Registered Insurance Brokers of Ontario (RIBO) Level 1 Practice Exam

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• What qualifies as an unidentified auto?
• What is the purpose of Surety Bonds?
• What defines emergency health services under the OHIP Travellers Program?
• Which method of re-insurance involves sharing losses proportionately?
• Which OPCF form excludes coverage for unlicensed drivers?
• Which type of risk is categorized as speculative risk?
• What does the verbal threshold refer to in legal claims?
• What does the Take All Comers Rule require from brokers?
• Which of the following is NOT an exclusion for glass coverage?
• What happens to coverage under Contractor Insurance if construction activity ceases for more than 30 days?
• Which type of compensatory damage is typically quantifiable?
• What is the standard deductible for DCPD?
• What type of insurance is classified as anything other than Life, Health, and Travel?
• What is typically excluded under an Equipment Breakdown Policy?
• What is a condition for being considered a resident under OHIP?
• How many types of re-insurance are there?
• What can a Contractor Insurance policy include to enhance coverage?
• What is an example of a coverage typically included in a travel health insurance policy?
• What is the death benefit amount payable to a spouse?
• Which of the following is a common exclusion in travel health insurance?
• What additional feature does OPCF 20 provide for rental coverage?
• In insurance terminology, what defines a Direct Loss?
• What does the SPF 7: Excess Auto Policy provide?
• What is the primary focus of the Liability coverage in auto insurance?
• What are nominal damages primarily associated with?
• Pecuniary losses refer to which of the following?
• Which statement accurately describes the purpose of the Commercial Vehicle Supplement?
• What does OPCF 49 primarily agree to?
• Which of the following is covered by an Equipment Breakdown Policy?
• What does the Optional Auto Benefit for lost averages cover?
• What percentage of liability payment is allocated for bodily injury in a priority of payment scenario?
• Which of the following is considered a source of travel health insurance?
• Which type of liability coverage involves payment for damage to property?
• Which type of business interruption coverage provides income restoration to pre-loss levels?
• What is a common coverage excluded under OAP1 or CGL?
• What is the purpose of OPCF 17?
• What does OHIP cover in Canada?
• What is the maximum time allowed to apply for accident benefits after an accident?
• Under which method is re-insurance arranged for specific high-risk situations?
• What is included under the Caregiver Benefit guidelines?
• What does "Actual Cash Value" (ACV) represent in insurance terms?
• Which of the following is NOT a liability coverage related to property?
• Which term refers to a cause for loss?
• What is one of the commercial policy form types?
• What does Insurance Act Section 263 remove concerning DCPD losses?
• What does "capacity" refer to in insurance?
• What type of coverage includes a combination of collision and comprehensive?
• What does OPCF 23A offer protection for?
• Which of the following best describes 'risk' in insurance?
• Under DCPD, what is required for the accident to qualify for coverage?
• Which of the following options is NOT covered under OPCF 20?
• What does strict liability mean?
• What does the premium represent in an insurance policy?
• How often must fleet owners report their vehicles under Fleet Coverage?
• What does 'proximate cause' refer to?
• What must an insured do following an accident with an unidentified auto?
• How long does the Income Replacement Benefit decrease to $185 per week?
• What can trigger an umbrella policy to pay?
• In insurance terminology, what would the phrase 'Pure Risk' primarily refer to?
• After reporting a theft to the police, how long does an insured have to claim for loss?
• How is Replacement Cost defined in an insurance context?
• What equipment is considered Attached Equipment?
• Which of these is NOT a liability limitation regarding motor vehicles?
• What is the main responsibility of a Managing General Agent (MGA)?
• How is a mutual insurance company primarily structured?
• What is the main purpose of the SPF 6: Standard Non-Owned Auto Policy?
• What does family protection coverage under OPCF 48 do?
• What is a common reason for the exit of insurers from a hard market?
• What type of THI plans can Canadian residents avail for their travels?
