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Exam (elaborations)

RIBO 2 Exam Questions With Correct Answers.

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©THEBRIGHTSTARS 2024 RIBO 2 Exam Questions With Correct Answers. Which one of the following events would be considered a robbery loss? - answera.Money stolen from a custodian by threat of violence even though no weapon is used. b.Money stolen during a burglary. c.Theft of money by an employe...

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  • September 8, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RIBO
  • RIBO
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©THEBRIGHTSTARS 2024



RIBO 2 Exam Questions With Correct
Answers.

Which one of the following events would be considered a robbery loss? - answer✔✔a.Money
stolen from a custodian by threat of violence even though no weapon is used.
b.Money stolen during a burglary.
c.Theft of money by an employee.
d.Disappearance of goods from the premises.
A tenant in a high risk apartment negligently starts a grease fire and causes sever smoke damage
to his/her own apartment including the hallways of the building and two other apartments. Under
which part of the liability section of his/her tenants comprehensive policy would the damage to
the two other apartments be covered? - answer✔✔a.Voluntary property damage (Coverage G).
b.Not covered.
c.Personal liability (Coverage E).
d.Loss assessment (Coverage I).
Your insured has a Tenants Comprehensive Policy through your brokerage. He has signed a
waiver which releases the landlord from liability for injury or damage occurring on the premises
being rented. A fire in the building damages your insured's contents. It is established that the
landlord was responsible for the fire. Which of the following statements is correct regarding
coverage under the policy? - answer✔✔a.The insured has violated his/her policy by waiving the
insurer's right of recovery.
b.The insurer would pay the loss but would be unable to subrogate.
c.The insurer would pay only 50% of the loss.
d.The insurer would pay the loss and subrogate since the insurer had not waived its rights.
Which one of the following is a possible affect of a co-insurance clause on the settlement of a
loss? - answer✔✔a.It may increase the amount to be paid by the insurer.
b.It may affect the third party in a liability claim.
c.It may decrease the amount to be paid by the insurer.

, ©THEBRIGHTSTARS 2024
d.It may affect the insured's personal liability coverages.
Your clients inquire if the Liability section of their Tenants comprehensive policy would cover
damage amounting to $500 to property they had rented from a specialty firm. The property
consisted of furniture and supplies which fell off a truck while they were unloading it for a
reception at their home. What would be your reply? - answer✔✔a.The voluntary property
damage coverage applies, but it is limited to $250.
b.The damage would covered subject to the deductible.
c.There is no coverage.
d.Coverage would depend whether or not they were legally liable.
A building worth $100,000 is insured for $60,000 under a policy with an 80% co-insurance
clause. Fire damages the building to the extent of 90,000. How much would the insurer pay? -
answer✔✔a.$48,000
b.$50,000
c.$60,000
d.$67,500
What is the purpose of a contract between an insurer and an insurance broker (company/broker
agreement)? - answer✔✔a.To satisfy the requirements of the department of insurance.
b.To formalize in writing the authority of the broker and the responsibility of each party.
c.To authorized the broker to operate a trust account
d.To meet the requirements of RIBO.
A dwelling valued at $500 000 is owned and insured by three persons. The first person has 50%
invested. The second and third persons each have a 25% interest. The first person resides in the
house. It is insured for $400,000. The building is demolished by a tornado. How much would the
second person receive from the insurers? - answer✔✔a.$100,000
b.$125,000
c.$80,000
d.$60,000
Which one of the following kinds of loss or damage is covered under the condominium unit
owners comprehensive policy? - answer✔✔a.Vandalism or malicious acts or glass breakage
occurring while the unit is vacant.
b.Migratory birds flying into and breaking picture windows in a unit.

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