RIBO Practice Exam Questions With
Revised Answers
If loss exceeds dollar amount - answerdeductible disappears
if snowmobile sinks through the ice, covered by - answerall perils
QC compulsory insurance - answerprovided by provincial and federal governments
bill 59 - answer$15,000 deductible for...
bailee - answer✔✔responsible 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 - answer✔✔2 weeks
consequential loss insurance - answer✔✔not an example of BI insurance
impacts amount of insurance an insured would receive as a result of the insured loss -
answer✔✔co-insurance
visible smoke is detected by - answer✔✔photoelectric detectors
significant heat, no visible smoke detected by - answer✔✔ionization detectors
burglary insurance is - answer✔✔not subject to statutory conditions
does market value of a property impact the premium? - answer✔✔no
IRC not payable for - answer✔✔1st week of disability to eligible claimants
if claim is made before premium is fully paid - answer✔✔claim is paid in full according to
coverage
broker restricted to acting under supervision - answer✔✔may 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 - answer✔✔insurance company
required to be registered insurance broker if - answer✔✔for compensation arranges contracts on
behalf of the insurer
recipients of commission - answer✔✔must be member of RIBO
what is NOT a statutory condition - answer✔✔time limit in which premium must be paid
deductible clause - answer✔✔specifies the amount in excess of which the insurer will pay
employee dishonesty coverage is provided by - answer✔✔fidelity bond
principal in surety bond - answer✔✔one whose performance is guaranteed
cancellation of an insurance policy occurs - answer✔✔on the date indicated on the policy for
cancellation form is signed by the insured
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