5/20/25, 10:21 AM RMIN 4000 Edmunds Exam 3 MOST RECENT QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | …
RMIN 4000 Edmunds Exam 3 MOST RECENT
QUESTIONS AND ANSWERS (100% CORRECT
ANSWERS) A+ GRADED | ALREADY PASSED!!
Save
Terms in this set (124)
basic parts of an declarations, definitions, insuring agreement,
insurance contract exclusions, conditions, and miscellaneous provisions
statements that provide information about the
declarations
particular property or activity to be insured
what does the name and address, policy dates, amount of
declarations page usually insurance, premium and deductible, and other
contain relevant info
key words or phrases are defined so that coverage
definitions under the policy can be determined more easily
(insurer-"we,us,out" vs. insured-"you,your")
summary of the major promises of the insurer (what
insuring agreement
is covered)
only perils specifically named in the policy are
named perils
covered
open perils (All Risk, all perils are covered except for those that are
Special Coverage) specifically excluded
perils or property that are not covered under the
exclusions
policy
why are exclusions certain perils are considered uninsurable like war
necessary and wear and tear
https://quizlet.com/1046138366/rmin-4000-edmunds-exam-3-most-recent-questions-and-answers-100-correct-answers-a-graded-already-passe… 1/13
, 5/20/25, 10:21 AM RMIN 4000 Edmunds Exam 3 MOST RECENT QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | …
what are some reasons to presence of extraordinary hazards, coverage
have insurance contract provided by other contracts, moral or morale
exclusions hazard, or coverage not needed by typical insureds
provisions in the policy that qualify or place
limitations on the insurer's promise to perform
conditions
(prompt notification of loss, no concealment or
fraud, etc.)
state mandatory provisions, notice of cancellation,
what are some loss, nonrenewal, and mortgagee clause
miscellaneous provisions (mortgagee has right to be protected and must
prove loss to get paid back)
person or party named on the declarations page of
named insured
policy
has additional rights and responsibilities that do not
first named insured
apply to other named insureds
persons or parties who are insured under policy
other insureds
even though they are not specifically named
person or party added to the policy by an
additional insureds
endorsement (lenders and mortgagors)
provisions that add to, delete from, or modify the
Endorsements and Riders original policy terms (negotiated contract
enhancements, state law provisions, etc.)
a provision by which a specified amount is
deductible subtracted from the total loss payment that would
otherwise be payable
what purpose do eliminate small claims, reduce premiums, and
deductibles have for reduce moral and morale hazard
insurers
the amount the insured is responsible for per loss
straight deductible
before the insurer pays anything
The amount the insured is responsible for in total
aggregate deductible (over all losses during policy period) before the
insured pays anything
https://quizlet.com/1046138366/rmin-4000-edmunds-exam-3-most-recent-questions-and-answers-100-correct-answers-a-graded-already-passe… 2/13
RMIN 4000 Edmunds Exam 3 MOST RECENT
QUESTIONS AND ANSWERS (100% CORRECT
ANSWERS) A+ GRADED | ALREADY PASSED!!
Save
Terms in this set (124)
basic parts of an declarations, definitions, insuring agreement,
insurance contract exclusions, conditions, and miscellaneous provisions
statements that provide information about the
declarations
particular property or activity to be insured
what does the name and address, policy dates, amount of
declarations page usually insurance, premium and deductible, and other
contain relevant info
key words or phrases are defined so that coverage
definitions under the policy can be determined more easily
(insurer-"we,us,out" vs. insured-"you,your")
summary of the major promises of the insurer (what
insuring agreement
is covered)
only perils specifically named in the policy are
named perils
covered
open perils (All Risk, all perils are covered except for those that are
Special Coverage) specifically excluded
perils or property that are not covered under the
exclusions
policy
why are exclusions certain perils are considered uninsurable like war
necessary and wear and tear
https://quizlet.com/1046138366/rmin-4000-edmunds-exam-3-most-recent-questions-and-answers-100-correct-answers-a-graded-already-passe… 1/13
, 5/20/25, 10:21 AM RMIN 4000 Edmunds Exam 3 MOST RECENT QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | …
what are some reasons to presence of extraordinary hazards, coverage
have insurance contract provided by other contracts, moral or morale
exclusions hazard, or coverage not needed by typical insureds
provisions in the policy that qualify or place
limitations on the insurer's promise to perform
conditions
(prompt notification of loss, no concealment or
fraud, etc.)
state mandatory provisions, notice of cancellation,
what are some loss, nonrenewal, and mortgagee clause
miscellaneous provisions (mortgagee has right to be protected and must
prove loss to get paid back)
person or party named on the declarations page of
named insured
policy
has additional rights and responsibilities that do not
first named insured
apply to other named insureds
persons or parties who are insured under policy
other insureds
even though they are not specifically named
person or party added to the policy by an
additional insureds
endorsement (lenders and mortgagors)
provisions that add to, delete from, or modify the
Endorsements and Riders original policy terms (negotiated contract
enhancements, state law provisions, etc.)
a provision by which a specified amount is
deductible subtracted from the total loss payment that would
otherwise be payable
what purpose do eliminate small claims, reduce premiums, and
deductibles have for reduce moral and morale hazard
insurers
the amount the insured is responsible for per loss
straight deductible
before the insurer pays anything
The amount the insured is responsible for in total
aggregate deductible (over all losses during policy period) before the
insured pays anything
https://quizlet.com/1046138366/rmin-4000-edmunds-exam-3-most-recent-questions-and-answers-100-correct-answers-a-graded-already-passe… 2/13
