1|Page
RHODE ISLAND DRIVING EXAM WITH
COMPLETE QUESTIONS AND CORRECT VERIFIED
ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+ 100% GUARANTEED TO PASS
CONCEPTS!!!
the role of insurance is to - .....ANSWER ...✔✔
transfer the risk of financial loss from an individual or
business to an insurance company
organized and incorporated under state law owned by
stockholders who get a paid share of the company's
profit through dividends. also referred to as a
nonparticipating or non-par bc policy holder do not
participate in paid dividends - .....ANSWER ...✔✔
stock insurance company
organized and incorporated under state law. but they
have no stockholders. instead, the policyholders own the
company. owners get paid a share of the companies
profits through dividends. participating or par
companies bc policy owners do not participate in paid
dividends - .....ANSWER ...✔✔ mutual insurer
companies
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process of a stock company being converted into a
mutual company - .....ANSWER ...✔✔ mutualization
process of a mutual company being converted into a
stock company - .....ANSWER ...✔✔ demutualization
an association formed to underwrite and issue insurance
like coverage on certain items and areas that might
otherwise be uninsurable - .....ANSWER ...✔✔ Lloyds
of London
are a specialized branch of the insurance industry that
insurers other insurance company's risk. *is an
arrangement by which an insurance company transfers
or sells a portion of the risk to a reinsurance company -
.....ANSWER ...✔✔ reinsurers
the insurance company transferring the risk -
.....ANSWER ...✔✔ ceding company
industrial insurance sold by home service or debit
insurance companies - .....ANSWER ...✔✔ home
service insurers
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when 3rd party ownership is involved, applicants who
also happen to be the stated primary beneficiary are
required to have - .....ANSWER ...✔✔ insurable
interest in the proposed insured
which is considered a statement that is assured to be
true in every respect - .....ANSWER ...✔✔ warranty
which best describes a warranty - .....ANSWER ...✔✔
statement guaranteed to be true
which of these is not considered to be an element of an
insurance contract - .....ANSWER ...✔✔ negotiating
a life insurance policy would be considered contract
without? - .....ANSWER ...✔✔ insurable interest
all of the following (bilateral unilateral aleatory
adhesion) are considered to be typical characteristics
describing the nature of an insurance contract except -
.....ANSWER ...✔✔ bilateral
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in an insurance contract the insurer is the only party who
makes a legally enforceable promise what kind of
contract is this - .....ANSWER ...✔✔ unilateral
Taking receipt of premiums and holding them for the
insurance company is an example of - .....ANSWER
...✔✔ fiduciary responsibility
a policy of adhesion can only be modified by whom -
.....ANSWER ...✔✔ the insurance company
In regards to representations or warranties, which of
these statements is TRUE? - .....ANSWER ...✔✔ if
material to the risk, false representation will void a
policy
Statements made on an insurance application that are
believed to be true to the best of the applicant's
knowledge are called - .....ANSWER ...✔✔
representations
life and health insurance policies are - .....ANSWER
...✔✔ unilateral contracts
RHODE ISLAND DRIVING EXAM WITH
COMPLETE QUESTIONS AND CORRECT VERIFIED
ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+ 100% GUARANTEED TO PASS
CONCEPTS!!!
the role of insurance is to - .....ANSWER ...✔✔
transfer the risk of financial loss from an individual or
business to an insurance company
organized and incorporated under state law owned by
stockholders who get a paid share of the company's
profit through dividends. also referred to as a
nonparticipating or non-par bc policy holder do not
participate in paid dividends - .....ANSWER ...✔✔
stock insurance company
organized and incorporated under state law. but they
have no stockholders. instead, the policyholders own the
company. owners get paid a share of the companies
profits through dividends. participating or par
companies bc policy owners do not participate in paid
dividends - .....ANSWER ...✔✔ mutual insurer
companies
,2|Page
process of a stock company being converted into a
mutual company - .....ANSWER ...✔✔ mutualization
process of a mutual company being converted into a
stock company - .....ANSWER ...✔✔ demutualization
an association formed to underwrite and issue insurance
like coverage on certain items and areas that might
otherwise be uninsurable - .....ANSWER ...✔✔ Lloyds
of London
are a specialized branch of the insurance industry that
insurers other insurance company's risk. *is an
arrangement by which an insurance company transfers
or sells a portion of the risk to a reinsurance company -
.....ANSWER ...✔✔ reinsurers
the insurance company transferring the risk -
.....ANSWER ...✔✔ ceding company
industrial insurance sold by home service or debit
insurance companies - .....ANSWER ...✔✔ home
service insurers
,3|Page
when 3rd party ownership is involved, applicants who
also happen to be the stated primary beneficiary are
required to have - .....ANSWER ...✔✔ insurable
interest in the proposed insured
which is considered a statement that is assured to be
true in every respect - .....ANSWER ...✔✔ warranty
which best describes a warranty - .....ANSWER ...✔✔
statement guaranteed to be true
which of these is not considered to be an element of an
insurance contract - .....ANSWER ...✔✔ negotiating
a life insurance policy would be considered contract
without? - .....ANSWER ...✔✔ insurable interest
all of the following (bilateral unilateral aleatory
adhesion) are considered to be typical characteristics
describing the nature of an insurance contract except -
.....ANSWER ...✔✔ bilateral
, 4|Page
in an insurance contract the insurer is the only party who
makes a legally enforceable promise what kind of
contract is this - .....ANSWER ...✔✔ unilateral
Taking receipt of premiums and holding them for the
insurance company is an example of - .....ANSWER
...✔✔ fiduciary responsibility
a policy of adhesion can only be modified by whom -
.....ANSWER ...✔✔ the insurance company
In regards to representations or warranties, which of
these statements is TRUE? - .....ANSWER ...✔✔ if
material to the risk, false representation will void a
policy
Statements made on an insurance application that are
believed to be true to the best of the applicant's
knowledge are called - .....ANSWER ...✔✔
representations
life and health insurance policies are - .....ANSWER
...✔✔ unilateral contracts
