Ribo level 1 exam - 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 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

What is General Insurance also known as? - AnswerProperty and Casualty (P&C) Insurance RIBO is not a - AnswerTrade Association Define Insurance - AnswerThe 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 other thing of value upon the happening of a certain event When was The Great Fire of London? - Answer1666 What is property? - A...

10 Included ONT. automobiles in OAP #1 (PT BMS RAT LC) - Private passenger vehicle Trucks Buses Motorcycle Snowmobiles Recreational vehicle (RV) All-Terrain Vehicles (ATV) Trailers Leased Vehicles Commercial Vehicles 2% Waiver - Pay loss in full (LOSS) 3 Ways risk (management) is dealt with? - REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance

RIBO Level 1 Exam