Registered Insurance Broker of Ontario

Implied Contract correct answers a contract that comes about from the actions of the parties Express Contract correct answers Terms have been specificity states and agreed upon by both parties Reinsurance correct answers insurance for insurance companies Frequency correct answers Percentage...

Which of the following provinces offer only government compulsory auto insurance? correct answers British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? correct answers Is the failure to do what a reasonable person would do in a given situation. A broker/agent is re...

Which of the following statements best describes actual cash value? correct answers 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: correct answers Bec...

Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required? A. O.A.P. 1 Owner Form, suitably endorsed. B. O.P.F. #2 Driver's Form. C. O.P.F. #6 Non-owned Automobile Form, suitable endorsed. D. Garage Auto F...

Risk correct answers Chance of a loss Which type of risk is insured and why? correct answers Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? correct answers REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase ins...

if loss exceeds dollar amount correct answers deductible disappears if snowmobile sinks through the ice, covered by correct answers all perils QC compulsory insurance correct answers provided by provincial and federal governments bill 59 correct answers $15,000 deductible for pain and suffe...

Insured correct answers A person or entity who purchases an insurance policy. 1st party Insurer correct answers The insurance company who issues an insurance policy. 2nd party Lessor correct answers a person or entity that grants a lease (bank) Lessee correct answers A person who purchases ...

The Manager, under the RIBO Act, may cancel the license of a member for non-payment of any prescribed fee after giving the member at least: correct answers 1 month notice in writing of the default and intention to cancel the registration subject to the continuing jurisdiction of the Corporation. ...

Is the following statements found in the Homeowner/Tenant/Condo policy is correct: The insured may have the option of a "replacement cost" basis settlement on his building(s) as long as it is on the same location and is done within a reasonable time, but the insured may be penalized in the amount ...

How many days do you have to notify RIBO council in writing within having an accident involving loss or damage to persons or property correct answers 7 Is third party liability mandatory and what is the minimum? correct answers 200'000 What does the agreed value of automobiles endorsement do?...

In the Homeowners Comprehensive Policy, there are Extensions of Coverage provided. Which of the following extensions increase the amount of insurance? a. Tear Out b. Moving to Another Home Incorrect c. Arson Conviction Reward d. Lock Replacement correct answers Arson Conviction Reward Which o...

INSURANCE correct answers The undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event OR ...

Deductible correct answers The amount of money a policyholder pays out of pocket to cover the first portion of a loss before the insurance begins to cover the balance General Insurance correct answers Any insurance product other than travel, life, or health insurance Hazard correct answers Any...

Which one of the following is not a coverage of the Commercial General Liability Policy ? a. premises and operations b. Supplementary payments c. Consequential loss assumption clause d. Personal Injury correct answers Answer: C How many of the RIBO council are elected? correct answers 9 ...