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The pair And Set Clause in a Property Insurance Policy States which one of the following is Correct

Is loss or Damage caused by earthquake insurable ?

Which of the Following is NOT the subject to a statutory condition in a property policy ?

A Building worth $80,000 is insured for $40,000 under a policy with an 80% co- insurance clause. Fire dameds the building to the extent of $65000. How much would the insurer pay?

A fidelity Bond does not cover which one of the following exposures ?

Which one of the Following events would be considered a loss under section 7.1.2.B comprehensive of an O.A.P.1 owner's policy ?

Your Client leases an automobile on an annual basis from an auto leasing company and asks you to look after the automobile insurance, what special insurance arrangments would be neccessary to make certain the insured and spouse would be covered while operating the motor vehicle ?

Which one (1)of the following statments most accurately describes a special feature of the condominimum unit owners comprehensive policy ?

Replacement Cost and Actual Cash Value are two different bases of indemnification for loss which one (1) of the following statments about Replacement Cost and Actual Cash Value is Incorrect ?

Which one of the Following Statements about Section6- Direct Compensation Proprty Damage Coverage O.A.P.1 owner's policy is INCORRECT?

When an Insurer pays a claim to its insured under a contract of insurance and attempts to recover the amount from a third party whom it believes is responsible for the damage, what is this called?

Your Insured has a Condominium Unit Owners Comprehensive Policy. While smoking in bed, he/she negligently causes a fire in his/her unit. The fire spreads to the adjoining unit and the occupant is overcome by smoke and dies. Under which section of the policy would the insurer respond if a claim were made by the relatives of the deceased person?

The contents of a building are insured for $45,000 but valued at $100,000. The policy contains a 90% co-insurance clause along with a $2,500 deductible clause. If fire damages the contents to the extent of $8,000, how much would the insurer Pay ?

Which one (1) of the following is considered a "hazard" for insurance purposes?

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

The RIB Act grants the Discipline Committee 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 acts is NOT defined as misconduct

Which one (1) of the following perils is insured under a property insurance policy

Your insured's decide to build a recreation room in their basement. The local lumber company delivers $2,500 in materials late one evening. While outside on the driveway overnight they are stolen. What would the Homeowners Comprehensive policy pay?

Your client has a$200,000 Homeowners Comprehensive policy. Due to a fire whic causes substantial damage to the home, the family must rent another house for three months, at a rent of $1,000 per month. Assuming your client's mortgage payments are $900 per month, which one (1) of the following amounts will his/her Homeowners policy pay towards the cost of renting the temporary house (ignore application of deductible)?

An eighteen (18) year old youth enters your office and requests insurance on his new automobile-a Chevrolet Corvette. You know that most insurers are not keen on insuring young drivers with powerful automobiles. However, the premium is substantial and the commission attractive. You should

Your clients have been renting a unit in a condominium high rise building and have a Tenants Comprehensive policy through your office. They have just purchased a similar condominium unit and will soon move in. What should you do to change their insurance coverage?

Which one of the following describes a “Valued policy”?

It is important to warn an applicant for a travel health insurance policy of certain limitations contains. Which one of the following terms isNOT a policy limitation?

Which one of the following perils is insured under a property insurance policy?

your clients insure their condominium unit under a Condominium Unit Owners Comprehensive policy, subject to $1,000 deductible, with no extensions. The building suffers severe damage by earthquake, which is covered by the Condominium Corporation's insurance, but there is insufficient insurance to cover the loss in full. The Condominium Corporation assesses each unit owner $5,000 to cover the shortfall in its policy, 25% of the unit owners are uninsured for Loss Assessments. How much of the assessment will your clients policy pay?

51. Which one (1) of the following clauses in a property insurance policy does NOT affect the amount of settlement an insured would receive as a result of an insured loss?

A client who has just been discharged from hospital following serious illness decides to take an extended trip with his wife while convalescing Heghones yo arrange travel health insurance for both of them. Which one (1) of the following policy condicions should you draw to his attention?

