RIBO auto
How many days do you have to notify RIBO council in writing within having an accident
involving loss or damage to persons or property - ANS-7
Is third party liability mandatory and what is the minimum? - ANS-200'000
What does the agreed value of automobiles endorsement do? - ANS-allows you to get
replacement cost not ACV, up to the agreed value between insurer/insured
What does limit amount paid for loss or damage endorsment do? - ANS-It can lower the
ACV of the vehicle below its typical value.
What is another name for Underinsured Motorist protection? - ANS-Family protection /
Family Security
What does a loss of use endorsement do? - ANS-cOVERS THE COST OF RENTING A
TEMPORARY VEHICLE UNTIL THE INSUREDS OWN VEHICLE IS AVAILABLE - a
dollar amount per day with an overall max
How many years is a driver abstract? - ANS-3 years
What is a vacant building? - ANS-One where occupants have moved out with no
intention of returning and no new occupant has taken up residence. Or where no
occupant has yet taken up residence in the case of a newly constructed or acquired
dwelling
What is 3d insurance? - ANS-Dihonesty, Dissapearance, Destruction
Under limitation periods in ontario, which are typically 2 years, how long are
1. Claims for loss or damaged autos under insurance policies
2. Claims for fire losses under insurance policies
3. Claims for police complaints - ANS-1. One year
2. One year
3. Six Months
Payment of loss is required how many days after receipt of proof of loss? - ANS-60
days
, Payment of loss is required how many days after awarded by appraisers? Or appraisal
has been made? - ANS-15
How many days by registered mail can the insurer terminate the policy? - ANS-15 days
- the day following receipt of the letter at the post office
How many days can the insurer cancel a policy if hand delivered? - ANS-5 days
How many days in Ontario is required for cancellation due to non-payment? - ANS-30
days by registered mail or 10 by hand delivery
What is broader, inside/outside robbery, or money and securities? - ANS-Money and
securities, it covers inside outside robbery
when does umbrella liability respond? - ANS-Underlying policy does not provide specific
coverage, or limit of liability on existing policy is exhausted
Where is the warning that must be stamped or printed in conspicuous type on every
application? - ANS-The declaration of the applicant
How many years back are accident details required for auto insurance? - ANS-6 years
How long does the OAP 1 extend liability coverage for an insured person in situations
where the person rents or leases an automobile and is vicariously liable? - ANS-30 days
If ahmed has third party liability on two vehicles, 300k on a one and 500k on the other,
how much will his policy respond for a collision in an "other auto"? - ANS-Max of 500k
If ahmed has two separate policies, one for 200k one for 300k and gets in a non owned
collision, how will his separate polices respond? - ANS-Weighted average of the max
300k. 40% 60%
When an auto is pulling a trailer , how does OAP treat it? - ANS-Treated as a single
automobile when determining how much insurer will pay under liability, accident benefits
and uninsured automobile coverages. However, trailers are treated as separate for
determining deductible, amount paid under DCPD and optional loss or damage
coverage.
How many days do you have to notify RIBO council in writing within having an accident
involving loss or damage to persons or property - ANS-7
Is third party liability mandatory and what is the minimum? - ANS-200'000
What does the agreed value of automobiles endorsement do? - ANS-allows you to get
replacement cost not ACV, up to the agreed value between insurer/insured
What does limit amount paid for loss or damage endorsment do? - ANS-It can lower the
ACV of the vehicle below its typical value.
What is another name for Underinsured Motorist protection? - ANS-Family protection /
Family Security
What does a loss of use endorsement do? - ANS-cOVERS THE COST OF RENTING A
TEMPORARY VEHICLE UNTIL THE INSUREDS OWN VEHICLE IS AVAILABLE - a
dollar amount per day with an overall max
How many years is a driver abstract? - ANS-3 years
What is a vacant building? - ANS-One where occupants have moved out with no
intention of returning and no new occupant has taken up residence. Or where no
occupant has yet taken up residence in the case of a newly constructed or acquired
dwelling
What is 3d insurance? - ANS-Dihonesty, Dissapearance, Destruction
Under limitation periods in ontario, which are typically 2 years, how long are
1. Claims for loss or damaged autos under insurance policies
2. Claims for fire losses under insurance policies
3. Claims for police complaints - ANS-1. One year
2. One year
3. Six Months
Payment of loss is required how many days after receipt of proof of loss? - ANS-60
days
, Payment of loss is required how many days after awarded by appraisers? Or appraisal
has been made? - ANS-15
How many days by registered mail can the insurer terminate the policy? - ANS-15 days
- the day following receipt of the letter at the post office
How many days can the insurer cancel a policy if hand delivered? - ANS-5 days
How many days in Ontario is required for cancellation due to non-payment? - ANS-30
days by registered mail or 10 by hand delivery
What is broader, inside/outside robbery, or money and securities? - ANS-Money and
securities, it covers inside outside robbery
when does umbrella liability respond? - ANS-Underlying policy does not provide specific
coverage, or limit of liability on existing policy is exhausted
Where is the warning that must be stamped or printed in conspicuous type on every
application? - ANS-The declaration of the applicant
How many years back are accident details required for auto insurance? - ANS-6 years
How long does the OAP 1 extend liability coverage for an insured person in situations
where the person rents or leases an automobile and is vicariously liable? - ANS-30 days
If ahmed has third party liability on two vehicles, 300k on a one and 500k on the other,
how much will his policy respond for a collision in an "other auto"? - ANS-Max of 500k
If ahmed has two separate policies, one for 200k one for 300k and gets in a non owned
collision, how will his separate polices respond? - ANS-Weighted average of the max
300k. 40% 60%
When an auto is pulling a trailer , how does OAP treat it? - ANS-Treated as a single
automobile when determining how much insurer will pay under liability, accident benefits
and uninsured automobile coverages. However, trailers are treated as separate for
determining deductible, amount paid under DCPD and optional loss or damage
coverage.
