Online Access Free RIBO-Level-1 Exam Questions

Ali has an automobile and property policy with the same insurer. He just purchased a camper trailer that will be driven to and parked at a park next to a lake during the summer season. Where would coverage for the trailer be found?

• A.Both the automobile and property policies provide certain coverages for the trailer.
• B.Only the property policy so the contents inside the trailer can be insured.
• C.Neither, trailer policies should be set up on their own policy form.
• D.Only the automobile policy since comprehensive coverage includes the peril of stranding and sinking.

A broker is contacted by a third-party marketing firm that wants to buy the brokerage's client list (names, addresses, and phone numbers) to send out promotional flyers for home security systems. According to PIPEDA and the RIBO Code of Conduct, what is the broker's primary obligation?

• A.Refuse to share the information unless the brokerage has obtained "meaningful and express consent" from each individual client for this specific purpose.
• B.Share the list only if the marketing firm agrees to keep the data confidential.
• C.Share only the names and addresses, as phone numbers are the only "private" part of the data.
• D.Sell the list as long as the revenue is used to lower client premiums.

Your insured starts operating a dog grooming business in their garage, which is attached to their principal residence insured under a standard homeowner's comprehensive policy. Annual revenue is $10,000, no employees. What is the most appropriate course of action for you as their Broker?

• A.No action is needed as they still reside in the home.
• B.Advise the client to call back should the business ever employ anyone or become a full time job.
• C.Advise the client that a commercial policy or home based business endorsement may be required.
• D.No action is needed as the revenue is only $10,000 per year.

What are three elements commonly found in a Commercial General Liability policy?

• A.Declaration page, Application, Warranties.
• B.Accident Benefits, Statutory Conditions, Exclusions.
• C.Declaration page, Insuring Agreements (coverage., Limits and Deductibles.
• D.Insuring Agreements (coverage., Accident Benefits, Limits and Deductibles.

Misrepresentation discovered by an insurer may result in the policy being voided. What circumstance must the insurer show occurred to legally void the policy?

• A.The misrepresentation was malicious.
• B.The misrepresented fact was the product of collusion between the insured and the broker.
• C.The misrepresented fact was material to the risk.
• D.The misrepresentation was the result of extreme carelessness by the insured's broker.