Ribo insurance exam - Study guides, Class notes & Summaries

RIBO Insurance Exam Questions with Correct Answers

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*What is a legally binding contract?* (Common Law Contracts) - Agreement - an offer by one party and an acceptance by second party Consideration - it must include price/value and in the present or future (money or sealed documents) Capacity to legally contract - persons must not be minor, insane, impaired or mentally incompetent Genuine intention - beyond just agreement, there has to be true intention involved Legality of Purpose - contract requires to be legal from all aspects (cannot brea...

RIBO Insurance Exam Questions and Answers Graded A What makes pure risk insurable while speculative not? 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 A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk A situation where the possibility of either financial loss or gain exists. This is not accepted by insurances. Exam...

RIBO Insurance Exam Graded A 2024

RIBO Insurance Exam UPDATED Exam Questions and CORRECT Answers What makes pure risk insurable while speculative not? - Correct 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 - Correct Answer- A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk - Correct Answer- A situation where the possibility of eit...

RIBO Insurance Exam (Study Notes for Insurance Exam)Questions With Complete Solutions.

RIBO Insurance Exam with complete solution

RIBO Insurance Exam with complete solution