RIBO (IBAO)
Which of the following parties must be identified on an insurance policy, as
mandated by the Insurance Act? - Answer-The insurer and the insured
In Ontario, automobile insurance is: - Answer-Regulated by the Compulsory
Automobile Insurance Act
In Ontario, which act contains the legal rules governing the operation of the
insurance industry, as well as rules applying specifically to insurance contracts? -
Answer-The Insurance Act
According to the Insurance Act, when does a fire policy expire? - Answer-12:01 a.m.
local time at the address of the named insured
Michaela temporarily removes property from her insured premises to prevent loss, or
further loss, from an insured peril. How long must the removal of the property
extension on her fire policy provide coverage for? - Answer-Seven days
An insurance company that sells insurance products directly to customers is: -
Answer-A direct writer
An intermediary is a person or organization who: - Answer-Acts as a mediator or link
between two parties
Which of the following best describes a Comprehensive Tenant Policy? - Answer-It is
the same as a Homeowner Policy, but it does not cover buildings or outbuildings.
What is covered under a Condominium Unit Owner Policy? - Answer-The unit
owner's personal property (contents) and any unit improvements and betterments
An all-risks policy covers: - Answer-any kind of loss, subject to exclusions.
Which of the following best describes the fire and extended coverage Secondary and
Seasonal Residence Forms? - Answer-The Secondary Residence Form covers more
perils
Which of the following losses are not covered under a Comprehensive Homeowner
Policy? - Answer-Collapse of the roof due to snow load at the seasonal dwelling
Under the Comprehensive Homeowner Policy, which of the following statements is
correct? - Answer-None of the above
The Kumar family has rented the same seasonal dwelling for 20 years, for 2 months
each year. They bring all their clothes, bedding, and supplies (worth $4,000).
Unfortunately, a fire destroyed the building in the first week and all was lost. They
have a $50,000 Comprehensive Tenant Policy. How much would this policy pay
above the $500 deductible? - Answer-$3,500
,Shaun plans to renovate his bungalow, which means he has to vacate his home for
six months. His coverage for additional living expenses will: - Answer-not provide
any coverage
Jelena is selling her house and moving to a low-rise condominium. She asks you,
her broker, what she should do with her current Homeowner Policy. What would you
advise her to do? - Answer-The Homeowner Policy must be replaced by a
Condominium Unit Owner Policy, which gives certain extra coverages she will need
as a unit owner.
Is loss or damage caused by an earthquake insurable? - Answer-Yes - it can be
added to a property policy for an additional premium.
To prove any tort, the following three elements must be present: Duty owned, duty
breached, and: - Answer-damages suffered as a result of the defendant's direct
action
Under Section II: Liability Coverages, the insurer does not agree to: - Answer-
Reimburse the insured for physiotherapy and other medical costs
The general purpose of Section E: Personal Liability is to give the insured protection
for: - Answer-Injuries caused to others when the insured is negligent and held legally
liable
Negligence is: - Answer-The failure to exercise the care that a reasonable person
would take in a similar set of circumstances.
Negligence cannot be present if the person involved did not know that their conduct
or action involved: - Answer-an unreasonable risk of harm
Which of the following statements is correct? - Answer-a) liability policies protect the
insured by paying damages for which they are legally liable
Hyun owns a moped, a dirt bike, a motorized wheelchair, and a snowmobile. She
asks which one is covered under Section II: Liability Coverages of the
Comprehensive Homeowner Policy. What is your response? - Answer-the motorized
wheelchair
Which of the following is not an example of a condition for liability claims? - Answer-
Claims arising from the transmission of a communicable disease are covered.
Which statement about liability insurance is not true? - Answer-Special damages are
only awarded for small dollar amounts, such as out-of-pocket expenses.