• What document is issued by an insurer that states a change in the terms and conditions of a policy?
• What is the purpose of re-insurance?
• What are damages in the context of legal terms?
• What phrase means "the thing speaks for itself" in legal terms?
• Which form extends liability to physical damage when renting for vacation?
• What is an excess policy designed to do?
• Who is referred to as the mortgagee in an insurance context?
• What is a defining feature of an insurance agent?
• Which of the following is a benefit of cyber insurance?
• What is a defining characteristic of the Sharing Economy?
• What is the maximum amount for non-catastrophic medical, rehabilitation, and attendant care?
• What is required for inbound travel health insurance (THI) for international travelers arriving in Canada?
• What type of liability does liability insurance cover?
• What is the primary function of a mutual insurance company?
• What is the minimum deductible for certain property damage claims under Uninsured Motorist coverage?
• Which of the following is not an element of a Condo Policy?
• What does a Fiduciary Surety Bond guarantee?
• What does the term "Loss Assessment" in a condo policy cover?
• What is the coverage limit in OPCF 19 for loss or damage?
• What is a primary focus of the coverage under OPCF 16?
• Which of the following is NOT listed as a wrong under tort law?
• Which of the following is NOT a component of Commercial Property coverage?
• What injury type does strict liability cover?
• Which type of travel health insurance is tailored for Canadian residents traveling outside their home province or country?
• Which type of optional auto coverage includes theft due to a household member?
• Which of the following is included under Commercial Additional Coverages?
• What must a driver's policy consider when driving vehicles belonging to someone else?
• What is the term for the money that the insured pays before the insurer covers the remaining loss?
• In a soft market, what typically happens to insurance rates?
• What is the role of an actuary in the insurance industry?
• For how long can a non-earner receive benefits after an accident?
• Which OPCF form addresses the use of recreational vehicles by unlicensed operators?
• What does the acronym COPE stand for in the context of insurance?
• What is the cap for the Income Replacement Benefit without increases?
• What does "earned premium" refer to in insurance?
• Which type of Surety Bond is most commonly associated with construction projects?
• What is the coverage cap for loss due to theft under Optional Auto Benefits?
• What does OPCF 43 allow an insured to do?
• What does the Commercial Vehicle Supplement assist a broker in determining?
• How much does the Caregiver Benefit pay for the person needing care?
• What is a condition that increases the chance or amount of loss known as?
• What determines the "agreed value" of an automobile under OPCF 19A?
• What is an umbrella policy primarily designed to cover?
• What is the calculation used to assess the performance of an insurance company in terms of losses?
• What type of coverage does the SPF 8 — Lessor's Contingent Automobile Policy provide?
• Who is the person named in an insurance policy that will be paid in the event of a loss?
• What does OPCF 38 address?
• What does "non-proportional" re-insurance mean?
• What is a Tort in legal terms?
• Which of the following is NOT considered a mandatory auto coverage?
• Which type of automobiles are excluded from coverage in OPCF 9?
• What is a key feature of OPCF 43 regarding electronic accessories?
• What is the maximum daily inpatient rate for less serious medical cases under the OHIP Travellers Program?
• Which feature is associated with Crime Policies?
• What are general damages in the context of compensatory damages?
• What does OPCF 6 provide permission for?
• Which OPCF option waives the 72-hour waiting period for rental coverage?
• What is the primary function of OPCF 4B?
• In a claims settlement context, what does GRC stand for?
• What does OPCF 27 cover?
• Which type of bond provides assurance for labor and material payments in construction?
• How long does newly acquired auto coverage automatically apply to a new vehicle?
• In the context of insurance, what does the term 'hazard' directly relate to?
• What is defined as the chance of financial loss occurring?
• What does an Inland Marine Policy provide coverage for?
• What kind of exposure does a Crime Policy address?
• What is the funeral benefit amount available to the insured?
• What is the deductible amount for torts noted in the context of insurance?
