Ribo level 1 - Study guides, Class notes & Summaries

RIBO LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ...

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

RIBO Level 1 Exam with complete solution

RIBO: ENTRY LEVEL 1 Questions with Correct Answers

RIBO ENTRY LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ....

RIBO ENTRY LEVEL 1 UPDATED Exam Questions and CORRECT Answers Risk - Correct Answer- Chance of a loss Which type of risk is insured and why? - Correct Answer- Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - Correct Answer- REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance

RIBO: ENTRY LEVEL 1 TEST QUESTIONS AND ANSWERS A+ GRADED

RIBO: ENTRY LEVEL 1 STUDY GUIDE 2023 WITH COMPLETE SOLUTION

RIBO: ENTRY LEVEL 1 LATEST UPDATE GRADED A Risk Chance of a loss Which type of risk is insured and why? Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk C) Doing nothing / avoiding the risk Insurer Insurance compa...