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RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers already passed $13.49   Add to cart
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RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers already passed
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RMI 3011 Quiz 2 RMI 3011 Florida State University -Question and answers already passed Denise purchased a dining room and insured it on an actual cash value (ACV) basis. At the time the dining room set was destroyed by a covered peril, the set was 20 percent depreciated. The current cost to replac...

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  • December 1, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 quiz 2
  • rmi 3011 quiz 2 question and answers already passe
  • rmi 3011 quiz 2 rmi 3011 florida state university

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RMI 3011 Quiz 2 Question and answers
already passed
Denise purchased a dining room and insured it on an actual cash value (ACV)
basis. At the time the dining room set was destroyed by a covered peril, the
set was 20 percent depreciated. The current cost to replace the set is $3,000.
Assuming no deductible, how much will Denise collect from her insurer? -
correct answer ✔$2,400


Which of the following statements is/are correct?


I. A valued policy pays the face amount of insurance if a total loss occurs. Life
insurance is an example of a valued policy because it pays a stated amount to
the beneficiary at the time of the insured's death.
II. Valued policies are consistent with the principle of indemnity. - correct
answer ✔I only


Each of the following statements concerning replacement cost insurance are
true EXCEPT: - correct answer ✔replacement cost insurance is consistent
with the principle of indemnity


Kyle purchased collision insurance on his new car. While Kyle was driving
home from work, another driver failed to stop at a stop sign and hit Kyle's car.
Kyle phoned his insurance agent and reported the accident. The agent said,
"Don't worry, Kyle, we'll pay to get your car fixed. After we pay for the damage
to your car, we will try to collect from the driver who damaged your car." The
process the agent described is called: - correct answer ✔subrogation


A statement made by an applicant for insurance to induce an insurance
company to enter into an insurance contract is known as a: - correct answer
✔representation

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