RIBO Exam One 151 Questions with 100% Correct Answers | Verified

Deductible - ️️The amount of money a policyholder pays out of pocket to cover the first portion of a loss before the insurance begins to cover the balance General Insurance - ️️Any insurance product other than travel, life, or health insurance Hazard - ️️Any condition that increases the risk or chance of a loss occurring or increases the amount of damage that may happen if there were a loss Indemnify - ️️The action of compensating an insured following a loss under the insurance policy Indemnity - ️️Indemnity is the contractual obligation by one party (the insurer) to make good the losses suffered by another (the insured) by putting the insured back in the same financial position they were in at the time the loss occurred Insured - ️️The person or entity who purchases an insurance policy. Noted as the first party Insurer - ️️The insurance company who issues an insurance policy. Noted as the second party Moral hazard - ️️Subjective characteristics of an insured or an applicant for insurance that increases the likelihood of loss (for example, dishonesty) Object of Insurance - ️️The item that is insured or covered in an insurance policy Peril - ️️A cause of loss (for example fire or wind)