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RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved
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RMI 3011 Exam 2 RMI 3011 Florida State University -Question and answers correctly solved Each of the following is an example of information found on the Declarations page of a policy EXCEPT: Name of the insured. A summary of the insurer's major promises. Amount of the premium. Deductible am...

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  • November 30, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 exam 2
  • rmi 3011 exam 2 question and answers correctly sol
  • rmi 3011 exam 2 rmi 3011 florida state university

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RMI 3011 Exam 2 Question and answers
correctly solved
Each of the following is an example of information found on the Declarations
page of a policy EXCEPT:


Name of the insured.
A summary of the insurer's major promises.
Amount of the premium.
Deductible amount. - correct answer ✔A summary of the insurer's major
promises.


Which of the following statements concerning policy "definitions" is/are true?
I. The aleatory nature of insurance contracts makes it necessary for insurers
to precisely define certain words in a policy in order to avoid having to pay for
losses the insurer never intended having to pay.
II. Defined words make if easier to determine if a loss can be covered by the
policy.


I only.
II only.
You Answered Both I and II.
Neither I nor II. - correct answer ✔II only.


Which of the following statements concerning policy exclusions is true?


Coverage while carrying passengers for a charge is usually included under a
Personal Auto Policy (PAP).

, Coverage for use of an automobile is typically included under a homeowers
policy.
Coverage for flood is excluded because of moral hazard concerns.
A particular coverage isn't needed by most insureds. - correct answer ✔A
particular coverage isn't needed by most insureds.


Joe owns a brewery that he insurers with a commercial insurance policy with
a $20,000 aggregate deductible. During a single policy period, Joe
experiences the following covered losses:


Loss 1: $10,000
Loss 2: $6,000
Loss 3: $7,000
How much will Joe's insurer pay Joe for Loss 3? - correct answer ✔$3,000


Which of the following statements concerning the coinsurance clause of a
property insurance policy is/are true?
I. The coinsurance clause only applies to partial losses, not total losses.
II. The fundamental purpose of coinsurance is to achieve rating equity. -
correct answer ✔II only.


When each insurance policy applicable to a loss only pays its share of the
loss based on its proportion of the total available insurance coverage, this is
an example of:


Primary and excess insurance.
Pro rata liability.
Contribution by equal shares.
All of the above. - correct answer ✔Pro rata liability.

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