Ribo general - Study guides, Class notes & Summaries

BB Practice Test 2 RIBO Questions and Answers 100% Solved As a broker holding a restricted license you are not able to: a) Sell insurance policies on behalf of more than one insurer b) Open and operate a trust account c) Counsel Potential clients on the insurance choices available d) Bind coverage b Rules and agreements concerning binding insurance coverage by brokers are: a) Laid out in the Insurance Act of Ontario b) Set by RIBO and are uniform and apply to every insurance broker firm i...

RIBO LEVEL 1 EXAM WITH QUESTIONS AND ANSWERS ...

RIBO – General(QUIZZES & ANS)2023

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...

Which one of the following is not a coverage of the Commercial General Liability Policy ? a. premises and operations b. Supplementary payments c. Consequential loss assumption clause d. Personal Injury correct answers Answer: C How many of the RIBO council are elected? correct answers 9 How many of the RIBO council are appointed? correct answers 4 How much equity capitalization must a sole proprietorship have? correct answers Greater of $2,500 or amount of deductible How much e...

RIBO: ENTRY LEVEL 1 LATEST UPDATE GRADED A Risk Chance of a loss Which type of risk is insured and why? Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk C) Doing nothing / avoiding the risk Insurer Insurance compa...

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid c...

Those exempt from RIB Act. - lawyers, agents, accountants, adjusters, travel insurance agents, admin staff, trustee, reinsurance broker. Who can be a broker? - - age of majority - of good character - no criminal charges - no refused, suspended or revoked licenses - meet educational and experience requirements of Qualification and Registration Committee. - complies with Act - only business is Insurance Broker Insurance Broker defined: - Any person who for any commission, compensation or...

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? - AnswerProperty of others but ...

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...