Ribo definitions - Study guides, Class notes & Summaries

INSURANCE - Answer-The undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event OR Sharing of the losses of a few people among the many who pay premiums SPECULATIVE RISK - Answer-A chance of loss but there is also a chance of profit, and because of the chance of profit these are unins...

INSURANCE correct answers The undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event OR Sharing of the losses of a few people among the many who pay premiums SPECULATIVE RISK correct answers A chance of loss but there is also a chance of profit, and because of the chance of profit the...

RIBO Insurance Chapter 1 & 2 Definitions with Complete Solutions

INSURANCE - ️️The undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event OR Sharing of the losses of a few people among the many who pay premiums SPECULATIVE RISK - ️️A chance of loss but there is also a chance of profit, and because of the chance of profit these are uninsurab...

RIBO Chapter 1 Questions and Answers Graded A What are the 5 functions of insurance? 1) Basis of Credit System 2) Loss Prevention/Loss Reduction 3) Eliminates Worry/Encourages Entrepreneurship 4) Spread of Risk 5) Source of Employment/Investment Capital What are the 5 Major Sections of an Agency/Broker Contract? 1) Broker's Authority 2) Ownership of Expirations 3) Commissions 4) Expenses 5) Termination What is Treaty Reinsurance? The insurer and reinsurer execute an insurance contract coverin...