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Exam (elaborations)

RIBO practice questions fully solved & updated.

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if loss exceeds dollar amount deductible disappears if snowmobile sinks through the ice, covered by all perils QC compulsory insurance provided by provincial and federal governments bill 59 $15,000 deductible for pain and suffering office equipment floater used for ...

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  • September 1, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RIBO
  • RIBO
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RIBO practice questions fully solved &
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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

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

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