Exam (elaborations)
RIBO EXAM (practice online)
RIBO EXAM (practice online)
[Show more]
Seller
Follow
Content preview
RIBO EXAM (practice online)Risk - ANS-Chance of Loss- where the object of insurance maybe exposed
Peril - ANS-Cause of loss (wind, fire, water)
Indemnification - ANS-When insurer provides exact amount of loss, no more no less -
provided in money or another item of similar value
Covered losses - ANS-Accidental and future (not on purpose or in the past)
Alternatives to payment - ANS-Repair or replacement
three types of insurers - ANS-Stock-Operates on private funds from the stock market
mutuals- owned by its policyholders and aims to give the lowest cost
government- public
Broker/agent- who do they work on behalf of? - ANS-Broker- their client
agent-their company
Floaters cover property having a ____ - ANS-High degree of mobility
Within travel health insurance, pre-existing conditions are covered provided clients
receive no treatment, change in medication or medical consultation in the ____ days
prior to departure - ANS-90 days
Brokers should hold unearned commissions ___ to refund their clients in the event the
policy is cancelled prior to its expiry date. - ANS-in trust
Can you insure more than one vehicle on the same policy - ANS-no
The RIBO Qualifications and Registration Committee is responsible for establishing and
maintaining standards of competence for insurance brokers, including _____ and
providing information and assistance to brokers - ANS-exams
____ insures the legal liability of medical professionals arising out of rendering or failure
to render professional services - ANS-malpractice insurance
,____is essential for contractors and others whose work may result in injury or damage
when such work is put to its intended use - ANS-completed operations coverage
The most practical and common means of dealing with risk in Canada is - ANS-the
transfer of risk to an insurance company
____ acknowledges changes to the terms in the insurance contract - ANS-both
endorsements and riders
_____ are rules and regulations governing the rights and responsibilities of all parties to
a contract of insurance - ANS-statutory conditions
In Ontario, the automobile insurance application requires that the insured provide an
insurance history for the last _____ years, so that the insurer can assess the risk and
determine the premium - ANS-6
When one insurer transfers or cedes a portion of its risk to another insurer, this is called
__ - ANS-reinsurance
A surety guarantee made by a contractor when a contractor bids on a tender for
construction of a large project is called a __, and it guarantees that the contactor will
enter into a contact to perform the work at the tendered price and provide whatever
security is specified to ensure performance of the contract - ANS-bid bond
In Quebec, the government maintains a monopoly on __for automobile accidents
occurring in that province; other coverages may be purchased from private insurers
except - ANS-personal injury costs
When an insurer intentionally issues a policy that differs from the application, ______ -
ANS-insurer must notify the insured in writing the ways in which it differs from the
application
When there is a property insurance claim, in order to check the limit of the insured's
insurance, the insurance adjuster checks the ____ - ANS-insureds policy
The license term (# of yrs) for an insurance broker in Canada is___ - ANS-varies
province by province
covered or not? ground water or rising of the water table, or surface water - ANS-no
, The ongoing process whereby an automobile decreases in value as it ages is called __
- ANS-depreciation
An insurance brokers license can be terminated for __ - ANS-unethical conduct
The ______ policy insures blanket contractual, contingent employer's and owner's and
contractor's protective liability for retail stores, offices and other businesses -
ANS-commercial general liability
The _____ department of an insurance company includes human resources, legal,
management of information systems. - ANS-administration
In Ontario, the standard behaviour of insurance brokers is described in __ - ANS-RIB
Act
insurance will only pay if - ANS-in the event of the happening of a certain risk or peril
RIBO has a committee that oversees complaints and investigations called __ -
ANS-code of conduct committee
an umbrella policy - ANS-Provides excess insurance over another policy
T/F: The owner of a known wild or ferocious animal, such as a ferret, is not responsible
for the animals behaviour, such as biting, chewing or digging - ANS-False
Which of the following is NOT covered on a personal line liability policy? - ANS-Special
Damages
_____ guarantee payments of duties or taxes that businesses collect at the time of sale
and then submit to the Canadian government. Examples are customs warehouses and
distillers - ANS-customs and excise bonds
The basis of a settlement under a valued policy will be the value agreed to by the
insured and insurer, and the insurer will normally require that the insured's valuation be
confirmed by _____ - ANS-a qualified appraiser
Which of the following items is NOT included under the dwelling building coverage of a
Comprehensive Homeowners Policy - ANS-
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.52. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now