Question 1

Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured. What benefit CANNOT be changed?

Options :

A : Death and Funeral Benefits.

B : Income Replacement Benefit.

C : Caregiver Benefit for Catastrophic Injuries.

D : Disability Benefit after Age 65.

Answer: D

Question 2

Many automobile insurers have introduced User-Based Insurance (UBI) programs (e.g., Telematics) to help determine rating and insurance premiums. Which MOST accurately describes elements that a UBI program tracks?

Options :

A : Time of day driven and rapid acceleration.

B : Number of drivers in the vehicle and hard braking.

C : Where the vehicle is driven and gross vehicle weight.

D : Number of kilometers driven and occupation.

Answer: A

Question 3

A broker is approached by a high-net-worth client who wants to place their unique collector car insurance with an unlicensed US-based insurer because the rates are significantly lower. What is the broker's primary obligation?

Options :

A : Place the coverage as requested to ensure the client is satisfied with the savings.

B : Refuse the business because brokers are strictly prohibited from dealing with unlicensed insurers.

C : Advise the client of the risks, obtain a signed "Unlicensed Insurer" disclosure, and ensure no licensed market is available.

D : Tell the client to contact the US insurer directly so the broker can avoid any legal responsibility.

Answer: C

Question 4

Your insured's young son has just purchased an automobile and wants you to insure it in his father's name and show himself as an occasional driver. Which of the following steps should you take?

Options :

A : Issue the policy as requested.

B : Decline to issue the policy as the son is obviously the principal driver and registered owner.

C : Place the policy with another insurer and rate the father as the principal driver.

D : Advise the son to register the vehicle in his mother's name and rate it on her driving record.

Answer: B

Question 5

The RIBO Code of Conduct is outlined in Ontario Regulation 991, Section 14. Which provision is NOT outlined in the Code of Conduct?

Options :

A : To maintain a Trust Account for all trust money received.

B : To be both candid and honest when advising the member's client.

C : Not to charge or accept any fee which is not fully disclosed prior to the service being rendered.

D : To be competent to perform the services which the member undertakes on the client's behalf.

Answer: A

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