RMIN 4000 Edmunds Test 3 Exam Questions and Answers Already Passed
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Course
RMIN
Institution
RMIN
RMIN 4000 Edmunds Test 3 Exam
Questions and Answers Already Passed
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
pro...
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 - ✔✔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
excluded
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
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
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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