RIBO - General|227 Questions with 100% Correct Answers | Verified | Latest Update|32 Pages

Which of the following provinces offer only government compulsory auto insurance? - ️️British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - ️️Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - ️️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? - ️️Utmost good faith. C-82 Study 2 ("In it's underwear") The definition of a physical hazard would best be described as what? - ️️Slippery floors, C-81 Study 1 Insurance is what? - ️️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? - ️️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 - ️️False Which of the following auto coverage responds regardless of fault? - ️️Accident Benefits, A B Pays Regardless of Fault