RIBO TEST #3 HOME INSURANCE Exam
Questions With Correct 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 - answer✔✔Arson Conviction Reward
Which of the following statements is CORRECT about the Highway Victims Indemnity Fund? -
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 - 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 - answer✔✔Nothing, as the Rental Value section is included in the policy limit
Common law?
Feedback - answer✔✔from which net premiums are paid to insurers.
In Section 2 Liability Coverage of the Homeowners Comprehensive Policy, coverage is provided
for Voluntary Payment for Damage to Property in which of the following situations?
Select one:
a. Property of others damaged intentionally by the insured's 10-year-old son, for which he is not
legally liable.
b. Damage to a ride-on lawnmower rented from a local rental establishment.
c. Damage caused by a guest, who backed an automobile into a portable barbeque which the
insured had borrowed from a neighbour. Incorrect
d. Loss by theft from the insured's premises of a shotgun on loan from a local sporting goods
store. - answer✔✔Property of others damaged intentionally by the insured's 10-year-old son, for
which he is not legally liable.
Policyholders pay premiums to an insurance company. Which of the following is the primary
responsibility of the insurance company?
Select one:
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