RIBO EXAM (practice online) Exam Preparation Complete
Questions with Detailed Verified Answers (100% Correct
Answers) /Already Graded A+
Risk ✓ Chance of Loss- where the object of
insurance maybe exposed
Peril ✓ Cause of loss (wind, fire, water)
Indemnification ✓ When insurer provides exact
amount of loss, no more no less -
provided in money or another item
of similar value
Covered losses ✓ Accidental and future (not on
purpose or in the past)
Alternatives to payment ✓ Repair or replacement
three types of insurers ✓ Stock-Operates on private funds
from the stock market
mutuals- owned by its policyholders
and aims to give the lowest cost
government- public
,Broker/agent- who do they work on ✓ Broker- their client
behalf of? agent-their company
Floaters cover property having a ____ ✓ High degree of mobility
Within travel health insurance, pre- ✓ 90 days
existing conditions are covered
provided clients receive no treatment,
change in medication or medical
consultation in the ____ days prior to
departure
Brokers should hold unearned ✓ in trust
commissions ___ to refund their clients
in the event the policy is cancelled prior
to its expiry date.
Can you insure more than one vehicle ✓ no
on the same policy
The RIBO Qualifications and ✓ exams
Registration Committee is responsible
for establishing and maintaining
standards of competence for insurance
brokers, including _____ and providing
information and assistance to brokers
____ insures the legal liability of ✓ malpractice insurance
medical professionals arising out of
,rendering or failure to render
professional services
____is essential for contractors and ✓ completed operations coverage
others whose work may result in injury
or damage when such work is put to its
intended use
The most practical and common means ✓ the transfer of risk to an insurance
of dealing with risk in Canada is company
____ acknowledges changes to the ✓ both endorsements and riders
terms in the insurance contract
_____ are rules and regulations ✓ statutory conditions
governing the rights and
responsibilities of all parties to a
contract of insurance
In Ontario, the automobile insurance ✓ 6
application requires that the insured
provide an insurance history for the
last _____ years, so that the insurer can
assess the risk and determine the
premium
When one insurer transfers or cedes a ✓ reinsurance
portion of its risk to another insurer,
this is called __
, A surety guarantee made by a ✓ bid bond
contractor when a contractor bids on a
tender for construction of a large
project is called a __, and it guarantees
that the contactor will enter into a
contact to perform the work at the
tendered price and provide whatever
security is specified to ensure
performance of the contract
In Quebec, the government maintains a ✓ personal injury costs
monopoly on __for automobile
accidents occurring in that province;
other coverages may be purchased
from private insurers except
When an insurer intentionally issues a ✓ insurer must notify the insured in
policy that differs from the application, writing the ways in which it differs
______ from the application
When there is a property insurance ✓ insureds policy
claim, in order to check the limit of the
insured's insurance, the insurance
adjuster checks the ____
The license term (# of yrs) for an ✓ varies province by province
insurance broker in Canada is___
Questions with Detailed Verified Answers (100% Correct
Answers) /Already Graded A+
Risk ✓ Chance of Loss- where the object of
insurance maybe exposed
Peril ✓ Cause of loss (wind, fire, water)
Indemnification ✓ When insurer provides exact
amount of loss, no more no less -
provided in money or another item
of similar value
Covered losses ✓ Accidental and future (not on
purpose or in the past)
Alternatives to payment ✓ Repair or replacement
three types of insurers ✓ Stock-Operates on private funds
from the stock market
mutuals- owned by its policyholders
and aims to give the lowest cost
government- public
,Broker/agent- who do they work on ✓ Broker- their client
behalf of? agent-their company
Floaters cover property having a ____ ✓ High degree of mobility
Within travel health insurance, pre- ✓ 90 days
existing conditions are covered
provided clients receive no treatment,
change in medication or medical
consultation in the ____ days prior to
departure
Brokers should hold unearned ✓ in trust
commissions ___ to refund their clients
in the event the policy is cancelled prior
to its expiry date.
Can you insure more than one vehicle ✓ no
on the same policy
The RIBO Qualifications and ✓ exams
Registration Committee is responsible
for establishing and maintaining
standards of competence for insurance
brokers, including _____ and providing
information and assistance to brokers
____ insures the legal liability of ✓ malpractice insurance
medical professionals arising out of
,rendering or failure to render
professional services
____is essential for contractors and ✓ completed operations coverage
others whose work may result in injury
or damage when such work is put to its
intended use
The most practical and common means ✓ the transfer of risk to an insurance
of dealing with risk in Canada is company
____ acknowledges changes to the ✓ both endorsements and riders
terms in the insurance contract
_____ are rules and regulations ✓ statutory conditions
governing the rights and
responsibilities of all parties to a
contract of insurance
In Ontario, the automobile insurance ✓ 6
application requires that the insured
provide an insurance history for the
last _____ years, so that the insurer can
assess the risk and determine the
premium
When one insurer transfers or cedes a ✓ reinsurance
portion of its risk to another insurer,
this is called __
, A surety guarantee made by a ✓ bid bond
contractor when a contractor bids on a
tender for construction of a large
project is called a __, and it guarantees
that the contactor will enter into a
contact to perform the work at the
tendered price and provide whatever
security is specified to ensure
performance of the contract
In Quebec, the government maintains a ✓ personal injury costs
monopoly on __for automobile
accidents occurring in that province;
other coverages may be purchased
from private insurers except
When an insurer intentionally issues a ✓ insurer must notify the insured in
policy that differs from the application, writing the ways in which it differs
______ from the application
When there is a property insurance ✓ insureds policy
claim, in order to check the limit of the
insured's insurance, the insurance
adjuster checks the ____
The license term (# of yrs) for an ✓ varies province by province
insurance broker in Canada is___
