Ribo - Study guides, Class notes & Summaries

Indemnify Correct Answer-The action of compensating an insured following a loss under the insurance policy. Risk Correct Answer-The chance of loss; or an object or activity that is insured (about to be insured) Peril Correct Answer-An event that may cause a loss to occur Object of Insurance Correct Answer-The item that is insured or covered in an insurance policy

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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 ...

RIBO Exam UPDATED Exam Questions and CORRECT Answers What is Insurance? - Correct 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 insurance may be exposed. OR To pay a sum of money or another thing of value upon the happening of a specific event. What does Indemnify mean? - Correct Answer- To compensate the victim of a loss, in whole or in part, by payment, repair, or rep...

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The Manager, under the RIBO Act, may cancel the license of a member for non-payment of any prescribed fee after giving the member at least: - Answer-1 month notice in writing of the default and intention to cancel the registration subject to the continuing jurisdiction of the Corporation. Upon successful completion of the examination, you may qualify for registration as an insurance broker. If issued, the registration will be "restricted to acting under supervision." Which one (1) of the ...