©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
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
