RIBO

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 ...

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...

RIBO EXAM Risk - Answer-Chance of Loss- where the object of insurance maybe exposed Peril - Answer-Cause of loss (wind, fire, water) Indemnification - Answer-When insurer provides exact amount of loss, no more no less - provided in money or another item of similar value Covered losses - Answer-Accidental and future (not on purpose or in the past) Alternatives to payment - Answer-Repair or replacement three types of insurers - Answer-Stock-Operates on private funds from the stoc...