Podcast
Questions and Answers
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
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?
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?
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?
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?
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?
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?
q6- Which one (1) of the following statements about Accident Benefits Coverage under 0.A.P. 1 Owner's Policy is INCORRECT?
q6- Which one (1) of the following statements about Accident Benefits Coverage under 0.A.P. 1 Owner's Policy is INCORRECT?
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?
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?
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?
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?
q9- When determining the actual cash value of a building, which one (1) of the following factors is NOT taken into consideration?
q9- When determining the actual cash value of a building, which one (1) of the following factors is NOT taken into consideration?
- 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?
- 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?
- From whom does a broker obtain its authority to bind coverage on a risk?
- From whom does a broker obtain its authority to bind coverage on a risk?
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?
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?
- 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
- 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
- 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?
- 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?
- Addtional Conditions of a Personal Property Policy include a reference to Parts Which one (1) of the following statements about "Parts" is correct?
- Addtional Conditions of a Personal Property Policy include a reference to Parts Which one (1) of the following statements about "Parts" is correct?
49.(1) of the following is the correct way to insure a snowmobile?
49.(1) of the following is the correct way to insure a snowmobile?
- 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?
- 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?
- Whose nights are protected by the Statutory Conditions in a Property policy?
- Whose nights are protected by the Statutory Conditions in a Property policy?
- 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?
- 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?
- 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?
- 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?
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?
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?
56.Which one (1) of the following statements is true for an applicant whose registration certificate is restricted to Acting Under Supervision"?
56.Which one (1) of the following statements is true for an applicant whose registration certificate is restricted to Acting Under Supervision"?
- 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?
- 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?
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?
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?
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?
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?
45.Which one (1) of the following statements is true with respect to the Tenants Comprehensive policy?
45.Which one (1) of the following statements is true with respect to the Tenants Comprehensive policy?
67.Which one (1) of the following statements accurately describes a deductible cause in an insurance policy?
67.Which one (1) of the following statements accurately describes a deductible cause in an insurance policy?
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?
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?
- Which one (1) of the following incidents is covered under the Liability Section of a Homeowners policy?
- Which one (1) of the following incidents is covered under the Liability Section of a Homeowners policy?
- Which one (1) of the following statements best defines a "mortgagor"?
- Which one (1) of the following statements best defines a "mortgagor"?
The term fiduciary refers to individuals or organizations occupying positions of trust. Which one (1) of the following would NOT be considered a fiduciary
The term fiduciary refers to individuals or organizations occupying positions of trust. Which one (1) of the following would NOT be considered a fiduciary
Which one (1) of the following is NOT true of the "Replacement Cost" coverage under a Homeowners Comprehensive policy?
Which one (1) of the following is NOT true of the "Replacement Cost" coverage under a Homeowners Comprehensive policy?
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?
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?
90 . Which one of the following is a possible affect of a "Co-insurance Case on the sentiment of a loss?
90 . Which one of the following is a possible affect of a "Co-insurance Case on the sentiment of a loss?
- Which one (1) of the following statements is NOT correct?
- Which one (1) of the following statements is NOT correct?
70.Which one (1) of the following incidents is covered under the Liability Section of a Homeowners policy?
70.Which one (1) of the following incidents is covered under the Liability Section of a Homeowners policy?
27 Which one (1) of the following statements is NOT correct?
27 Which one (1) of the following statements is NOT correct?
