RIBO Licensing Exam Package Quiz 3 Copy

The price of a unit of insurance for a period of one year is called the

If the Insured wishes to cancel the policy the cancellation takes effect:

The legal process by which an insurer, who has paid a loss, pursues any rights of recovery against a responsible third party is called

A material fact is

When someone is placed back in the same financial position that they were in just prior to a loss, that is

Which of the following parties would be considered to have an insurable interest?

Contribution

Which of the following is not one of the 8 application questions

The special class of a loss payee that has a registered interest on chattel property is known as

Statutory Conditions in a property policy are primarily to protect the rights of:

Which of the following is essential for a contract to be valid and enforceable?

Persons who stand in such a legal relationship to property that they may be financially prejudiced by its loss and financially benefit from its continued existence are said to have

This is the process of establishing rates for each class of insurance

Under the rules of offer and acceptance

The likelihood of a risk resulting in a loss is referred to as

One feature that an insurance contract does not share with other types of contracts is

An additional charge included in an insurance rate to reflect a hazard not contemplated in the basic rate for this class

A legal person is one who

The amount of liability the primary insurer retains is known as

Co-insurance clauses can seriously affect loss settlement. They may:

The Standard Mortgage Clause outlines: