Ribo general exam 2024 - Study guides, Class notes & Summaries
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RIBO – General Exam Questions Latest Version 2024/2025 Expert-Verified Q&As
- Exam (elaborations) • 29 pages • 2024
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"Offer" and "acceptance" is best described as being: - Unconditional-communicated-same mannerwithin time limit 
A broker/agent is responsible for what? - Writing only those classes of business acceptable to 
his/her insurer. 
A building owned by A is sold for cash to B. Two days after the sale, a fire destroys the building causing a 
loss of $100,000. Neither the broker nor the insurer was notified of the change in ownership. The 
insurer would pay: - Nothing. (when you sell your house, you ...
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RIBO GENERAL EXAM WITH QUESTIONS AND ANSWERS
- Exam (elaborations) • 41 pages • 2024
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RIBO GENERAL EXAM WITH QUESTIONS AND ANSWERS ...
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RIBO Exam Prep (2023/2024) Already Passed
- Exam (elaborations) • 10 pages • 2023
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RIBO Exam Prep (2023/2024) Already Passed Implied Contract a contract that comes about from the actions of the parties 
Express Contract Terms have been specificity states and agreed upon by both parties 
Reinsurance insurance for insurance companies 
Frequency Percentage of what we insure. 
severity $ amount of the loss 
contract agreement between two or more parties 
void The policy never existed. Any premium received must be returned. 
legal entity/person Someone who can sue or be sued. 
tort...
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RIBO Insurance Exam With 100% Correct Answers 2024
- Exam (elaborations) • 17 pages • 2024
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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...
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RIBO EXAM (practice online) Questions With Correct Answers.
- Exam (elaborations) • 24 pages • 2024
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©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...
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