41.Which one (1) of the following statements best describes "The Facility Association"?

your insured has an OAP 1 Owner's Policy with $1,000,000 Liability, standard Accident Benefits and All Peris coverage. Near Sudbury, Ontario he/she rear-ends another automobile and is found liable for the accident. Your Insured's vehicle is a total loss. Your insured is convicted of impaired driving. Which one (1) of these statements is true? insured's policy will pay

Your Insured decides to install a recreation room in the basement of the house. Which one (1) of the following statements would best describe the coverage under the insured's Homeowners Comprehensive Policy?

A dwelling is valued at $300,000 and is owned by three people equally. The dwelling is insured for $150,000 and is totally destroyed by fire. How much would each owner receive?

Which one (1) of the following statements about "OPCF 44R-Family Protection Coverage with DAP 1 Owner's Policy is true?

90 Most travel health insurance providers may deny claims, or seriously curtail benefits if certain conditions in the policy are not adhered to. Which one (1) of the following actions might NOT result in the claim being denied?

A Secondary Residence has a main building with two detached private structures on the same premises. Under the 10% provision of the Secondary Residence Building and/or Contents Form, the maximum which may be claimed for the loss of either one of these detached private structures is:

Which one (1) of the following statements is true about travel health insurance policies?

A "Fidelity Bond" does NOT cover which one (1) of the following exposures?

When a claim is made under a policy which insures property, the insured person is provided with a Proof of Loss form to complete. Why is this done?

Certain Accident Benefits limits under O.AP. 1 Owner's Policy can be increased or extended at the option of the insured. Which one (1) of the following benefits CANNOT be changed?

Your insured and his wife hire a babysitter on a regular basis. Part of the compensation to the babysitter is an arrangement that he/she will be picked up and returned to their home by the insured. Since this can be construed as receiving compensation how would you ensure your client is protected against claims made by the passenger for injuries?

Which one (1) of the following statements accurately describes a deductible clause In an insurance policy?

What is the purpose of the "Sue and Labour Clause" in an insurance policy?

Under the Tenants Comprehensive policy, which one (1) of the following conditions or events does NOT cover the tenant's own property?

Fine arts Coverage attached to a Homeowners policy is an "All Risks" form used to insure certain valuable items. Which one (1) of the following statements is NOT true about the coverage?

Certain Accident Benefits described in O.A.P.1 Owner's Policy are not payable in all motor vehicle accidents. Which one (1) of the following would be fully entitled to the benefits?

Brokers may bind risks in accordance with the terms of their Company-Broker agreements Which one (1) of the following statements about Cover Notes or Binders is correct?

Your insured installs clothes closets permanently to the wall of a condominium unit They are valued at $2,000. To be covered under the Condominium Unit Owners Comprehensive policy, how should they be described in the policy?

The RIBO Code of Conduct is outlined in Ontario Regulation 991, Section 14 Which one (1) ofthe following provisions is NOT outlined in the Code of Conduct

In Ontario a claimant O.A.P. 1 Owners policy accident beneft coverage may be entitled to income replacement benefits. The amount of this benefits will be reduced by collateral payment for Loss of income which the claiment receives or is eligible to receive. Indicate which one of the following is considered to be a collateral payment under the Statutory Accident Benefits Schedule ( SABS)

Insurance under Section 7-Loss or Damage Coverages of the OA.P. 1 Owner's Policy is frequently subject to a deductible. The deductible does NOT apply to damage caused by which one (1) of the following perils?

Your client was recently widowed. She is selling her home and buying a Condominium unit in high rise building. She asks what changes she will need to make to her Homeowners insurance. What would be your reply?

Your clients advise they are having their condominium unit renovated. Until it is ready for occupancy, they will be placing most of their household goods in storage for six weeks. They ask you if coverage under their Condominium Unit Owners Comprehensive policy will extend to the property in storage. What do you tell them?

An insurance broker agreed to bind liability coverage the premium for which the applicant promised to pay the following week. Before any payment was made, a claim was made by a third party. What special action, if any, would the insurer take?

