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

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

Question 4

Which is NOT a document delivering method to an insured?

Options :

A : Email.

B : Mail.

C : Fax.

D : Electronic Data Interchange (EDI).

Answer: D

Question 5

According to the Statutory Conditions of an Automobile Policy (O.A.P. 1), if the insurer chooses to terminate the policy, they must provide a refund of the unearned premium. How must this refund be calculated?

Options :

A : On a short-rate basis, allowing the insurer to keep an administrative fee.

B : On a pro-rata basis, representing the exact proportion of the unused premium.

C : On a flat-rate basis, regardless of the time remaining in the policy term.

D : The insurer is not required to provide a refund if the termination is due to a claim.

Answer: B

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