Ribo act exam 2024 Study guides, Class notes & Summaries

RIBO ACT EXAM 2024...

RIBO ACT QUIZ 1 EXAM 2024...

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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...

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...