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RIBO Chapter 1 Questions with complete solution

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RIBO Chapter 1 Questions with complete solution What are the 5 functions of insurance? - correct answer 1) Basis of Credit System 2) Loss Prevention/Loss Reduction 3) Eliminates Worry/Encourages Entrepreneurship 4) Spread of Risk 5) Source of Employment/Investment Capital What are the 5 Major Sections of an Agency/Broker Contract? - correct answer 1) Broker's Authority 2) Ownership of Expirations 3) Commissions 4) Expenses 5) Termination What is Treaty Reinsurance? - correct answer The insurer and reinsurer execute an insurance contract covering ALL policies within the scope of that contract; may oblige reinsurer to accept reinsurance of all contracts within the scope What is Facultative Reinsurance? - correct answer The insurer cedes and the reinsurer assumes all or part of the risk assumed by a specified policy; negotiated separate

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RIBO Chapter 1 Questions with
complete solution
What are the 5 functions of insurance? - correct answer ✔1) Basis of Credit
System
2) Loss Prevention/Loss Reduction
3) Eliminates Worry/Encourages Entrepreneurship
4) Spread of Risk
5) Source of Employment/Investment Capital


What are the 5 Major Sections of an Agency/Broker Contract? - correct
answer ✔1) Broker's Authority
2) Ownership of Expirations
3) Commissions
4) Expenses
5) Termination


What is Treaty Reinsurance? - correct answer ✔The insurer and reinsurer
execute an insurance contract covering ALL policies within the scope of that
contract; may oblige reinsurer to accept reinsurance of all contracts within the
scope


What is Facultative Reinsurance? - correct answer ✔The insurer cedes and
the reinsurer assumes all or part of the risk assumed by a specified policy;
negotiated separately for each contract that is reinsured


What is the definition of insurance? - correct answer ✔The undertaking by
one person to indemnify another person against loss or liability for loss in

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