RIBO
Which of the following statements best describes actual cash value? - Answer-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: - Answer-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? - Answer-Property of others but not the insured's own property
Law of large numbers is: - Answer-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? - Answer-Bicycles
With respect to automobile insurance, what does no-fault insurance mean? -
Answer-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 - Answer-The misrepresented fact was
material to the risk.
What is pure premium? - Answer-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? -
Answer-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
which of the following? - Answer-Special damages
The Transportation peril under Section C - Personal Property, provides coverage for
which one of the following? - Answer-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 - Answer-Accidental and in the future
Which of the following actions is not prohibited under the RIB act? - Answer-Giving a
policyholder a box of chocolates at Christmas
, A Subscription Policy differs from other policies in that: - Answer-More than one
insurer covers a portion of the risk under its own wording.
When do all RIBO registrations expire? - Answer-September 30
The OPCF 44R - Family Protection Coverage - Answer-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? -
Answer-The premises section of their Liability coverage automatically extends
coverage
The Homeowners Basic Form: - Answer-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? - Answer-The insured's home has suffered severe smoke damage
Every RIBO brokerage must carry which limit of Error and Omissions Insurance? -
Answer-$3,000,000
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? - Answer-Extra
Expense coverage
Three of the following are policy conditions in a Travel Health Policy. Indicate the
exception: - Answer-Senior citizens are only eligible for travel health insurance if they
travel with an immediate family member
A legal person is one who - Answer-Can sue and be sued
The RIBO Code of Conduct is stated in Ontario Regulation 991, Section 14. Indicate
which one of the following provisions is not contained in the Code. - Answer-To
maintain a trust account for all trust money received
Under Section 7 - Physical Damage to Own Automobile Coverage, the insurer
agrees to indemnify which one of the following? - Answer-The named insured
Which of the following best describes the proximate cause of a loss? - Answer-The
immediate and effective cause of loss
Provincial Insurance Acts governing automobile insurance applications states that -
Answer-A "true" copy of the application may be signed after the policy has been
issued
A Commercial General Liability Policy covers which of the following? - Answer-All of
the above
Which of the following statements best describes actual cash value? - Answer-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: - Answer-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? - Answer-Property of others but not the insured's own property
Law of large numbers is: - Answer-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? - Answer-Bicycles
With respect to automobile insurance, what does no-fault insurance mean? -
Answer-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 - Answer-The misrepresented fact was
material to the risk.
What is pure premium? - Answer-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? -
Answer-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
which of the following? - Answer-Special damages
The Transportation peril under Section C - Personal Property, provides coverage for
which one of the following? - Answer-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 - Answer-Accidental and in the future
Which of the following actions is not prohibited under the RIB act? - Answer-Giving a
policyholder a box of chocolates at Christmas
, A Subscription Policy differs from other policies in that: - Answer-More than one
insurer covers a portion of the risk under its own wording.
When do all RIBO registrations expire? - Answer-September 30
The OPCF 44R - Family Protection Coverage - Answer-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? -
Answer-The premises section of their Liability coverage automatically extends
coverage
The Homeowners Basic Form: - Answer-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? - Answer-The insured's home has suffered severe smoke damage
Every RIBO brokerage must carry which limit of Error and Omissions Insurance? -
Answer-$3,000,000
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? - Answer-Extra
Expense coverage
Three of the following are policy conditions in a Travel Health Policy. Indicate the
exception: - Answer-Senior citizens are only eligible for travel health insurance if they
travel with an immediate family member
A legal person is one who - Answer-Can sue and be sued
The RIBO Code of Conduct is stated in Ontario Regulation 991, Section 14. Indicate
which one of the following provisions is not contained in the Code. - Answer-To
maintain a trust account for all trust money received
Under Section 7 - Physical Damage to Own Automobile Coverage, the insurer
agrees to indemnify which one of the following? - Answer-The named insured
Which of the following best describes the proximate cause of a loss? - Answer-The
immediate and effective cause of loss
Provincial Insurance Acts governing automobile insurance applications states that -
Answer-A "true" copy of the application may be signed after the policy has been
issued
A Commercial General Liability Policy covers which of the following? - Answer-All of
the above