• What does the valid OHIP card ensure?
• What type of vehicles does OAP 2 provide coverage for?
• What type of coverage is suspended under OPCF 16?
• Which of the following is included in a Basic home insurance policy?
• For what type of incidents does Collision or Upset coverage apply?
• What is generally meant by the term "occurrence" in liability?
• What is one of the OHIP residency requirements?
• What is the basis of Fleet Coverage?
• How is a Commercial Fleet defined?
• What type of business interruption coverage covers extra expenses required to continue business operations?
• Which of the following is NOT payable to a non-earner?
• What does TPA stand for in the context of travel health insurance?
• Which of the following is a type of coverage available under OPCF standards?
• Who are the parties involved in a Surety Bond?
• What does the Co-Insurance Clause require policyholders to do?
• What does "Voluntary Compensation" cover in liability insurance?
• What is one of the services not covered by OHIP?
• Who is a mortgagor?
• What is the purpose of the term "Precedent" in legal cases?
• What is the purpose of OPCF 44R?
• What is the maximum benefit amount for minor injuries?
• How does OHIP coordinate benefits with travel health insurance?
• In what scenario is OPCF 49 particularly necessary?
• What does cyber insurance primarily protect businesses against?
• What feature allows an umbrella policy to act as a primary policy?
• What characterizes a soft market in insurance?
• What distinguishes inpatient services from outpatient services in the OHIP Travellers Program?
• Which term describes the process of putting someone back in the same financial position after a loss?
• What is a requirement for health services to be covered under the OHIP Travellers Program?
• What does the term "vacancy" imply in an insurance context?
• Who can claim under the Accident Benefits Payment Schedule?
• What constitutes a joint tort-feasor?
• What is an MGA in the context of insurance?
• The Co-Insurance Clause only applies to what type of losses?
• What does SPF stand for in the context of insurance policies?
• What are the three main types of home insurance policies?
• What is the role of a Bailee in a legal context?
• Which type of auto policy provides coverage for contingency situations?
• Which OPCF form provides coverage against tort deductibles?
• What type of situations would lead to THI exclusions related to travel advisories?
• What does "Pairs and Sets" refer to in claims settlements?
• The formula for calculating the loss ratio includes incurred losses and which of the following?
• Which coverage option allows for rental car insurance for a specified lessee?
• In Crime Policies, what type of coverage is provided for banks?
• Which of the following is NOT included as specified perils in Auto Optional Coverages?
• What situation does OPCF 19 cover?
• Pure risk involves the chance of financial loss and what?
• What is Valued Basis coverage related to in insurance?
• Which benefit is typically NOT covered by travel health insurance?
• What happens if a person is in Ontario for more than 212 days?
• What is the waiting period for the non-earner benefit to be received?
• How long does an insurer have to notify an insured that they will repair or rebuild an auto under optional auto coverages?
• What type of items does a Crime Policy (C) typically cover?
• What is the definition of negligence in a legal context?
• What does the term 'general insurance' exclude?
• What is the total amount for catastrophic medical, rehabilitation, and attendant care?
• What is the additional amount supported for each dependent under the Caregiver Benefit?
• What is encompassed in the Guaranteed Replacement Cost (GRC) coverage?
• What is included in the OHIP Travellers Program for individuals outside Canada?
• What percentage of gross weekly income is the Income Replacement Benefit?
• Which coverage allows a broker to provide a quote from several insurers?
• What is the primary goal of a stock insurance company?
• How is the co-insurance formula calculated?
• How long can the benefits for education-related expenses be claimed?
• What does OPCF 4A provide permission for?
• What is typically true about a stock insurance company?
• What percentage of original value must a property be insured for under Replacement Cost coverage?
• What is the coverage provided under a Broad home insurance policy?
• What typically occurs during a hard market?
• In insurance terms, what is the portion of the rate dedicated to paying losses and loss adjustment expenses called?