RIBO EXAM (practice online)
Risk - ANS-Chance of Loss- where the object of insurance maybe exposed
Peril - ANS-Cause of loss (wind, fire, water)
Indemnification - ANS-When insurer provides exact amount of loss, no more no less -
provided in money or another item of similar value
Covered losses - ANS-Accidental and future (not on purpose or in the past)
Alternatives to payment - ANS-Repair or replacement
three types of insurers - ANS-Stock-Operates on private funds from the stock market
mutuals- owned by its policyholders and aims to give the lowest cost
government- public
Broker/agent- who do they work on behalf of? - ANS-Broker- their client
agent-their company
Floaters cover property having a ____ - ANS-High degree of mobility
Within travel health insurance, pre-existing conditions are covered provided clients
receive no treatment, change in medication or medical consultation in the ____ days
prior to departure - ANS-90 days
Brokers should hold unearned commissions ___ to refund their clients in the event the
policy is cancelled prior to its expiry date. - ANS-in trust
Can you insure more than one vehicle on the same policy - ANS-no
The RIBO Qualifications and Registration Committee is responsible for establishing and
maintaining standards of competence for insurance brokers, including _____ and
providing information and assistance to brokers - ANS-exams
____ insures the legal liability of medical professionals arising out of rendering or failure
to render professional services - ANS-malpractice insurance
,____is essential for contractors and others whose work may result in injury or damage
when such work is put to its intended use - ANS-completed operations coverage
The most practical and common means of dealing with risk in Canada is - ANS-the
transfer of risk to an insurance company
____ acknowledges changes to the terms in the insurance contract - ANS-both
endorsements and riders
_____ are rules and regulations governing the rights and responsibilities of all parties to
a contract of insurance - ANS-statutory conditions
In Ontario, the automobile insurance application requires that the insured provide an
insurance history for the last _____ years, so that the insurer can assess the risk and
determine the premium - ANS-6
When one insurer transfers or cedes a portion of its risk to another insurer, this is called
__ - ANS-reinsurance
A surety guarantee made by a contractor when a contractor bids on a tender for
construction of a large project is called a __, and it guarantees that the contactor will
enter into a contact to perform the work at the tendered price and provide whatever
security is specified to ensure performance of the contract - ANS-bid bond
In Quebec, the government maintains a monopoly on __for automobile accidents
occurring in that province; other coverages may be purchased from private insurers
except - ANS-personal injury costs
When an insurer intentionally issues a policy that differs from the application, ______ -
ANS-insurer must notify the insured in writing the ways in which it differs from the
application
When there is a property insurance claim, in order to check the limit of the insured's
insurance, the insurance adjuster checks the ____ - ANS-insureds policy
The license term (# of yrs) for an insurance broker in Canada is___ - ANS-varies
province by province
covered or not? ground water or rising of the water table, or surface water - ANS-no
, The ongoing process whereby an automobile decreases in value as it ages is called __
- ANS-depreciation
An insurance brokers license can be terminated for __ - ANS-unethical conduct
The ______ policy insures blanket contractual, contingent employer's and owner's and
contractor's protective liability for retail stores, offices and other businesses -
ANS-commercial general liability
The _____ department of an insurance company includes human resources, legal,
management of information systems. - ANS-administration
In Ontario, the standard behaviour of insurance brokers is described in __ - ANS-RIB
Act
insurance will only pay if - ANS-in the event of the happening of a certain risk or peril
RIBO has a committee that oversees complaints and investigations called __ -
ANS-code of conduct committee
an umbrella policy - ANS-Provides excess insurance over another policy
T/F: The owner of a known wild or ferocious animal, such as a ferret, is not responsible
for the animals behaviour, such as biting, chewing or digging - ANS-False
Which of the following is NOT covered on a personal line liability policy? - ANS-Special
Damages
_____ guarantee payments of duties or taxes that businesses collect at the time of sale
and then submit to the Canadian government. Examples are customs warehouses and
distillers - ANS-customs and excise bonds
The basis of a settlement under a valued policy will be the value agreed to by the
insured and insurer, and the insurer will normally require that the insured's valuation be
confirmed by _____ - ANS-a qualified appraiser
Which of the following items is NOT included under the dwelling building coverage of a
Comprehensive Homeowners Policy - ANS-
