Topic: RMI 310 Marine and Commercial property
Cheating gets a 0 grade for this exam. Use the back of a page if you need more space. More detail gets a higher grade. Incorrect material will count against you.
While it is an "essay" exam, you may use lists to respond to the questions.
1. What are the purposes of conditions in the insurance policy? Give 2 examples.
2. How do endorsements and exclusions differ? What are 2 examples of each?
3. Pick only ONE of the following to respond.
What is the purpose of Marine insurance? What else can you tell me about marine insurance coverage?
Or
What is the purpose of Workers compensation insurance? What else can you tell me about workers compensation coverage?
4. Suppose you open your own business and have 4 employees and a small structure that the business operates out of, including making the product. What insurances should you get for your business to be sure it is protected? (Relate any assumptions you made for your responses. Note if the insurance is a package or a stand-alone type of insurance.)
5. Suppose the business noted in #4 is construction. How would that change your answer in 4?
6. What alterations can be made to a basic insurance policy for it to cover more or less than its original form?
7. What is the most interesting information, in your opinion, that the course covered this semester? Why do you think that?
8. You have just purchased your first home. What insurances /coverages should you consider buying? Give the HO-# if you can. Note any assumptions you need, such as "Flood insurance, since the house is on a small island in a river."