RMI exam 2 Correct Questions and Answers(RATED A)
RMI exam 2 Correct Questions and Answers(RATED A) What are the 2 basic forms of an insuring agreement - ANSWER 1. named perils coverage: only perils specifically named in the policy are covered 2. open-perils: all losses are covered except losses specifically excluded Describe the 3 major types of exclusions - ANSWER 1. excluded perils (flood, intentional act) 2. excluded losses (a professional liability) 3. excluded property (pets) Describe the miscellaneous provision - ANSWER cancellation, subrogation, grace period, misstatement of age Deductible - ANSWER retention by the insured What type of deductible is for auto insurance? - ANSWER straight deductible what kind of deductible is for health insurance? - ANSWER calendar year deductible What kind of deductible is for disability insurance? - ANSWER elimination waiting period Coinsurance in property insurance - ANSWER encourages the insured to insure the property to a stated percentage of its insurable value explain coinsurance in health insurance - ANSWER example: 70/30 insurance company pays 70% and insured pays 30% intentional torts - ANSWER assault, libel, slander, defamation strict liability torts - ANSWER liability is imposed regardless of negligence or fault What kind of torts is liability insurance primarily concerned with? - ANSWER unintentional torts
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