RIBO – General (100% Accurate Answers)

Which of the following provinces offer only government compulsory auto insurance? correct answers British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? correct answers Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? correct answers Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid contract of insurance is what? correct answers Utmost good faith. C-82 Study 2 ("In it's underwear") The definition of a physical hazard would best be described as what? correct answers Slippery floors, C-81 Study 1 Insurance is what? correct answers The undertaking by one person to indemnify another person against loss or Liability for loss in respect of a certain risk or peril As far as reinsurance is concerned, the amount one party reinsures with another is called what? correct answers Its cession True or False: The absence of true mutual understanding with respect to a contract will not effect the legality of the contract once it has been signed correct answers False Which of the following auto coverage responds regardless of fault? correct answers Accident Benefits, A B Pays Regardless of Fault What is the name of the legal process used by insurers when collecting from a responsible 3rd party? correct answers Subrogation True or False: Statutory Conditions can be changed at the request of the insured to decrease minimum legislated coverage available. correct answers False: Set out by Insurance act Which of the following statements about co-insurance is true? correct answers They are designed to encourage the insured to carry adequate amounts of Insurance. They force the insured to bear a portion of every loss if under insurance exists. It is mostly applied to commercial policies. Which of the following helps insurers determine the probability of insured losses in the future? correct answers Past loss histories (this is Step 2 in order to determine rates and premiums) When an insurer intentionally issues a policy that differs from the application. correct answers It must notify the insured in writing the ways in which it differs from the application. 3 things must occur notify, writing, silence is acceptance