Ribo general Study guides, Class notes & Summaries

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...

"Offer" and "acceptance" is best described as being: - Unconditional-communicated-same mannerwithin time limit A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. A building owned by A is sold for cash to B. Two days after the sale, a fire destroys the building causing a loss of $100,000. Neither the broker nor the insurer was notified of the change in ownership. The insurer would pay: - Nothing. (when you sell your house, you ...

BB Practice Test 2 RIBO Questions and Answers 100% Solved As a broker holding a restricted license you are not able to: a) Sell insurance policies on behalf of more than one insurer b) Open and operate a trust account c) Counsel Potential clients on the insurance choices available d) Bind coverage b Rules and agreements concerning binding insurance coverage by brokers are: a) Laid out in the Insurance Act of Ontario b) Set by RIBO and are uniform and apply to every insurance broker firm i...

Which one of the following is not a coverage of the Commercial General Liability Policy ? a. premises and operations b. Supplementary payments c. Consequential loss assumption clause d. Personal Injury correct answers Answer: C How many of the RIBO council are elected? correct answers 9 How many of the RIBO council are appointed? correct answers 4 How much equity capitalization must a sole proprietorship have? correct answers Greater of $2,500 or amount of deductible How much e...

RIBO LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ...

RIBO: ENTRY LEVEL 1 LATEST UPDATE GRADED A Risk Chance of a loss Which type of risk is insured and why? Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk C) Doing nothing / avoiding the risk Insurer Insurance compa...

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...

Which of the following statements best describes actual cash value? - Answer-The replacement cost at the time of loss less depreciation Personal injury liability under the Commercial General Liability Policy covers sums that the insured becomes legally obligated to pay: - Answer-Because of injury to a person's character by such things as false arrest or malicious prosecution. Under an automobile policy, property damage means damage to which of the following? - AnswerProperty of others but ...

Those exempt from RIB Act. - lawyers, agents, accountants, adjusters, travel insurance agents, admin staff, trustee, reinsurance broker. Who can be a broker? - - age of majority - of good character - no criminal charges - no refused, suspended or revoked licenses - meet educational and experience requirements of Qualification and Registration Committee. - complies with Act - only business is Insurance Broker Insurance Broker defined: - Any person who for any commission, compensation or...

RIBO ACT INFORMATION EXAM QUESTIONS WITH CERTIFIED SOLUTIONS incapicitated member a member suffering froma physical or mental condition or disorder and can no longer carry on business as a registered insurance broker, this is typically determiend by the manager. insurance broker any person who for any comepnsation, commission or other thing of calue, with respect to persons or property in ontario, deals directly with the public. member an individual, partnership or corporating registered under...