the following statements about civil law and common law is
correct?
Common law derives from Roman law while civil law is based on English law.
Common law prohibits the use of legal precedents, while the use of legal
precedents is foundational to civil law.
Common law is generally derived from court decisions while civil law is based
on written laws/statutes.
Common law is the foundation of U.S. state law, while civil law is the
foundation for U.S. federal law.
Common law is generally derived from court decisions while civil law is based
on written laws/statutes. –ANSWER.
Each of the following statements regarding the U.S. legal system is true
EXCEPT:
The common-law system is based primarily on rulings from prior cases that
relate to the facts of a current case.
The civil-law system is the foundation of law in continental Europe, Latin
America, and the state of Louisiana.
,Synthesis cases combine several previous rulings into a new rule of law.
Under the doctrine of stare decisis, courts are forbidden to contradict a
previously established precedent.
Under the doctrine of stare decisis, courts are forbidden to contradict a
previously established precedent. –ANSWER.
Which of the following statements regarding the doctrine of stare decisis is/are
true?
Stare decisis applies prior legal precedents to decide similar issues found in
current lawsuits.
Courts are always bound by prior legal precedents and may not deviate from
prior precedents even if there is a compelling, articulable reason to do so.
I only
II only
I only –ANSWER.
Which of the following cases or laws first established insurance should be
governed primarily by state law and not federal law?
Paul v. Virginia
South-Eastern Underwriters Association, et al.
,McCarran-Ferguson Act
Gramm-Leach-Bliley Act
Paul v. Virginia –ANSWER.
Which one of the following statements regarding courts of equity and
equitable remedies is true?
All states have separate law and equity courts.
Equitable remedies are appropriate when monetary damages don't
adequately compensate a plaintiff for a breach of contract.
Equitable remedies are only available in federal courts.
Equity court decisions are made by juries only.
Equitable remedies are appropriate when monetary damages don't
adequately compensate a plaintiff for a breach of contract. –ANSWER.
Each of the following is a classification of U.S. law EXCEPT
Criminal law/Civil law
Subject Matter
Administrative
Substantive/Procedural
Administrative –ANSWER.
, Which of the following statements regarding the various sources of U.S. law
is/are true?
Option A: Both the federal and state legal systems have five sources of law,
including laws implemented and enforced by administrative agencies. Option
B: The U.S. Constitution contains several provisions relevant to the
insurance industry, including the Commerce Clause, the Due Process Clause,
and the Fourteenth Amendment's Equal Protection Clause.
Both –ANSWER.
3 multiple choice options
Which of the following represents the "supreme law of the land" that lays the
foundation for the U.S. legal system?
U.S. (Federal) Statutes
State Statutes
State Constitutions
U.S. Constitution
U.S. Constitution –ANSWER.
Which one of the following represents a clause in the U.S. Constitution that
requires similar treatment to all persons under like circumstances and
conditions?
Commerce Clause
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