RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
1. basic parts of
declarations, definitions, insuring agreement, exclusions, conditions, and
an insurance
miscel- laneous provisions
con- tract
2. declarations statements that provide information about the particular property or
activity to be insured
3. what does name and address, policy dates, amount of insurance, premium and
the deductible, and other relevant info
declarations
page usually
con- tain
4. definitions key words or phrases are defined so that coverage under the policy can b
determined more easily (insurer-"we,us,out" vs. insured-"you,your")
5. insuring summary of the major promises of the insurer (what is covered)
agree- ment
6. named perils only perils specifically named in the policy are covered
7. open perils (All all perils are covered except for those that are specifically excluded
Risk, Special
Cov- erage)
8. exclusions perils or property that are not covered under the policy
9. why are insurance con- tract exclusions
exclu- sions
necessary
10. what are
some reasons
to have
1/
50
,RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
certain perils are considered
uninsurable like war and presence of extraordinary hazards, coverage provided by other
wear and tear contracts, moral or morale hazard, or coverage not needed by
typical insureds
2/
50
,RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
11. conditions 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.)
12. what are state mandatory provisions, notice of cancellation, loss, nonrenewal,
some and mort- gagee clause (mortgagee has right to be protected and
miscella- must prove loss to get paid back)
neous
provisions
13. named insured person or party named on the declarations page of policy
14. first named has additional rights and responsibilities that do not apply to
in- sured other named insureds
15. other insureds persons or parties who are insured under policy even though they are no
specifically named
16. additional person or party added to the policy by an endorsement (lenders and
in- sureds mortgagors)
17. Endorsement
s and Riders provisions that add to, delete from, or modify the original policy terms
(negotiated contract enhancements, state law provisions, etc.)
18. deductible a provision by which a specified amount is subtracted from the total loss
payment that would otherwise be payable
19. what purpose 20. straight de- ductible
do deductibles
have for 21. aggregate de- ductible
insurers
3/
50
,RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
eliminate small claims, reduce
premiums, and reduce moral the amount the insured is responsible for per loss before the
and morale hazard insurer pays anything
The amount the insured is responsible for in total (over all losses during
policy period) before the insured pays anything
4/
50
answers graded A+ updated
1. basic parts of
declarations, definitions, insuring agreement, exclusions, conditions, and
an insurance
miscel- laneous provisions
con- tract
2. declarations statements that provide information about the particular property or
activity to be insured
3. what does name and address, policy dates, amount of insurance, premium and
the deductible, and other relevant info
declarations
page usually
con- tain
4. definitions key words or phrases are defined so that coverage under the policy can b
determined more easily (insurer-"we,us,out" vs. insured-"you,your")
5. insuring summary of the major promises of the insurer (what is covered)
agree- ment
6. named perils only perils specifically named in the policy are covered
7. open perils (All all perils are covered except for those that are specifically excluded
Risk, Special
Cov- erage)
8. exclusions perils or property that are not covered under the policy
9. why are insurance con- tract exclusions
exclu- sions
necessary
10. what are
some reasons
to have
1/
50
,RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
certain perils are considered
uninsurable like war and presence of extraordinary hazards, coverage provided by other
wear and tear contracts, moral or morale hazard, or coverage not needed by
typical insureds
2/
50
,RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
11. conditions 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.)
12. what are state mandatory provisions, notice of cancellation, loss, nonrenewal,
some and mort- gagee clause (mortgagee has right to be protected and
miscella- must prove loss to get paid back)
neous
provisions
13. named insured person or party named on the declarations page of policy
14. first named has additional rights and responsibilities that do not apply to
in- sured other named insureds
15. other insureds persons or parties who are insured under policy even though they are no
specifically named
16. additional person or party added to the policy by an endorsement (lenders and
in- sureds mortgagors)
17. Endorsement
s and Riders provisions that add to, delete from, or modify the original policy terms
(negotiated contract enhancements, state law provisions, etc.)
18. deductible a provision by which a specified amount is subtracted from the total loss
payment that would otherwise be payable
19. what purpose 20. straight de- ductible
do deductibles
have for 21. aggregate de- ductible
insurers
3/
50
,RMIN 4000 Edmunds Final Exam Part 2 questions &
answers graded A+ updated
eliminate small claims, reduce
premiums, and reduce moral the amount the insured is responsible for per loss before the
and morale hazard insurer pays anything
The amount the insured is responsible for in total (over all losses during
policy period) before the insured pays anything
4/
50
