Ribo act exam - Study guides, Class notes & Summaries

RIBO FINAL EXAM 2024...

RIBO PRACTICE EXAM 2024...

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 ACT -Exam Questions With Correct Answers. An insurance broker - answermeans any person who for compensation, commission or other thing of value, with respect to person or property in Ontario, deals directly with public and holds himself, herself or itself out as : 1. acts or aids in negotiating the contracts of insurance 2. provides risk management service 3. makes recommendations or gives advice regarding the insurance plan A manager may cancel a registration when: - answer1. for n...

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 RIBO RIBO ACT INFORMATION EXAM QUESTIONS WITH COMPLETE SOLUTIONS incapicitated member - Answer 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 - Answer 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 - Answer an individu...

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 Exam Fall 2023 with complete solution

RIBO Exam Complete Questions And Answers Already Passed

RIBO Insurance Exam With 100% Correct Answers 2024 What makes pure risk insurable while speculative not? - Answer 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 - Answer A situation involving a chance of loss without a chance of gain. Example: property damage Speculative Risk - Answer A situation where the possibility of either financial loss or gain exists. Th...