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RMIN 4000 Edmunds Test 3 Questions and Correct Answers | Latest Update
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Basic Parts of an Insurance Contract -:- 1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Declarations -:- statements that provide information about the particular property or activity to be insured definitions -:- stat...

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  • September 20, 2024
  • 37
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmin 4000 edmunds test 3 questions and correct ans
  • basic parts of an insurance contract 1 decl

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  • RMIN 4000
  • RMIN 4000

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2024 /2025 | © copyright | This work may not be copied for profit gain Excel!




RMIN 4000 Edmunds Test 3 Questions and
Correct Answers | Latest Update
Basic Parts of an Insurance Contract


✓ -:- 1. Declarations

✓ 2. Definitions

✓ 3. Insuring agreement

✓ 4. Exclusions

✓ 5. Conditions

✓ 6. Miscellaneous provisions




Declarations


✓ -:- statements that provide information about the particular property or

activity to be insured




definitions


✓ -:- statements that provide information about the particular property or

activity to be insured




Insuring Agreement

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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



✓ -:- Summary of the major promises of the insurer (what the policy

covers)




named perils


✓ -:- only those perils specifically named in the policy are covered




open perils


✓ -:- all perils are covered except for those that are specifically e xcluded




exclusions


✓ -:- perils or property that are not covered under the policy

ex. flood/earthquake, war, intentional loss, certain types of property




Why are exclusions necessary?


✓ -:- -Some perils are not commercially insurable

e.g., catastrophic losses due to war




-Extraordinary hazards are present
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,2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



e.g., using the automobile for a taxi




-Coverage is provided by other contracts


e.g., use of auto excluded on homeowners policy




-Moral hazard problems


e.g., coverage of money limited to $200 in homeowners policy




-Attitudinal hazard problems


e.g., individuals are forced to bear losses that result from their own carelessness




-Coverage not needed by typical insureds


e.g., homeowners policy does not cover aircraft




conditions


✓ -:- provisions in the policy that qualify or place limitations on the

insurer's promise to perform




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, 2024 /2025 | © copyright | This work may not be copied for profit gain Excel!



Miscellaneous Provisions


✓ -:- - States have mandatory provisions (added by endorsements)




- Notice of Cancellation




- Notice of Nonrenewal




- Notice of Loss




- Mortgagee Clause




named insured


✓ -:- the person or persons named in the declarations section of the

policy




First Named Insured


✓ -:- has certain additional rights and responsibilities that do not apply to

other named insureds

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