Which of the following documents must be approved by the provincial government? -
Answer-All of the above
, Fill in the blank: When completing the OAF 1, applicants must disclose all accidents
and claims within the ______ years immediately preceding the application. - Answer-
Six
Neema wants to reduce the limit of liability in her OAP 1. What is the minimum
amount she must carry under Ontario law? - Answer-$200,000 inclusive
The owner's policy or insurance coverage on a described automobile is their: -
Answer-Primary coverage
Is a snowmobile considered an automobile for insurance purposes in Ontario? -
Answer-Yes.
The correct way to insure a snowmobile is: - Answer-Through an OAF 1 to cover all
the exposures to be insured.
Tim needs insurance on a car he leased from an automobile dealer. Which of the
following policy forms does he need? - Answer-Owner's Form (OAF 1), suitably
endorsed.
Newly acquired automobiles are automatically covered under the OAP 1, provided
the insurer is notified. - Answer-Within 14 days
Winnie belongs to a carpool and uses her automobile to transport the other three
members to work every fourth week. Noel, one of he other members, drives each of
the other three weeks. As Winnie's insurance broker, what would you recommend to
ensure she is covered against claims from passengers for injuries? - Answer-The
OAP 1 automatically covers the situation.
Brokers should always inform their clients about what optional benefits are available
under the OAP 1. Which of the following is not an available optional benefit? -
Answer-Excess economic loss endorsement.
Andrei owns a van (which is used for pleasure purposes) and has just been laid off
from his job. He tells you that, until he is rehired, he will use the van to deliver
flowers for the local florist. What steps should you take? - Answer-Advise Andrei to
re-classify the van as a commercial role.
Under OAP 1, Section 4: Accident Benefits Coverage, the basic income replacement
benefit payable is $400 per week. However, the actual amount is based on: -
Answer-70% of gross income
In Ontario, a threshold is: - Answer-The set of conditions under which an injured
person can sue another motorist to recover damages.
Which of the following statements is false? - Answer-Automobile lawsuits in Ontario
are not permitted for catastrophic impairment.
If an insured has made, or knows of, a material misrepresentation, then the insurer is
not required to pay: - Answer-Income replacement benefits.
Which of the following parties must be identified on an insurance policy, as
mandated by the Insurance Act? - Answer-The insurer and the insured
In Ontario, automobile insurance is: - Answer-Regulated by the Compulsory
Automobile Insurance Act
In Ontario, which act contains the legal rules governing the operation of the
insurance industry, as well as rules applying specifically to insurance contracts? -
Answer-The Insurance Act
According to the Insurance Act, when does a fire policy expire? - Answer-12:01 a.m.
local time at the address of the named insured
Michaela temporarily removes property from her insured premises to prevent loss, or
further loss, from an insured peril. How long must the removal of the property
extension on her fire policy provide coverage for? - Answer-Seven days
An insurance company that sells insurance products directly to customers is: -
Answer-A direct writer
An intermediary is a person or organization who: - Answer-Acts as a mediator or link
between two parties
Which of the following best describes a Comprehensive Tenant Policy? - Answer-It is
the same as a Homeowner Policy, but it does not cover buildings or outbuildings.
What is covered under a Condominium Unit Owner Policy? - Answer-The unit
owner's personal property (contents) and any unit improvements and betterments
An all-risks policy covers: - Answer-any kind of loss, subject to exclusions.
Which of the following best describes the fire and extended coverage Secondary and
Seasonal Residence Forms? - Answer-The Secondary Residence Form covers more
perils
Which of the following losses are not covered under a Comprehensive Homeowner
Policy? - Answer-Collapse of the roof due to snow load at the seasonal dwelling
Under the Comprehensive Homeowner Policy, which of the following statements is
correct? - Answer-None of the above
The Kumar family has rented the same seasonal dwelling for 20 years, for 2 months
each year. They bring all their clothes, bedding, and supplies (worth $4,000).
