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RIBO-Level-1 RIBO Level 1 Entry-Level Broker Exam is now Stable and With Pass Result | Test Your Knowledge for Free

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RIBO-Level-1 Practice Questions

RIBO Level 1 Entry-Level Broker Exam

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Total Questions : 214

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Question # 61

According to the Statutory Conditions of a Fire Policy, how much notice must an insurer give when terminating a policy by registered mail?

Options:

A.  

5 days.

B.  

10 days.

C.  

15 days.

D.  

30 days.

Discussion 0
Question # 62

Your insured starts operating a dog grooming business in their garage, which is attached to their principal residence insured under a standard homeowner’s comprehensive policy. Annual revenue is $10,000, no employees. What is the most appropriate course of action for you as their Broker?

Options:

A.  

No action is needed as they still reside in the home.

B.  

No action is needed as the revenue is only $10,000 per year.

C.  

Advise the client that a commercial policy or home based business endorsement may be required.

D.  

Advise the client to call back should the business ever employ anyone or become a full time job.

Discussion 0
Question # 63

Nearly every insurance policy has Policy Conditions which are common to all policies issued in a particular class. Some policies also contain Statutory Conditions. Which of the following class of insurance policies contain Statutory Conditions?

Options:

A.  

Fire insurance policy.

B.  

Liability insurance policy.

C.  

Burglary insurance policy.

. Marine insurance policy.

Discussion 0
Question # 64

Sally and Tammy rent a vehicle for a trip to New York. Sally is listed as a driver on a private passenger vehicle policy in Ontario and has the Ontario Policy Change Form (OPCF) 27 coverage on her policy, but Tammy made the reservation and Sally is listed as the driver. Tammy is not listed on anyone’s policy. Who will be covered to drive the rental vehicle?

Options:

A.  

Both Sally and Tammy.

B.  

Neither Sally nor Tammy.

C.  

Only Sally.

D.  

Only Tammy.

Discussion 0
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