Ribo general - Study guides, Class notes & Summaries

RIBO ACT INFORMATION EXAM QUESTIONS WITH CERTIFIED SOLUTIONS incapicitated member a member suffering froma physical or mental condition or disorder and can no longer carry on business as a registered insurance broker, this is typically determiend by the manager. insurance broker any person who for any comepnsation, commission or other thing of calue, with respect to persons or property in ontario, deals directly with the public. member an individual, partnership or corporating registered under...

©THEBRIGHTSTARS 2024 RIBO EXAM (practice online) Questions With Correct Answers. Risk - answerChance of Loss- where the object of insurance maybe exposed Peril - answerCause of loss (wind, fire, water) Indemnification - answerWhen insurer provides exact amount of loss, no more no less - provided in money or another item of similar value Covered losses - answerAccidental and future (not on purpose or in the past) Alternatives to payment - answerRepair or replacement three types of insur...

RIBO Level 1 Exam Questions With Correct Answers. Indemnify - answerThe action of compensating an insured following a loss under the insurance policy. Risk - answerThe chance of loss; or an object or activity that is insured (about to be insured) Peril - answerAn event that may cause a loss to occur Object of Insurance - answerThe item that is insured or covered in an insurance policy Indemnity - answerto put you back in the same financial position (just prior to loss) NO BETTER NO WORS...

RIBO Exam Prep (2023/2024) Already Passed Implied Contract a contract that comes about from the actions of the parties Express Contract Terms have been specificity states and agreed upon by both parties Reinsurance insurance for insurance companies Frequency Percentage of what we insure. severity $ amount of the loss contract agreement between two or more parties void The policy never existed. Any premium received must be returned. legal entity/person Someone who can sue or be sued. tort...

RIBO Insurance Exam Questions and Answers Graded A What makes pure risk insurable while speculative not? Pure risk insurance is a situation involving a chance of a loss without a chance of gain. Insurance will accept situations where there is no potential for gain. Pure Risk A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk A situation where the possibility of either financial loss or gain exists. This is not accepted by insurances. Exam...

RIBO – Habitational Questions and Answers Rated A Is the following statements found in the Homeowner/Tenant/Condo policy is correct: The insured may have the option of a "replacement cost" basis settlement on his building(s) as long as it is on the same location and is done within a reasonable time, but the insured may be penalized in the amount of the settlement if the insured's building is insured for less than 80% of its value. Correct In the case of a tenant package policy "Dwelling...

RIBO - General.

RIBO ACT LATEST 2023 ALREADY GRADED A Who can be a broker Section 5(a) An Individual, greater than 18, Good Character, Has not been convicted, has not been refused membership in the past, Satisfies educational requirements, only business is insurance, carries in business, continuing education. Section 6 - Co-operation, only business is insurance, under the guidance of a principal broker, complied with provision of the regulation, not in contravention to the Insurance act. Section 7 - Partnership...

RIBO – Habitational Exam Questions With Revised Answers Is the following statements found in the Homeowner/Tenant/Condo policy is correct: The insured may have the option of a "replacement cost" basis settlement on his building(s) as long as it is on the same location and is done within a reasonable time, but the insured may be penalized in the amount of the settlement if the insured's building is insured for less than 80% of its value. - answerCorrect In the case of a tenant package...