Your insured's automobile is damaged by another automobile owned and driven by his brother. The brother is found responsible for the $1,000 damage but does not carry any automobile Insurance. Your insured carries a standard O.A.P. 1 Owner's Policy with Liability, standard Accident Benefits, Uninsured Automobile and Direct Compensation-Property Damage, but with no Collision coverage. How much will your insured's policy pay?

Your insured does not own an automobile, but occasionally rents one when on vacation. He/she is concerned the rental agency may not carry adequate liability limits. What should you do?

Which one (1) of the following best describes a "fiduciary"?

Which one (1) of the following statements regarding the Uninsured Automobile Coverage in your insured's O.A.P. 1 Owner's Policy is correct?

The agreement or contract between an insurance broker and an insurer usually authorizes the broker to do which one (1) of the following activities?

The "Freezer Foods Coverage in a Comprehensive Tenant Package Policy covers spoilage of the contents of a food freezer unit caused by a change in temperature subject to all of the following conditions EXCEPT which one (1)?

the insurance industry is very particular about specific definitions describing various periis under crime coverages. Which one (1) of the following would be considered a Robbery loss?

Misrepresentation discovered by an insurer may result in the policy being voided Which one (1) of the following circumstances must the insurer show occurred to legally vold the policy?

Under the "What Automobiles Are Covered" section of OAP 1 Owner's Policy, a newly acquired automobile is automatically covered for a period of 14 days. This automatic coverage is limited to:

An Insurance broker whose registration is restricted to Acting Under Supervision" may NOT perform which one (1) of the following activities?

Your insured is a tenant in an apartment building and has a Tenants Comprehensive policy arranged by your office. Due to his/her negligence, a fire occurs seriously damaging his/her own apartment and causing substantial damage to the Apartments on the same floor. Which section of the Liability coverage would pay for building damage to his/her apartment?

Which one (1) of the following describes when "Indemnity has occurred?

Your insured and family have rented the same seasonal residence for many years. Each spring they transport personal property consisting of clothing, linens and groceries from their principal residence to the cottage. These are valued at $5,000. While they are on holiday at the cottage, a fire occurs destroying it and its contents. How much would your insured's $90,000 Homeowners Comprehensive policy pay if subject to $200 deductible?

Which one (1) of the following is a "mortgagor" with respect to insurance?

Which one (1) of the following is the "lessor" of an automobile?

Under a Homeowners policy, how can increased costs of repairs due to the operation of a law regulating zoning be insured?

Which one (1) of the following conditions affects the amount of settlement of an insured loss?

Your insured has just purchased a snowmobile and wants coverage for a fourteen (14) year old son to operate the vehicle. What arrangements would you make?

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 $24,000. How much does the insurer pay?

Section 2-Lability Coverage of the Homeowners Comprehensive policy provides coverage for Voluntary Property Damage when property is damaged unintentionally by an insured person in which one (1) of the following situations would this extension of coverage NOT apply?

Your insured whose automobile is being used for pleasure purposes informs you he/she has been promoted to the sales staff of his/her company and will now be using the automobile for business also. What action should you take?

In insurance terms, 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 of the following is not a peril?

What will an insurer do if a loss occurs under an insurance binder before a policy has been issued?

Which one of the following is its legal way for an insurer to terminate an automobile insurance policy for non-payment of premium?

Which one of the following statements is true about certain insurers?

RIBO by law no. 20 outlines the requirements relating to the application for a certificate of registration and information changes. Which one of the following changes must be reported to RIBO?

Your insured’s automobile is badly damaged in an accident. He/She calls to advise that the insurer wants to write off the car because the estimated repair cost is greater that its RED BOOK actual cash value. Your insured feels that this is unfair and wants the vehicle to be repaired. What should you tell you’re insured?

When is a mortgage clause used in connection with insurance on a property?

A client phones to tell you he has bought a high end stereo system costing $5,000, which has just been installed in his car. What should you tell him?

Which one of the following types of insurance is designed by indemnify a business for loss of income due to fire damage to its building stock and equipment?

Which one of the following statements is true regarding Statutory conditions in a property policy?

Is a snowmobile considered to be an automobile for insurance purposes in Ontario?

Your client calls to advise he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required?