Ribo general exam - Study guides, Class notes & Summaries

RIBO Insurance Exam With 100% Correct Answers 2024 What makes pure risk insurable while speculative not? - Answer Pure risk insurance is a situation involving a chance of a loss without a chance of gain. Insurance will accept situations where there is no potential for gain. Pure Risk - Answer A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk - Answer A situation where the possibility of either financial loss or gain exists. Th...

RIBO Level 1 Exam Questions With Correct Answers. Indemnify - answerThe action of compensating an insured following a loss under the insurance policy. Risk - answerThe chance of loss; or an object or activity that is insured (about to be insured) Peril - answerAn event that may cause a loss to occur Object of Insurance - answerThe item that is insured or covered in an insurance policy Indemnity - answerto put you back in the same financial position (just prior to loss) NO BETTER NO WORS...

©THEBRIGHTSTARS 2024 RIBO EXAM (practice online) Questions With Correct Answers. Risk - answerChance of Loss- where the object of insurance maybe exposed Peril - answerCause of loss (wind, fire, water) Indemnification - answerWhen insurer provides exact amount of loss, no more no less - provided in money or another item of similar value Covered losses - answerAccidental and future (not on purpose or in the past) Alternatives to payment - answerRepair or replacement three types of insur...

RIBO – Habitational Exam Questions With Revised Answers Is the following statements found in the Homeowner/Tenant/Condo policy is correct: The insured may have the option of a "replacement cost" basis settlement on his building(s) as long as it is on the same location and is done within a reasonable time, but the insured may be penalized in the amount of the settlement if the insured's building is insured for less than 80% of its value. - answerCorrect In the case of a tenant package...