Rmi insurance Study guides, Class notes & Summaries

RMI insurance exam 1 prep Correct QuesWhich type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person ...

RMI Insurance Final Exam stu Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for co...

Which type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person is covered is the: A. declarations se...

Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for coverage that should be provided...

Which type of hazard results from a physical condition that increases the likelihood of a loss occurring? A. physical harm B. Character Hazard C. moral hazard D. Morale Hazard - ANSWER A indifference to risk due to the fact that the insured has insurance - ANSWER morale hazard the potential for loss caused by the character of the individual - ANSWER moral hazard The section of a insurance contract that describes exactly which property or person is covered is the: A. declarations se...

Declarations page - ANSWER Who/what/when is to be insured; info about the insured property or activity Definitions - ANSWER define unusual terms used in the policy or terms that have special meaning Insuring Agreement - ANSWER summarizes "the promise" of what the insurer will cover, for the premium Conditions - ANSWER place limits or requirements on performance of the insured or insured Exclusions - ANSWER eliminate coverage not normally needed, for coverage that should be provided...

RMI insurance exam 1 prep 2022 with complete solution

what chapter has licensing exemptions? - Ans Chapter 1 A licensed landscape contracting business that constructs fences, decks, arbors, patios, landscape edging, driveways, walkways or retaining walls is exempt from licensing as a contractor. True or False - Ans True what is a small residential structure? - Ans A nonresidential structure with a ground area of 10,000 square feet or less and the structure is not more than 20 feet tall; or A nonresidential unit in a larger struct...

rmi 3567exam 4 latest update with verified solutions conventional insurance considered haram as it contractually contains haram elements: riba, gharar, maysir riba no equality between premiums paid and compensation received riba "interest" / usury gharar subject matter of the contract is not certain / uncertainty maysir Policyholders are held to be betting premiums on the condition that the insurer will pay compensation in a higher amount maysir gambling takaful liter...