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Exam (elaborations)

RIBO Practice Exam Questions With Revised Answers

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  • Course
  • RIBO
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  • RIBO

RIBO Practice Exam Questions With Revised Answers If loss exceeds dollar amount - answerdeductible disappears if snowmobile sinks through the ice, covered by - answerall perils QC compulsory insurance - answerprovided by provincial and federal governments bill 59 - answer$15,000 deductible for...

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  • September 8, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RIBO
  • RIBO
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Brightstars
©THEBRIGHTSTARS 2024



RIBO Practice Exam Questions With
Revised Answers


If loss exceeds dollar amount - answer✔✔deductible disappears

if snowmobile sinks through the ice, covered by - answer✔✔all perils

QC compulsory insurance - answer✔✔provided by provincial and federal governments

bill 59 - answer✔✔$15,000 deductible for pain and suffering

office equipment floater - answer✔✔used for office-only risks, but not for dentist or doctor's
offices

boiler and machinery clause - answer✔✔includes free inspection service as part of an accident
prevention program

frequent travel to the US - answer✔✔annual plan for traveling Canadians

what is equipment - answer✔✔machinery, fixtures, utensils, appliances

mortgagor is similar to a - answer✔✔lessee

all terrain vehicle that needs special endorsement - answer✔✔OPCF 32

minimum 3rd party liability limit - answer✔✔$200,000

insuring agreement does not describe - answer✔✔policy period

extended coverage endorsements do not cover - answer✔✔earthquake damage

coverage for remodeling and repairing customer fur - answer✔✔furrier's block

who is insured under OAP 1? - answer✔✔anyone who drives with insureds' consent

standard mortgage policy - answer✔✔insurer could pay less to mortageee even though insurer
violated policy

insurance with standard fire - answer✔✔effective 12:01 standard time, address of insured

, ©THEBRIGHTSTARS 2024


bailee - answer✔✔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 - answer✔✔2 weeks

consequential loss insurance - answer✔✔not an example of BI insurance
impacts amount of insurance an insured would receive as a result of the insured loss -
answer✔✔co-insurance

visible smoke is detected by - answer✔✔photoelectric detectors

significant heat, no visible smoke detected by - answer✔✔ionization detectors

commercial property floaters - answer✔✔stock, equipment, tenant improvements

burglary insurance is - answer✔✔not subject to statutory conditions

does market value of a property impact the premium? - answer✔✔no

IRC not payable for - answer✔✔1st week of disability to eligible claimants

if claim is made before premium is fully paid - answer✔✔claim is paid in full according to
coverage

broker restricted to acting under supervision - answer✔✔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 - answer✔✔insurance company

required to be registered insurance broker if - answer✔✔for compensation arranges contracts on
behalf of the insurer

recipients of commission - answer✔✔must be member of RIBO

what is NOT a statutory condition - answer✔✔time limit in which premium must be paid

deductible clause - answer✔✔specifies the amount in excess of which the insurer will pay

employee dishonesty coverage is provided by - answer✔✔fidelity bond

principal in surety bond - answer✔✔one whose performance is guaranteed

cancellation of an insurance policy occurs - answer✔✔on the date indicated on the policy for
cancellation form is signed by the insured

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