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 c...

RIBO: ENTRY LEVEL 1 Questions With 100% Correct Answers Risk - Answer Chance of a loss Which type of risk is insured and why? - Answer Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - Answer 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 - A...

RIBO Insurance Exam With 100% Correct Answers 2024 What makes pure risk insurable while speculative not? - Answer Pure risk insurance is a situation involving a chance of a loss without a chance of gain. Insurance will accept situations where there is no potential for gain. Pure Risk - Answer A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk - Answer A situation where the possibility of either financial loss or gain exists. Th...

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...

©THEBRIGHTSTARS 2024 RIBO EXAM (practice online) Questions With Correct Answers. Risk - answerChance of Loss- where the object of insurance maybe exposed Peril - answerCause of loss (wind, fire, water) Indemnification - answerWhen insurer provides exact amount of loss, no more no less - provided in money or another item of similar value Covered losses - answerAccidental and future (not on purpose or in the past) Alternatives to payment - answerRepair or replacement three types of insur...

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 commiss...

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 conta...

RIBO – Habitational Exam Questions With Revised Answers Is the following statements found in the Homeowner/Tenant/Condo policy is correct: The insured may have the option of a "replacement cost" basis settlement on his building(s) as long as it is on the same location and is done within a reasonable time, but the insured may be penalized in the amount of the settlement if the insured's building is insured for less than 80% of its value. - answerCorrect In the case of a tenant package...

Examination Questions and Answers in Basic Anatomy and Physiology 2400 Multiple Choice Questions 2nd Edition Martin Caon Examination Questions and Answers inology 2400 Multiple Choice Questions Second Examination Questions and Answers in Basic Anatomy and Physiology 2400 Multiple Choice Questions 2nd Edition Martin Caon TABLE OF Chapter 1 Organisation of the Body 1. Which of the listed terms is described by: “All the chemical processes that take place in the organelles and cytoplasm the cells ...

Examination Questions and Answers in Basic Anatomy and Physiology 2400 Multiple Choice Questions 2nd Edition Martin Caon Examination Questions and Answers inology 2400 Multiple Choice Questions Second Examination Questions and Answers in Basic Anatomy and Physiology 2400 Multiple Choice Questions 2nd Edition Martin Caon TABLE OF Chapter 1 Organisation of the Body 1. Which of the listed terms is described by: “All the chemical processes that take place in the organelles and cytoplasm the cells ...