Ribo general - Study guides, Class notes & Summaries

Which of the following provinces offer only government compulsory auto insurance? Correct Answer-British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? Correct Answer-Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? Correct Answer-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 th...

"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 ...

RIBO – General(QUIZZES & ANS)2023

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...

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...

RIBO LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ...

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: 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 provinces offer only government compulsory auto insurance? correct answers British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? correct answers Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? correct answers 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...