Rmin 4000 exam 3 2024 - Study guides, Class notes & Summaries
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RMIN 4000 Edmunds Exam 3 Questions and Answers 100% Verified!!
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basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions 
 
declarations - ANSWER-statements that provide information about the particular property or activity to be insured 
 
what does the declarations page usually contain - ANSWER-name and address, policy dates, amount of insurance, premium and deductible, and other relevant info 
 
definitions - ANSWER-key words or phrases are defined so that coverage un...
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RMIN 4000 UGA Brown Exam 3 Questions & Answers 100% Correct
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principle of indemnity - ANSWER-The insurer agrees to pay no more than the actual amount of the loss (prevent the insured from profiting from loss) 
 
replacement cost (RC) - ANSWER-the cost to replace property with an item of like kind and quality (similar workmanship and materials) (not the same as historical cost!) 
 
actual cash value (ACV) - ANSWER-- replacement cost - depreciation 
- in property insurance, indemnification is usually based on the actual cash value of the property at the tim...
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RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024
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RMIN 4000 UGA Test 1. Chapters 1-3 
Exam Questions and Answers 2024 
1) Traditionally, risk has been defined as 
A) any situation in which the probability of loss is one. 
B) any situation in which the probability of loss is zero. 
C) uncertainty concerning the occurrence of loss. 
D) the probability of a loss occurring. -Answer-C 
2) Objective risk is defined as 
A) the probability of loss. 
B) the relative variation of actual loss from expected loss. 
C) uncertainty based on a person's mental...
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RMIN 4000 Exam 3 Questions and Answers 2024
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RMIN 4000 EXAM 3 QUESTIONS AND ANSWERS 2024 
 
Basic Parts of an Insurance Contract - Answer declarations, definitions, insuring agreement, exclusions, conditions, miscellaneous provisions 
 
declaration - Answer part of an insurance contract that tells who, what, when, and where, lists the amount of coverage, premiums, and deductibles, and is usually the very first page 
 
definition - Answer part of the insurance contract that defines terms like "your covered auto" 
 
Insuring Agreement -...
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RMIN 4000 EXAM 3 QUESTION AND ANSWERS FALL 2024/2025 GRADED A+
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RMIN 4000 EXAM 3 QUESTION AND ANSWERS FALL 2024/2025 
GRADED A+ 
Basic Parts of an Insurance Contract - -declarations, definitions, insuring agreement, exclusions, 
conditions, miscellaneous provisions 
declaration - -part of an insurance contract that tells who, what, when, and where, lists the 
amount of coverage, premiums, and deductibles, and is usually the very first page 
definition - -part of the insurance contract that defines terms like "your covered auto" 
Insuring Agreement - -pa...
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