Risk - ANS-Chance of Loss- where the object of insurance maybe exposed
Peril - ANS-Cause of loss (wind, fire, water)
Indemnification - ANS-When insurer provides exact amount of loss, no more no less -
provided in money or another item of similar value
Covered losses - ANS-Accidental and future (not on purpose or in the past)
Alternatives to payment - ANS-Repair or replacement
three types of insurers - ANS-Stock-Operates on private funds from the stock market
mutuals- owned by its policyholders and aims to give the lowest cost
government- public
Broker/agent- who do they work on behalf of? - ANS-Broker- their client
agent-their company
Floaters cover property having a ____ - ANS-High degree of mobility
Within travel health insurance, pre-existing conditions are covered provided clients
receive no treatment, change in medication or medical consultation in the ____ days
prior to departure - ANS-90 days
Brokers should hold unearned commissions ___ to refund their clients in the event the
policy is cancelled prior to its expiry date. - ANS-in trust
Can you insure more than one vehicle on the same policy - ANS-no
The RIBO Qualifications and Registration Committee is responsible for establishing and
maintaining standards of competence for insurance brokers, including _____ and
providing information and assistance to brokers - ANS-exams
____ insures the legal liability of medical professionals arising out of rendering or failure
to render professional services - ANS-malpractice insurance
,____is essential for contractors and others whose work may result in injury or damage
when such work is put to its intended use - ANS-completed operations coverage
The most practical and common means of dealing with risk in Canada is - ANS-the
transfer of risk to an insurance company
____ acknowledges changes to the terms in the insurance contract - ANS-both
endorsements and riders
_____ are rules and regulations governing the rights and responsibilities of all parties to
a contract of insurance - ANS-statutory conditions
In Ontario, the automobile insurance application requires that the insured provide an
insurance history for the last _____ years, so that the insurer can assess the risk and
determine the premium - ANS-6
When one insurer transfers or cedes a portion of its risk to another insurer, this is called
__ - ANS-reinsurance
A surety guarantee made by a contractor when a contractor bids on a tender for
construction of a large project is called a __, and it guarantees that the contactor will
enter into a contact to perform the work at the tendered price and provide whatever
security is specified to ensure performance of the contract - ANS-bid bond
In Quebec, the government maintains a monopoly on __for automobile accidents
occurring in that province; other coverages may be purchased from private insurers
except - ANS-personal injury costs
When an insurer intentionally issues a policy that differs from the application, ______ -
ANS-insurer must notify the insured in writing the ways in which it differs from the
application
When there is a property insurance claim, in order to check the limit of the insured's
insurance, the insurance adjuster checks the ____ - ANS-insureds policy
The license term (# of yrs) for an insurance broker in Canada is___ - ANS-varies
province by province
covered or not? ground water or rising of the water table, or surface water - ANS-no
, The ongoing process whereby an automobile decreases in value as it ages is called __
- ANS-depreciation
An insurance brokers license can be terminated for __ - ANS-unethical conduct
The ______ policy insures blanket contractual, contingent employer's and owner's and
contractor's protective liability for retail stores, offices and other businesses -
ANS-commercial general liability
The _____ department of an insurance company includes human resources, legal,
management of information systems. - ANS-administration
In Ontario, the standard behaviour of insurance brokers is described in __ - ANS-RIB
Act
insurance will only pay if - ANS-in the event of the happening of a certain risk or peril
RIBO has a committee that oversees complaints and investigations called __ -
ANS-code of conduct committee
an umbrella policy - ANS-Provides excess insurance over another policy
T/F: The owner of a known wild or ferocious animal, such as a ferret, is not responsible
for the animals behaviour, such as biting, chewing or digging - ANS-False
Which of the following is NOT covered on a personal line liability policy? - ANS-Special
Damages
_____ guarantee payments of duties or taxes that businesses collect at the time of sale
and then submit to the Canadian government. Examples are customs warehouses and
distillers - ANS-customs and excise bonds
The basis of a settlement under a valued policy will be the value agreed to by the
insured and insurer, and the insurer will normally require that the insured's valuation be
confirmed by _____ - ANS-a qualified appraiser
Which of the following items is NOT included under the dwelling building coverage of a
Comprehensive Homeowners Policy - ANS-