RIBO Exam 2023-2024 Questions
and
Answers with complete solution
Which of the following statements best describes actual cash
value? Ans - 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: Ans - 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?
Ans - Property of others but not the insured's
own property
Law of large numbers is: Ans - Affects the reliance to be placed on a given
probability
In the Homeowners Basic Form, special limits of insurance apply
to which of the
following personal property when it is stolen?
Ans - Bicycles
With respect to automobile insurance, what does no-fault insurance
mean? Ans - The
legislation has been passed prohibiting or severely limiting
lawsuits for injuries
Misrepresentation discovered by an insurer may result in the policy being
voided. To do so successfully, the insurer must show Ans - The
misrepresented fact was material to the risk.
What is pure premium? Ans - The premium required to meet the losses that
occur.
To what extent does A2 Loss Assessment coverage in the Comprehensive
Condominium Unit Owners Policy cover an assessment against a unit owner?
Ans - Any covered assessment that is valid under the corporation, insured by
the Unit Owners Policy, and to a limit of $10,000
Damages awarded for out-of-pocket items such as medical expenses are
known as
RIBO Exam 2023-2024 Questions and Answers with complete solution
, which of the following? Ans - Special
damages
The Transportation peril under Section C - Personal Property, provides
coverage for which one of the following? Ans - Damage to personal property
resulting from upset of the vehicle carrying the property
An insured will be indemnified against loss or damage arising out of the
occurrence of a
certain event provided the event is Ans - Accidental and in
the future
Which of the following actions is not prohibited under the RIB act? Ans
- Giving a
policyholder a box of chocolates at
Christmas
A Subscription Policy differs from other policies in that: Ans - More than
one insurer
covers a portion of the risk under its own
wording.
When do all RIBO registrations expire? Ans - September 30
The OPCF 44R - Family Protection Coverage Ans - Allows an insured to
recover up to
the limit of his own
policy
Your clients recently bought a family cemetery plot. What would you advise
them? Ans
- The premises section of their Liability coverage automatically
extends coverage
The Homeowners Basic Form: Ans - Determines the amounts of
certain other
coverages based on the building
limit
Additional Living Expense under a Homeowners Comprehensive Policy is
payable when the premises become unfit for occupancy in which one of the
following circumstances?
Ans - The insured's home has suffered severe smoke damage
Every RIBO brokerage must carry which limit of Error and Omissions
Insurance? Ans -
$3,000,0
00
To cover the costs for a business to lease a new location to continue
business after an
insured loss, the business will require which of the following? Ans -
Extra Expense
coverag
e
RIBO Exam 2023-2024 Questions and Answers with complete solution
and
Answers with complete solution
Which of the following statements best describes actual cash
value? Ans - 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: Ans - 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?
Ans - Property of others but not the insured's
own property
Law of large numbers is: Ans - Affects the reliance to be placed on a given
probability
In the Homeowners Basic Form, special limits of insurance apply
to which of the
following personal property when it is stolen?
Ans - Bicycles
With respect to automobile insurance, what does no-fault insurance
mean? Ans - The
legislation has been passed prohibiting or severely limiting
lawsuits for injuries
Misrepresentation discovered by an insurer may result in the policy being
voided. To do so successfully, the insurer must show Ans - The
misrepresented fact was material to the risk.
What is pure premium? Ans - The premium required to meet the losses that
occur.
To what extent does A2 Loss Assessment coverage in the Comprehensive
Condominium Unit Owners Policy cover an assessment against a unit owner?
Ans - Any covered assessment that is valid under the corporation, insured by
the Unit Owners Policy, and to a limit of $10,000
Damages awarded for out-of-pocket items such as medical expenses are
known as
RIBO Exam 2023-2024 Questions and Answers with complete solution
, which of the following? Ans - Special
damages
The Transportation peril under Section C - Personal Property, provides
coverage for which one of the following? Ans - Damage to personal property
resulting from upset of the vehicle carrying the property
An insured will be indemnified against loss or damage arising out of the
occurrence of a
certain event provided the event is Ans - Accidental and in
the future
Which of the following actions is not prohibited under the RIB act? Ans
- Giving a
policyholder a box of chocolates at
Christmas
A Subscription Policy differs from other policies in that: Ans - More than
one insurer
covers a portion of the risk under its own
wording.
When do all RIBO registrations expire? Ans - September 30
The OPCF 44R - Family Protection Coverage Ans - Allows an insured to
recover up to
the limit of his own
policy
Your clients recently bought a family cemetery plot. What would you advise
them? Ans
- The premises section of their Liability coverage automatically
extends coverage
The Homeowners Basic Form: Ans - Determines the amounts of
certain other
coverages based on the building
limit
Additional Living Expense under a Homeowners Comprehensive Policy is
payable when the premises become unfit for occupancy in which one of the
following circumstances?
Ans - The insured's home has suffered severe smoke damage
Every RIBO brokerage must carry which limit of Error and Omissions
Insurance? Ans -
$3,000,0
00
To cover the costs for a business to lease a new location to continue
business after an
insured loss, the business will require which of the following? Ans -
Extra Expense
coverag
e
RIBO Exam 2023-2024 Questions and Answers with complete solution
