RMIN Exam 3 questions with verified
solutions already passed
Declarations - correct answer ✔✔statements that provide information about the
particular property or activity to be insured
Definitions - correct answer ✔✔key words or phrases are defined so that coverage
under the policy can be determined more easily
Insuring Agreement - correct answer ✔✔Summary of the major promises of the
insurer (what the policy covers)
named perils - correct answer ✔✔Only those perils specifically named in the
policy are covered
Open perils - correct answer ✔✔all perils are covered except for those that are
specifically excluded
Exclusions - correct answer ✔✔Perils or property that are not covered under the
policy
Conditions - correct answer ✔✔provisions in the policy that qualify or place
limitations on the insurer's promise to perform
Endorsements/Riders - correct answer ✔✔provisions that add to, delete from, or
modify the original/main policy
, Named Insured - correct answer ✔✔The person(s) named on the declarations
page of the policy
First Named Insured - correct answer ✔✔has certain additional rights and
responsibilities that do not apply to other named insureds
Other Insureds - correct answer ✔✔persons or parties who are insured under the
policy even though they are not specifically named
Additional Insureds - correct answer ✔✔person or party added to the policy by an
endorsement
Deductible - correct answer ✔✔a provision by which a specified amount is
subtracted from the total loss payment that otherwise would be payable
Straight Deductible - correct answer ✔✔The amount the insured is responsible for
per loss before the insurer pays anything
Aggregate Deductible - correct answer ✔✔the amount the insured is responsible
for in total (over all losses during the policy period) before the insurer pays
anything
Elimination (Waiting) Period - correct answer ✔✔a stated period of time at the
beginning of a loss during which no insurance benefits are paid; common in
disability insurance
solutions already passed
Declarations - correct answer ✔✔statements that provide information about the
particular property or activity to be insured
Definitions - correct answer ✔✔key words or phrases are defined so that coverage
under the policy can be determined more easily
Insuring Agreement - correct answer ✔✔Summary of the major promises of the
insurer (what the policy covers)
named perils - correct answer ✔✔Only those perils specifically named in the
policy are covered
Open perils - correct answer ✔✔all perils are covered except for those that are
specifically excluded
Exclusions - correct answer ✔✔Perils or property that are not covered under the
policy
Conditions - correct answer ✔✔provisions in the policy that qualify or place
limitations on the insurer's promise to perform
Endorsements/Riders - correct answer ✔✔provisions that add to, delete from, or
modify the original/main policy
, Named Insured - correct answer ✔✔The person(s) named on the declarations
page of the policy
First Named Insured - correct answer ✔✔has certain additional rights and
responsibilities that do not apply to other named insureds
Other Insureds - correct answer ✔✔persons or parties who are insured under the
policy even though they are not specifically named
Additional Insureds - correct answer ✔✔person or party added to the policy by an
endorsement
Deductible - correct answer ✔✔a provision by which a specified amount is
subtracted from the total loss payment that otherwise would be payable
Straight Deductible - correct answer ✔✔The amount the insured is responsible for
per loss before the insurer pays anything
Aggregate Deductible - correct answer ✔✔the amount the insured is responsible
for in total (over all losses during the policy period) before the insurer pays
anything
Elimination (Waiting) Period - correct answer ✔✔a stated period of time at the
beginning of a loss during which no insurance benefits are paid; common in
disability insurance
