RIBO Test 2022 (QUESTIONS & ANSWERS 100% CORRECT)Which of the following statements best describes actual cash value? - ✔✔The
replacement cost at the time of loss less depreciation
Personal injury liability under the Co
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RIBO Test 2022 (QUESTIONS & ANSWERS 100% CORRECT)Which of the following statements best describes actual cash value? - ✔✔The
replacement cost at the time of loss less depreciation
Personal injury liability under the Commercial General Liability Policy covers sums that
the insured becomes legally obligated to pay: - ✔✔Because of injury to a person's
character by such things as false arrest or malicious prosecution.
Under an automobile policy, property damage means damage to which of the following?
- ✔✔Property of others but not the insured's own property
Law of large numbers is: - ✔✔Affects the reliance to be placed on a given probability
In the Homeowners Basic Form, special limits of insurance apply to which of the
following personal property when it is stolen? - ✔✔Bicycles
With respect to automobile insurance, what does no-fault insurance mean? - ✔✔The
legislation has been passed prohibiting or severely limiting lawsuits for injuries
Misrepresentation discovered by an insurer may result in the policy being voided. To do
so successfully, the insurer must show - ✔✔The misrepresented fact was material to
the risk.
What is pure premium? - ✔✔The premium required to meet the losses that occur.
To what extent does A2 Loss Assessment coverage in the Comprehensive
Condominium Unit Owners Policy cover an assessment against a unit owner? - ✔✔Any
covered assessment that is valid under the corporation, insured by the Unit Owners
Policy, and to a limit of $10,000
Damages awarded for out-of-pocket items such as medical expenses are known as
which of the following? - ✔✔Special damages
The Transportation peril under Section C - Personal Property, provides coverage for
which one of the following? - ✔✔Damage to personal property resulting from upset of
the vehicle carrying the property
An insured will be indemnified against loss or damage arising out of the occurrence of a
certain event provided the event is - ✔✔Accidental and in the future
Which of the following actions is not prohibited under the RIB act? - ✔✔Giving a
policyholder a box of chocolates at Christmas
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