Exam (elaborations)
RIBO practice questions and answers 2024/2025
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RIBO practice questions and answers 2024/2025
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RIBO practice questions and answerif loss exceeds dollar amount - ANSdeductible disappears
if snowmobile sinks through the ice, covered by - ANSall perils
QC compulsory insurance - ANSprovided by provincial and federal governments
bill 59 - ANS$15,000 deductible for pain and suffering
office equipment floater - ANSused for office-only risks, but not for dentist or doctor's offices
boiler and machinery clause - ANSincludes free inspection service as part of an accident
prevention program
frequent travel to the US - ANSannual plan for traveling Canadians
what is equipment - ANSmachinery, fixtures, utensils, appliances
mortgagor is similar to a - ANSlessee
all terrain vehicle that needs special endorsement - ANSOPCF 32
minimum 3rd party liability limit - ANS$200,000
insuring agreement does not describe - ANSpolicy period
extended coverage endorsements do not cover - ANSearthquake damage
coverage for remodeling and repairing customer fur - ANSfurrier's block
who is insured under OAP 1? - ANSanyone who drives with insureds' consent
standard mortgage policy - ANSinsurer could pay less to mortageee even though insurer
violated policy
insurance with standard fire - ANSeffective 12:01 standard time, address of insured
bailee - ANSresponsible for damage to owner's property unless bailee can prove damage was
not caused by bailee's negligence
RIBO discipline committee must notify broker within - ANS2 weeks
, consequential loss insurance - ANSnot an example of BI insurance
impacts amount of insurance an insured would receive as a result of the insured loss -
ANSco-insurance
visible smoke is detected by - ANSphotoelectric detectors
significant heat, no visible smoke detected by - ANSionization detectors
commercial property floaters - ANSstock, equipment, tenant improvements
burglary insurance is - ANSnot subject to statutory conditions
does market value of a property impact the premium? - ANSno
IRC not payable for - ANS1st week of disability to eligible claimants
if claim is made before premium is fully paid - ANSclaim is paid in full according to coverage
broker restricted to acting under supervision - ANSmay solicit, negotiate, transact insurance in
the same area under "designated person" under supervisor under which operates
who does the authority to bind coverage come from - ANSinsurance company
required to be registered insurance broker if - ANSfor compensation arranges contracts on
behalf of the insurer
recipients of commission - ANSmust be member of RIBO
what is NOT a statutory condition - ANStime limit in which premium must be paid
deductible clause - ANSspecifies the amount in excess of which the insurer will pay
employee dishonesty coverage is provided by - ANSfidelity bond
principal in surety bond - ANSone whose performance is guaranteed
cancellation of an insurance policy occurs - ANSon the date indicated on the policy for
cancellation form is signed by the insured
what happens if a policy is voided due to misrepresentation - ANSpremium is refunded as to the
property for which misrepresentation was made
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