RMIN 4000 Edmunds Exam 3 Questions and Answers 100% Verified!

basic parts of an insurance contract - ANSWER-declarations, definitions, insuring agreement, exclusions, conditions, and miscellaneous provisions declarations - ANSWER-statements that provide information about the particular property or activity to be insured what does the declarations page usually contain - ANSWER-name and address, policy dates, amount of insurance, premium and deductible, and other relevant info definitions - ANSWER-key words or phrases are defined so that coverage under the policy can be determined more easily (insurer-"we,us,out" vs. insured-"you,your") insuring agreement - ANSWER-summary of the major promises of the insurer (what is covered) named perils - ANSWER-only perils specifically named in the policy are covered open perils (All Risk, Special Coverage) - ANSWER-all perils are covered except for those that are specifically excluded exclusions - ANSWER-perils or property that are not covered under the policy why are exclusions necessary - ANSWER-certain perils are considered uninsurable like war and wear and tear what are some reasons to have insurance contract exclusions - ANSWER-presence of extraordinary hazards, coverage provided by other contracts, moral or morale hazard, or coverage not needed by typical insureds conditions - ANSWER-provisions in the policy that qualify or place limitations on the insurer's promise to perform (prompt notification of loss, no concealment or fraud, etc.) what are some miscellaneous provisions - ANSWER-state mandatory provisions, notice of cancellation, loss, nonrenewal, and mortgagee clause (mortgagee has right to be protected and must prove loss to get paid back) named insured - ANSWER-person or party named on the declarations page of policy first named insured - ANSWER-has additional rights and responsibilities that do not