Indemnify Correct Answer-The action of compensating an insured following a loss under the insurance policy.
Risk Correct Answer-The chance of loss;
or an object or activity that is insured (about to be insured)
Peril Correct Answer-An event that may cause a loss to occur
Object of Insura...
RIBO Level 1 Exam Definition
Indemnify Correct Answer-The action of compensating an insured
following a loss under the insurance policy.
Risk Correct Answer-The chance of loss;
or an object or activity that is insured (about to be insured)
Peril Correct Answer-An event that may cause a loss to occur
Object of Insurance Correct Answer-The item that is insured or covered
in an insurance policy
Indemnity Correct Answer-to put you back in the same financial
position (just prior to loss) NO BETTER NO WORSE
Insured / Policy holder Correct Answer-The person who purchases an
insurance policy
Noted as First Party
Insurer Correct Answer-Insurance company who issued the insurance
policy and who compensates/indemnifies a policy holder in the event of
a loss
Noted as second party
, Premium Correct Answer-The sum of money paid by a person to an
insurance company in exchange for an insurance policy
RIBO - Registered Insurance Brokers of Ontario Correct Answer-A
Self-governing, self-funded organization of general insurance brokers in
Ontario
RIBO regulates the
- Licensing;
- Professional competence;
- Ethical conduct
- Insurance-related financial obligations
of all independent general insurance brokers in ON through the RIB Act
General Insurance Correct Answer-- Also referred to as Property and
Casualty (P&C)
- Anything other than Life or Health Insurance
Property risk Correct Answer-Financial loss occurs when owned
property is lost or damaged
Liability risk Correct Answer-When a person's negligent actions result in
injury to others or damage to another's property
Negligence Correct Answer-is what a reasonable and prudence person
would do or not do in a similar situation
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