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RIBO TEST #3 HOME INSURANCE Questions with Correct Answers
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RIBO TEST #3 HOME INSURANCE Questions with Correct Answers
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RIBO TEST #3 HOME INSURANCE Questions withCorrect Answers
In the Homeowners Comprehensive Policy, there are Extensions of
Coverage provided. Which of the following extensions increase the
amount of insurance?
a. Tear Out
b. Moving to Another Home Incorrect
c. Arson Conviction Reward
d. Lock Replacement Correct Answer-Arson Conviction Reward
Which of the following statements is CORRECT about the Highway
Victims Indemnity Fund? Correct Answer-It will not pay if the claimant
is totally responsible for causing the accident.
To cover costs for a business to lease a new location to continue
business after an insured loss, the business will require which of the
following?
a. Profits coverage
b. Extra Expense coverage
c. Extended Business Profit endorsement Incorrect
d. Gross Earnings coverage Correct Answer-Extra Expense coverage
Your insured owns two secondary residences on the same property and
rents one out for $500 per month. A windstorm totally destroys the
rental residence and it will take five months to rebuild the dwelling. The
Secondary Policy covers the building for $100,000 subject to a $500
, deductible. How much would the insured collect under the Rental Value
section of the Secondary Policy in addition to the total loss of the
dwelling?
a. $2,500
b. $2,000 Incorrect
c. Nothing, as the Rental Value section is included in the policy limit
d. $500 Correct Answer-Nothing, as the Rental Value section is included
in the policy limit
Common law?
a. It is the expressed will of the common people governing relationships
among all members of society regardless of their status.
b. It is a body of well-defined legal principles set out in thousands of
court decisions over hundreds of years.
c. It is the written law upon which judges make their decisions without
being bound by what other judges have done in the past. Incorrect
d. It is a written or codified law in the form of acts or statutes created by
acts of the federal and provincial legislatures. Correct Answer-It is a
body of well-defined legal principles set out in thousands of court
decisions over hundreds of years.
An independent agent or broker must maintain a trust account
a. into which all commission amounts are transferred.
b. from which all business expenses are paid.
c. from which net premiums are paid to insurers.
d. into which amounts are transferred to meet emergencies. Incorrect
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