Ribo ontario - Study guides, Class notes & Summaries

Which of the following statements best describes actual cash value? - 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: - 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? - Property of others but not the insured...

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...

RIBO Level 1 Exam Questions With Correct Answers. Indemnify - answerThe action of compensating an insured following a loss under the insurance policy. Risk - answerThe chance of loss; or an object or activity that is insured (about to be insured) Peril - answerAn event that may cause a loss to occur Object of Insurance - answerThe item that is insured or covered in an insurance policy Indemnity - answerto put you back in the same financial position (just prior to loss) NO BETTER NO WORS...

What does ribo stand for? correct answers Registered Insurance Broker of Ontario Who does the RIB act protect? correct answers The insurance consumer What are 3 things a broker with a restricted license (acting under supervision) may not do? correct answers Control trust funds, act as principal broker, or operate as a sole proprietor When do ribo licenses expire? correct answers August 31 Bailee vs. Bailor correct answers A Bailee is someone to whom goods are entrusted for a stated p...

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 office-only risks, but not for dentist or doctor's offices boiler and machinery clause - includes free inspection service as part of an accident prevention program frequent travel to the US - annual plan for traveli...

ONTARIO AUTO EXAM (RIBO) 2023 QUESTIONS AND ANSWERS Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required? A. O.A.P. 1 Owner Form, suitably endorsed. B. O.P.F. #2 Driver's Form. C. O.P.F. #6 Non-owned Automobile Form, suitable endorsed. D. Garage Auto Form, suitably endorsed. A. O.A.P. 1 Owner Form, suitably endorsed. Insurance under O.A.P. 1 Owner's Form, Section 7, Loss or Damage Coverages,...

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 company Stock Insurance company...

Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required? A. O.A.P. 1 Owner Form, suitably endorsed. B. O.P.F. #2 Driver's Form. C. O.P.F. #6 Non-owned Automobile Form, suitable endorsed. D. Garage Auto Form, suitably endorsed. - ️️A. O.A.P. 1 Owner Form, suitably endorsed. Insurance under O.A.P. 1 Owner's Form, Section 7, Loss or Damage Coverages, is usually subject to a deductible. It does n...

ONTARIO AUTO EXAM (RIBO) 2023 QUESTIONS AND ANSWERS Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required? A. O.A.P. 1 Owner Form, suitably endorsed. B. O.P.F. #2 Driver's Form. C. O.P.F. #6 Non-owned Automobile Form, suitable endorsed. D. Garage Auto Form, suitably endorsed. A. O.A.P. 1 Owner Form, suitably endorsed. Insurance under O.A.P. 1 Owner's Form, Section 7, Loss or Damage Coverages,...