RIBO-Level-1 Practice Questions

A.  

The insured must live elsewhere while the home is sprayed for insects.

B.  

A room is damaged by rain entering a window left open during a heavy rainstorm.

C.  

The insured's home has suffered damage by an insured peril.

D.  

The insured is having his home renovated.

A.  

Newly Acquired Automobile.

B.  

Temporary Substitute Automobile.

C.  

Ontario Policy Change Form (OPCF) 27 Legal Liability for Non Owned Automobiles.

D.  

Ontario Policy Change Form (OPCF) 20 Coverage for Transportation Replacement.

A.  

The property is worth less than $500.

B.  

The interest of the insured in that property is specifically stated in the contract.

C.  

The property is located in the insured’s backyard.

D.  

The owner of the property also has their own insurance.

A.  

The client disputes the accuracy of their business operations recorded in the policy documents.

B.  

The client claims they were unaware of policy exclusions despite signing the application.

C.  

The Broker fails to send the binding order within the required timeframe.

D.  

The Broker advises the client on coverage options, but the client declines the recommendations.

A.  

Submit a completed application to all carriers to get a quote.

B.  

Review the marketplace to find specialized markets that include alcohol liability.

C.  

Review specialized markets, limits, deductibles and exclusions.

D.  

Discuss limits and coverage with the insured.

A.  

The Standard Mortgage Clause allows the insurance company to cancel the policy on behalf of the mortgagee.

B.  

There is no coverage for this on a Comprehensive Homeowner’s Policy.

C.  

The Broker can contact the client to advise of the Mortgage holder’s concern.

D.  

The Broker can request the insurance company to cancel the policy for non-payment.

A.  

Place the coverage as requested to ensure the client is satisfied with the savings.

B.  

Refuse the business because brokers are strictly prohibited from dealing with unlicensed insurers.

C.  

Advise the client of the risks, obtain a signed "Unlicensed Insurer" disclosure, and ensure no licensed market is available.

D.  

Tell the client to contact the US insurer directly so the broker can avoid any legal responsibility.

A.  

GRC ensures full coverage for rebuilding a home, even if costs exceed the original estimate, whereas RC only reimburses up to the policy limit.

B.  

Depreciation is a factor for RC in claims, but not in GR

C.  

C.  

Commercial buildings are eligible for GRC, while RC applies only to residential properties.

D.  

RC guarantees full reimbursement for any loss, regardless of the coverage limits stated in the policy.

A.  

Brokers must complete 6 hours of CE annually, including 1 hour of Ethics and 1 hour of Management.

B.  

Brokers must complete 8 hours of CE annually, including 2 hours of Ethics and 1 hour of Management.

C.  

Brokers must complete 6 hours of CE annually, including 1 hour of Ethics and 1 hour of Technical training.

D.  

Brokers must complete 8 hours of CE annually, including 1 hour of Ethics and 3 hours of Technical.

A.  

Provide coverage for the highest amount of inventory in a given year.

B.  

Increase the limit of insurance during specific time periods.

C.  

Average stock coverage over the course of the year.

D.  

Stabilize premiums over the course of the year.