RIBO (All Correct)

Implied Contract correct answers a contract that comes about from the actions of the parties Express Contract correct answers Terms have been specificity states and agreed upon by both parties Reinsurance correct answers insurance for insurance companies Frequency correct answers Percentage...

Which of the following provinces offer only government compulsory auto insurance? correct answers British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? correct answers Is the failure to do what a reasonable person would do in a given situation. A broker/agent is re...

Which of the following statements best describes actual cash value? correct answers 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: correct answers Bec...

Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required? A. O.A.P. 1 Owner Form, suitably endorsed. B. O.P.F. #2 Driver's Form. C. O.P.F. #6 Non-owned Automobile Form, suitable endorsed. D. Garage Auto F...

Risk correct answers Chance of a loss Which type of risk is insured and why? correct answers Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? correct answers REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase ins...

if loss exceeds dollar amount correct answers deductible disappears if snowmobile sinks through the ice, covered by correct answers all perils QC compulsory insurance correct answers provided by provincial and federal governments bill 59 correct answers $15,000 deductible for pain and suffe...

Insured correct answers A person or entity who purchases an insurance policy. 1st party Insurer correct answers The insurance company who issues an insurance policy. 2nd party Lessor correct answers a person or entity that grants a lease (bank) Lessee correct answers A person who purchases ...