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q1 -Burglars enter the insured's unlocked seasonal residence and steal some of the contents. Under the basic "Seasonal Dwelling Fire & Extended Coverage form the loss is

covered subject to policy deductible

covered only if forcible signs of entry are visible.

covered up to $500 only for building damage.

not covered (correct)

q2- Your clients have just bought a condominium unit and intend to renovate the kitchen completely. How would you arrange insurance on these renovations under a Condominium Unit Owners Comprehensive policy?

Find out the cost of the kitchen renovations and increase the limit of insurance on Personal Property.

Nothing special is needed. The improvements will be considered part of the building and are therefore covered by the Condominium Corporation's insurance

Increase the coverage amount on Improvements and Betterments to include the cost of these renovations. (correct)

The renovations are covered automatically as part of the Unit under Coverage Al and therefore no action will be Acessary.

q3- The RIB Act grants to the Discipline Committee of RIBO, power to impose penalties on members found guilty of misconduct, which is defined under Section 15(1) of Ontario Regulation 991. Which one (1) of the following practices is NOT defined as "misconduct in the Regulations?

Fallure to carry on business in a manner consistent with the Code of Conduct.

The payment of any referral fee or finder's fee to any person whose occupation is not described in Ontario Regulation 991, Section 15

Using an llustration, circulation or memorandum to represent the terms, benefits or advantages of any policy or contract of insurance.

Providing false or misleading information to R.1.8.0. (correct)

q4- A local automobile dealer offers to pass leads to you as a registered insurance broker when cars are sold to customers who require automobile insurance In return, he/she wants the premium their spouse's car automobile insurance to be reduced. How would you respond to this request?

I can pay you a referral fee equal to the first year's premium. Signup and view all the answers

q5- Mrs Jones and her husband have two cars. Their daughter, aged eighteen (18), just bought a car and Mrs. Jones asks you to insure it. Which one (1) of the following would be correct?

Show the daughter as an occasional driver on the application form. Signup and view all the answers

q6- Which one (1) of the following statements about Accident Benefits Coverage under 0.A.P. 1 Owner's Policy is INCORRECT?

It pays feed amounts to insured persons as defined in the policy without end to fability of the insured for the accident Signup and view all the answers

q7- A client, who has just been discharged from hospital following serious Wines, decides to take an extended trip with his wife while convalescing He phones you to arrange travel health insurance for both of them. Which one of the following policy conditions should you draw to his attention?

He will not be covered for any sporting activities Signup and view all the answers

q8- Which one (1) of the following situations is covered under the "Watercraft, Outboard Motor Trailer, and Miscellaneous Equipment" coverage rider attached to a Homeowners policy?

Damage caused by beavers using the watercraft as a winter home while in storage in the insured's boathouse Signup and view all the answers

q9- When determining the actual cash value of a building, which one (1) of the following factors is NOT taken into consideration?

The ownership of the building Signup and view all the answers

The Facility Association was established by the insurance industry to insure automobile risks which do not find ready acceptance on the open market Which one (1) of the following statements describes it best?

It is a pool of resouces that charge higher premiums than santant sa a means of averaging ther automobile underwriting issues Signup and view all the answers

From whom does a broker obtain its authority to bind coverage on a risk?

From the insurance Act Signup and view all the answers

44.Your client has a Homeowners Comprehensive policy through your office. She decides to go into business for herself and opens up a hairdressing salon in her home without telling you. She has no employees. To what extent may this affect her insurance policy?

It is a change material to the risk and the coverage could be impaired because of failure to notify the insurer Signup and view all the answers

From whom does a broker obtain its authority to bind coverage on a risk? Choices A) From the insurance Act B) From the insurance Company C) From the Registered Insurance Brokers of Ontario D) From the Financial Services Regulatory Authority of Ontario

Coverage is automaticaly suspended until a hydro certificate is obtained regarding the electrical outlets Signup and view all the answers

Your insured calls to report he/she will be using hoher automobile to carry senior citizens each day from a nursing home to various locations in the city Your insured will be paid 15 cents a kilometre for the use of the car. What action should you take?

