Ribo exam 2024 Study guides, Class notes & Summaries

RIBO ONTARIO AUTO COMPLETE EXAM WITH ALL QUESTIONS AND ANSWERS ...

"Offer" and "acceptance" is best described as being: - Unconditional-communicated-same mannerwithin time limit A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. A building owned by A is sold for cash to B. Two days after the sale, a fire destroys the building causing a loss of $100,000. Neither the broker nor the insurer was notified of the change in ownership. The insurer would pay: - Nothing. (when you sell your house, you ...

What is General Insurance also known as? - AnswerProperty and Casualty (P&C) Insurance RIBO is not a - AnswerTrade Association Define Insurance - AnswerThe undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event When was The Great Fire of London? - Answer1666 What is property? - A...

RIBO GENERAL EXAM WITH QUESTIONS AND ANSWERS ...

ONTORIO AUTO (RIBO) EXAM QUESTIONS WITH ACCURATE SOLUTIONS (A+ graded).

10 Included ONT. automobiles in OAP #1 (PT BMS RAT LC) - Private passenger vehicle Trucks Buses Motorcycle Snowmobiles Recreational vehicle (RV) All-Terrain Vehicles (ATV) Trailers Leased Vehicles Commercial Vehicles 2% Waiver - Pay loss in full (LOSS) 3 Ways risk (management) is dealt with? - REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance

RIBO EXAM WITH QUESTIONS AND ANSWERS ...

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 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...