RIBO 80 exam prep Questions with 100% Correct Answers | Verified

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 - ️️You have been legally wronged contribution - ️️Insurance under more than one policy (excess insurance) Concealment (Nondisclosure) - ️️Silence where there is obligation to speak. Loss policy voucher (LPV) - ️️Single page saying you want to cancel your policy. Signed and dated.