RMI 3011 Quiz 4 Keith Jones Ch. 6 and
Speaker Presentations with complete
solution
declarations - correct answer ✔customizes the policy to the insured (unique
to that particular policy) Lists details such as:
- policyholder name/address
- policy number
- effective dates
- limit
- deductible
- premium
declarations - correct answer ✔depending on policy type, may also include:
- mortgagees
- building details
- vehicle details (description, VIN)
- beneficiaries
occurrence - correct answer ✔means an accident, including continuous or
repeated exposure to substantially the same general harmful conditions,
which results, during the policy period, in:
a. "bodily injury"; or
b. "property damage"
bodily injury - correct answer ✔means bodily harm, sickness or disease,
including required care, loss of services and death that results
, property damage - correct answer ✔means physical injury to, destruction of,
or loss of use of tangible property
definitions - correct answer ✔Section defining terms throughout the policy.
For example...
- Who is a "named insured"
- What is considered an "insured location"
- What an "occurrence" is
insuring agreement - correct answer ✔- what the insurer agrees to do and
the major conditions under which it agrees
- what IS covered under the policy
exclusions - correct answer ✔in contrast to the insuring agreement, this is a
list of things that are NOT covered
- perils (e.g., war)
- types of losses (e.g., indirect loss, intentional loss)
- types of property (e.g., indirect loss, intentional loss)
- locations (e.g., certain countries)
exclusions - correct answer ✔- perils
- types of losses
- types of property
- locations
true - correct answer ✔The Exclusions section is NOT a comprehensive list
of all things not covered
Speaker Presentations with complete
solution
declarations - correct answer ✔customizes the policy to the insured (unique
to that particular policy) Lists details such as:
- policyholder name/address
- policy number
- effective dates
- limit
- deductible
- premium
declarations - correct answer ✔depending on policy type, may also include:
- mortgagees
- building details
- vehicle details (description, VIN)
- beneficiaries
occurrence - correct answer ✔means an accident, including continuous or
repeated exposure to substantially the same general harmful conditions,
which results, during the policy period, in:
a. "bodily injury"; or
b. "property damage"
bodily injury - correct answer ✔means bodily harm, sickness or disease,
including required care, loss of services and death that results
, property damage - correct answer ✔means physical injury to, destruction of,
or loss of use of tangible property
definitions - correct answer ✔Section defining terms throughout the policy.
For example...
- Who is a "named insured"
- What is considered an "insured location"
- What an "occurrence" is
insuring agreement - correct answer ✔- what the insurer agrees to do and
the major conditions under which it agrees
- what IS covered under the policy
exclusions - correct answer ✔in contrast to the insuring agreement, this is a
list of things that are NOT covered
- perils (e.g., war)
- types of losses (e.g., indirect loss, intentional loss)
- types of property (e.g., indirect loss, intentional loss)
- locations (e.g., certain countries)
exclusions - correct answer ✔- perils
- types of losses
- types of property
- locations
true - correct answer ✔The Exclusions section is NOT a comprehensive list
of all things not covered