Unfortunately, a fire destroyed the building in the first week and all was lost. They
have a $50,000 Comprehensive Tenant Policy. How much would this policy pay
above the $500 deductible? - Answer-$3,500
,Shaun plans to renovate his bungalow, which means he has to vacate his home for
six months. His coverage for additional living expenses will: - Answer-not provide
any coverage
Jelena is selling her house and moving to a low-rise condominium. She asks you,
her broker, what she should do with her current Homeowner Policy. What would you
advise her to do? - Answer-The Homeowner Policy must be replaced by a
Condominium Unit Owner Policy, which gives certain extra coverages she will need
as a unit owner.
Is loss or damage caused by an earthquake insurable? - Answer-Yes - it can be
added to a property policy for an additional premium.
To prove any tort, the following three elements must be present: Duty owned, duty
breached, and: - Answer-damages suffered as a result of the defendant's direct
action
Under Section II: Liability Coverages, the insurer does not agree to: - Answer-
Reimburse the insured for physiotherapy and other medical costs
The general purpose of Section E: Personal Liability is to give the insured protection
for: - Answer-Injuries caused to others when the insured is negligent and held legally
liable
Negligence is: - Answer-The failure to exercise the care that a reasonable person
would take in a similar set of circumstances.
Negligence cannot be present if the person involved did not know that their conduct
or action involved: - Answer-an unreasonable risk of harm
Which of the following statements is correct? - Answer-a) liability policies protect the
insured by paying damages for which they are legally liable
Hyun owns a moped, a dirt bike, a motorized wheelchair, and a snowmobile. She
asks which one is covered under Section II: Liability Coverages of the
Comprehensive Homeowner Policy. What is your response? - Answer-the motorized
wheelchair
Which of the following is not an example of a condition for liability claims? - Answer-
Claims arising from the transmission of a communicable disease are covered.
Which statement about liability insurance is not true? - Answer-Special damages are
only awarded for small dollar amounts, such as out-of-pocket expenses.
Which of the following documents must be approved by the provincial government? -
Answer-All of the above
, Fill in the blank: When completing the OAF 1, applicants must disclose all accidents
and claims within the ______ years immediately preceding the application. - Answer-
Six
Neema wants to reduce the limit of liability in her OAP 1. What is the minimum
amount she must carry under Ontario law? - Answer-$200,000 inclusive
The owner's policy or insurance coverage on a described automobile is their: -
Answer-Primary coverage
Is a snowmobile considered an automobile for insurance purposes in Ontario? -
Answer-Yes.
The correct way to insure a snowmobile is: - Answer-Through an OAF 1 to cover all
the exposures to be insured.
Tim needs insurance on a car he leased from an automobile dealer. Which of the
following policy forms does he need? - Answer-Owner's Form (OAF 1), suitably
endorsed.
Newly acquired automobiles are automatically covered under the OAP 1, provided
the insurer is notified. - Answer-Within 14 days
Winnie belongs to a carpool and uses her automobile to transport the other three
members to work every fourth week. Noel, one of he other members, drives each of
the other three weeks. As Winnie's insurance broker, what would you recommend to
ensure she is covered against claims from passengers for injuries? - Answer-The
OAP 1 automatically covers the situation.
Brokers should always inform their clients about what optional benefits are available
under the OAP 1. Which of the following is not an available optional benefit? -
Answer-Excess economic loss endorsement.
Andrei owns a van (which is used for pleasure purposes) and has just been laid off
from his job. He tells you that, until he is rehired, he will use the van to deliver
flowers for the local florist. What steps should you take? - Answer-Advise Andrei to
re-classify the van as a commercial role.
Under OAP 1, Section 4: Accident Benefits Coverage, the basic income replacement
benefit payable is $400 per week. However, the actual amount is based on: -
Answer-70% of gross income
In Ontario, a threshold is: - Answer-The set of conditions under which an injured
person can sue another motorist to recover damages.
Which of the following statements is false? - Answer-Automobile lawsuits in Ontario
are not permitted for catastrophic impairment.
If an insured has made, or knows of, a material misrepresentation, then the insurer is
not required to pay: - Answer-Income replacement benefits.
