RIBO 1 Practice Questions

Multiple-choice practice exam question from the RIBO Level 1 course asking what is the most realistic way to deal with risk. The correct answer, 'Transfer,' is selected.
Practice exam question for the RIBO Level 1 course: The most realistic way to deal with risk is Transfer, such as shifting financial loss to an insurer through insurance.
Multiple-choice practice exam question from the RIBO Level 1 course asking what elements are special to insurance contracts. The correct answers are Insurable Interest, Utmost Good Faith, and Indemnity.
Practice exam question for the RIBO Level 1 course: The elements special to insurance contracts are Insurable Interest, Utmost Good Faith, and Indemnity.
Multiple-choice practice exam question from the RIBO Level 1 course asking which document is used exclusively to add coverage to an insurance policy. The correct answer, 'Rider,' is selected.
Practice exam question for the RIBO Level 1 course: A Rider is used exclusively to add coverage to an insurance policy.
Multiple-choice practice exam question from the RIBO Level 1 course asking which type of risk is not insurable. The correct answer, 'Speculative risk,' is selected with an explanation that speculative risk involves possible gains, such as investing or gambling, and therefore cannot be insured.
Practice exam question for the RIBO Level 1 course: Speculative risk is not insurable because it involves both potential gains and losses, unlike pure risk which only involves loss.
Short answer practice exam question from the RIBO Level 1 course asking students to list the four ways to deal with risk and explain each with pros and cons. The model answer identifies Controlling, Avoidance, Retention, and Transfer (CART) with brief explanations.
Practice exam question for the RIBO Level 1 course: The four ways to deal with risk are Controlling, Avoidance, Retention, and Transfer (CART), each with its pros and cons.
Short answer practice exam question from the RIBO Level 1 course asking about ways changes can be made to insurance policies. The model answer lists endorsement, rider, and floater, each with a brief explanation.
Practice exam question for the RIBO Level 1 course: Changes to insurance policies can be made through endorsements, riders, and floaters.

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