Ribo License Practice Exam Quiz: Questions

10 Questions | By Saqib180 | Updated: Mar 22, 2022 | Attempts: 19342

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Ribo License Practice Exam Quiz: Questions - Quiz

Take our RIBO license practice exam quiz with the questions provided below in order to excel at being the most knowledgeable in your field. RIBO is a self-governing, self-supporting organization of insurance brokers who practice from Ontario, Canada. It stands for Registered Insurance Brokers of Ontario and this quiz is going to assist you in making sure that you stay on top! Don't forget to share this quiz with your colleagues!

Questions and Answers

1.

What is the amount called that is refunded to the client if an insured cancels their policy?
- A.
  
  Short rate.
- B.
  
  Pro-rata.
- C.
  
  Guaranteed refund.
- D.
  
  Change.
2.

What is a fiduciary?
- A.
  
  Bank
- B.
  
  Dry Cleaner
- C.
  
  Insurance Company
- D.
  
  Insurance Broker
3.

What covers employee infidelity?
- A.
  
  3D policy
- B.
  
  Employee security insurance.
- C.
  
  Inside/Outside robbery insurance.
- D.
  
  Extra expense insurance.
4.

What is subrogation?
- A.
  
  Property saved from a loss.
- B.
  
  The sharing of loss between two or more insurance companies covering the same risk.
- C.
  
  Not considered to be a principle that reinforces indemnity.
- D.
  
  The legal process by which an insurer who has paid a loss pursues rights of recovery against a responsible third party.
5.

Which of the following statements is TRUE?
- A.
  
  Lyoyd's of London is not an insurance market.
- B.
  
  Factory Mutual's will only insure factories.
- C.
  
  Stock companies are owned by shareholders.
- D.
  
  Assessment or Premium Note Mutual's are the purest form of crown corporations.
6.

Statutory conditions apply to ?
- A.
  
  Burglary Insurance.
- B.
  
  Liability Insurance.
- C.
  
  Fire Insurance.
- D.
  
  Marine Insurance.
7.

What is the purpose of the Hotline?
- A.
  
  To forward claims information to OHIP
- B.
  
  To arrest and stabilize the situation that caused the emergency.
- C.
  
  To attempt to deny claims.
- D.
  
  To direct clients to the closest medical facility.
8.

What is NOT a fiduciary?
- A.
  
  A person who makes good the obligations to the Obligee if the principal fails to do so.
- B.
  
  An executor of an estate.
- C.
  
  A trustee in bankruptcy.
- D.
  
  A person to whom the administration of something is entrusted for the benefit of another.
9.

Which of the following is TRUE?
- A.
  
  Stock Mutual's are the purest form of insurance companies.
- B.
  
  Lloyds of London's is not an Insurance company.
- C.
  
  Proximate cause is the last even before an occurrence which leads to a loss.
- D.
  
  Factory Mutual's specializes in the field of water loss prevention.
10.

A proof of loss:
- A.
  
  Notifies an insurer of a claim.
- B.
  
  Is a form an insurer completes when there has been a loss
- C.
  
  Is a form an insured completes to describe what happened and the property that was lost
- D.
  
  Is a form that needs to be signed by a notary for a claim to be paid