9 of 90 What is Actual Cash Value? It is the cost to repair or replace the damaged property. It is the current market value. It is the replacement cost at the time of loss less depreciation. It is the original cost less depreciation. 10 of 90 When does the RIB Act require an individual to be registered as an insurance broker? If the individual recommends to friends they purchase insurance from a specific insurer because of the good deal he/she obtained for insurance. If the individual acts solely as a reinsurance broker. If individual, for remuneration, transacts insurance solely on behalf of one insurer and a Facility Association carrier. If individual, for compensation, provides risks management and loss prevention services on behalf of another.
9 of 90 What is Actual Cash Value? It is the cost to repair or replace the damaged property. It is the current market value. It is the replacement cost at the time of loss less depreciation. It is the original cost less depreciation. 10 of 90 When does the RIB Act require an individual to be registered as an insurance broker? If the individual recommends to friends they purchase insurance from a specific insurer because of the good deal he/she obtained for insurance. If the individual acts solely as a reinsurance broker. If individual, for remuneration, transacts insurance solely on behalf of one insurer and a Facility Association carrier. If individual, for compensation, provides risks management and loss prevention services on behalf of another.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:9 of 90 What is Actual Cash Value?
It is the cost to repair or replace the damaged property.
It is the current market value.
It is the replacement cost at the time of loss less depreciation.
It is the original cost less depreciation.
Transcribed Image Text:10 of 90 When does the RIB Act require an individual to be registered
as an insurance broker?
If the individual recommends to friends they purchase insurance from a specific
insurer because of the good deal he/she obtained for insurance.
If the individual acts solely as a reinsurance broker.
If individual, for remuneration, transacts insurance solely on behalf of one insurer
and a Facility Association carrier.
If individual, for compensation, provides risks management and loss prevention
services on behalf of another.
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