What does ribo stand for - Study guides, Class notes & Summaries

Ontario Auto Exam (RIBO) Questions and Answers Latest Update 2025 1: What does RIBO stand for? - correct answer - Registered Insurance Brokers of Ontario. 2: What is the primary purpose of auto insurance in Ontario? - correct answer - To provide financial protection against physical damage and bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. 3: What is the minimum required auto insurance coverage in Ontario? - corr...

What does ribo stand for? correct answers Registered Insurance Broker of Ontario Who does the RIB act protect? correct answers The insurance consumer What are 3 things a broker with a restricted license (acting under supervision) may not do? correct answers Control trust funds, act as principal broker, or operate as a sole proprietor When do ribo licenses expire? correct answers August 31 Bailee vs. Bailor correct answers A Bailee is someone to whom goods are entrusted for a stated p...

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 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...