Add Passenger Hazard endorsement at no extra premium Signup and view all the answers

Addtional Conditions of a Personal Property Policy include a reference to Parts Which one (1) of the following statements about "Parts" is correct?

if a property consists of several parts, the insurer is only liable for the proportion of the total value of the property which the number of damaged or lost parts bears to the total number of parts in the property Signup and view all the answers

49.(1) of the following is the correct way to insure a snowmobile?

by endorsement to a Homeowners or Tenants policy to cover Third Party Lability and a Personal Articles Floater for direct damage to the machine Signup and view all the answers

The Regulations under the RB Act require an insurance broker to provide evidence that insurance has been placed on behalf of a client. How must this be done and within what time period?

By providing a policy or certificate of coverage to the member of the public for whom he she acts within twenty-one (21) days after the placing of the insurance Signup and view all the answers

Whose nights are protected by the Statutory Conditions in a Property policy?

The insurer Signup and view all the answers

Laws regulating the zoning, demolition, repair or construction of buildings and their related services can increase costs of repair to buildings. Can these increased costs be insured?

They are only insurable under an "All Risks" property policy. Signup and view all the answers

The contents of a building are valued at $200,000 but insured for only 000 The policy insuring the contents has a 90% co-insurance clause $1,000 deductible clause. A fire totally destroys everything. How much would the policy pay?

$30.000..00 Signup and view all the answers

59.An insurer issues a policy and later discovers the insured had, at the time of application, made a misrepresentation. Which one (1) of the following options can the insurer take?

The insurer can void the contract at its option, Signup and view all the answers

56.Which one (1) of the following statements is true for an applicant whose registration certificate is restricted to Acting Under Supervision"?

He/she can set up and establish his/her own firm, providing he/she arranges for another broker to countersign his/her insurance policies Signup and view all the answers

in Insurance terms a "pen" is frequently described as a cause of loss while an exposure is a hazard threatening a risk due to internal or external physical conditions. Which one (1) of the following is NOT a peril?

Gaspine Signup and view all the answers

Insurance terms a "peril" is frequently described as a cause of loss while an exposure is a hazard threatening a risk due to internal or external physical conditions. Which one (1) of the following is NOT a peril?

Windstorm Signup and view all the answers

A building worth $120,000 is insured for $60,000 under a fire policy with an 80% co-insurance clause. Fire damages the building to the extent of $104,000 How much would the insurer pay?

$52.000.00 Signup and view all the answers

45.Which one (1) of the following statements is true with respect to the Tenants Comprehensive policy?

Liability coverage includes Legal Liability for unintentional damage by fire. explosion, water and smoke damage to principal residence premises. Signup and view all the answers

67.Which one (1) of the following statements accurately describes a deductible cause in an insurance policy?

It applies only to the contents loss if both building and contents are insured in the same policy Signup and view all the answers

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 one (1) of the following class of insurance policies contain Statutory Conditions?

Fire insurance policy Signup and view all the answers

Which one (1) of the following incidents is covered under the Liability Section of a Homeowners policy?

Damage to watercraft not owned by an insured being used with the owner's consent Signup and view all the answers

Which one (1) of the following statements best defines a "mortgagor"?

is the one who owes the money. Signup and view all the answers

The term fiduciary refers to individuals or organizations occupying positions of trust. Which one (1) of the following would NOT be considered a fiduciary

a dry cleaning business Signup and view all the answers

Which one (1) of the following is NOT true of the "Replacement Cost" coverage under a Homeowners Comprehensive policy?

Replacement cost coverage applicable to both the building and personal property insured under the policy is basic coverage in all such policies. Signup and view all the answers

Your insured phones and tells you that while visiting a friend, he/she has acidentally burnt a small hole in the friend's oriental rug. The insured wishes to know if the cost of repairing the rug is covered under the Tenants Comprehensive policy. What would be your response?

Yes, coverage under the Voluntary Property Damage section would apply. Signup and view all the answers

90 . Which one of the following is a possible affect of a "Co-insurance Case on the sentiment of a loss?

it may increase the amount to be paid by the insurer Signup and view all the answers

Which one (1) of the following statements is NOT correct?

A stock insurance company is owned by its shareholders. Signup and view all the answers

70.Which one (1) of the following incidents is covered under the Liability Section of a Homeowners policy?

Damage caused by watercraft equipped with a 14 h.p. outboard motor. Signup and view all the answers

27 Which one (1) of the following statements is NOT correct?

Which one (1) of the following statements is NOT correct? Signup and view all the answers