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RIBO practice questions
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RIBO practice questions
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RIBO practice questionsif loss exceeds dollar amount - ANS-deductible disappears
if snowmobile sinks through the ice, covered by - ANS-all perils
QC compulsory insurance - ANS-provided by provincial and federal governments
bill 59 - ANS-$15,000 deductible for pain and suffering
office equipment floater - ANS-used for office-only risks, but not for dentist or doctor's
offices
boiler and machinery clause - ANS-includes free inspection service as part of an
accident prevention program
frequent travel to the US - ANS-annual plan for traveling Canadians
what is equipment - ANS-machinery, fixtures, utensils, appliances
mortgagor is similar to a - ANS-lessee
all terrain vehicle that needs special endorsement - ANS-OPCF 32
minimum 3rd party liability limit - ANS-$200,000
insuring agreement does not describe - ANS-policy period
extended coverage endorsements do not cover - ANS-earthquake damage
coverage for remodeling and repairing customer fur - ANS-furrier's block
who is insured under OAP 1? - ANS-anyone who drives with insureds' consent
standard mortgage policy - ANS-insurer could pay less to mortageee even though
insurer violated policy
insurance with standard fire - ANS-effective 12:01 standard time, address of insured
, bailee - ANS-responsible for damage to owner's property unless bailee can prove
damage was not caused by bailee's negligence
RIBO discipline committee must notify broker within - ANS-2 weeks
consequential loss insurance - ANS-not an example of BI insurance
impacts amount of insurance an insured would receive as a result of the insured loss -
ANS-co-insurance
visible smoke is detected by - ANS-photoelectric detectors
significant heat, no visible smoke detected by - ANS-ionization detectors
commercial property floaters - ANS-stock, equipment, tenant improvements
burglary insurance is - ANS-not subject to statutory conditions
does market value of a property impact the premium? - ANS-no
IRC not payable for - ANS-1st week of disability to eligible claimants
if claim is made before premium is fully paid - ANS-claim is paid in full according to
coverage
broker restricted to acting under supervision - ANS-may solicit, negotiate, transact
insurance in the same area under "designated person" under supervisor under which
operates
who does the authority to bind coverage come from - ANS-insurance company
required to be registered insurance broker if - ANS-for compensation arranges contracts
on behalf of the insurer
recipients of commission - ANS-must be member of RIBO
what is NOT a statutory condition - ANS-time limit in which premium must be paid
deductible clause - ANS-specifies the amount in excess of which the insurer will pay
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