Ribo insurance exam 1 - Study guides, Revision notes & Summaries

Ontario Auto Exam (RIBO) Questions and Answers Latest Update 2025 1: What does RIBO stand for? - correct answer - Registered Insurance Brokers of Ontario. 2: What is the primary purpose of auto insurance in Ontario? - correct answer - To provide financial protection against physical damage and bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. 3: What is the minimum required auto insurance coverage in Ontario? - corr...

ONTARIO AUTO EXAM (RIBO) UPDATED Exam Questions and CORRECT Answers 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 Form, suitably endorsed. - Correct Answer- A. O.A.P. 1 Owner Form,

RIBO Exam Questions and Answers Already Passed 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: 1 month notice in writing of the default and intention to cancel the registration subject to the continuing jurisdiction of the Corporation. Upon successful completion of the examination, you may qualify for registration as an insurance broker. If issued, the registration will be "restricted to acting under s...

RIBO ENTRY LEVEL 1 UPDATED Exam Questions and CORRECT Answers Risk - Correct Answer- Chance of a loss Which type of risk is insured and why? - Correct Answer- Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - Correct Answer- REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance

ONTARIO AUTO EXAM (RIBO) QUESTIONS AND ANSWERS ALREADY PASSED 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 Form, suitably endorsed. A. O.A.P. 1 Owner Form, suitably endorsed. Insurance under O.A.P. 1 Owner's Form, Section 7, Loss or Damage Covera...

RIBO Exam (Ch 1-4) Latest 2023 Graded A Insured A person or entity who purchases an insurance policy. 1st party Insurer The insurance company who issues an insurance policy. 2nd party Lessor a person or entity that grants a lease (bank) Lessee A person who purchases the lease Mortgagee A person or entity that provides a loan (bank) Mortgagor A person who borrows money Chinese Shippers -Around 2000 BCE -First group to demonstrate "risk mitigation" -They used to separate boats for each goo...

RIBO LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ...

RIBO Insurance Exam Questions and Answers Graded A What makes pure risk insurable while speculative not? Pure risk insurance is a situation involving a chance of a loss without a chance of gain. Insurance will accept situations where there is no potential for gain. Pure Risk A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk A situation where the possibility of either financial loss or gain exists. This is not accepted by insurances. Exam...

RIBO Insurance Exam (1)