A.  

$300.

B.  

$500.

C.  

$0.

D.  

$1,000.

A.  

A thermostat failure in a commercial freezer.

B.  

An engine for a generator is suddenly deemed inoperable.

C.  

Smoke Alarms working intermittently due to a known faulty wiring issue.

D.  

Electrical damage to a conveyor system as a result of a power surge.

A.  

Yes, but document where you have informed the client of the risks of potentially being underinsured.

B.  

Yes, the client has the right to choose their policy as long as it meets the statutory requirements.

C.  

No, the Broker has a moral duty not to allow a client to be exposed to such liability.

D.  

No, as it will expose the broker to vicarious liability of an under-insured client.

A.  

OPCF 22.

B.  

OPCF 23.

C.  

OPCF 44.

D.  

OPCF 6A.

A.  

4 years.

B.  

5 years.

C.  

6 years.

D.  

7 years.

A.  

Sell the policy to the client as requested to ensure the brokerage earns the commission.

B.  

Refuse to sell the policy and refer the client to a direct writer.

C.  

Explain the coverage gaps clearly, recommend the correct policy, and document the client's refusal in writing.

D.  

Inform the client that the requested policy is no longer available in the market.

A.  

Deny the loss to building and contents as the insured caused the fire.

B.  

Pay the loss to the building and contents to the insured's estate.

C.  

Pay the building and contents loss into Court in trust.

D.  

Be unable to pay the property loss as the named insured is no longer available to sign the proof of loss.

A.  

Commercial General Liability.

B.  

Automobile Liability.

C.  

Contract Liability.

D.  

Personal Liability.

A.  

As the damage occurred over a period of time, multiple deductibles will apply.

B.  

Damage is covered subject to the deductible.

C.  

Damage by raccoons is not covered unless damage has been done to building glass.

D.  

Damage is covered and no deductible applies.

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.

A.  

Respond immediately to the client's urgent query.

B.  

Address the cybersecurity alert first.

C.  

Initiate the internal system update.

D.  

Discuss with a colleague which action to take first and wait for their formal approval.

A.  

$15,000

B.  

$18,000

C.  

$16,000

D.  

$20,000

A.  

Meet with the client to collect any relevant documentation, then store the hard copies in a secure file cabinet and in compliance with RIBO regulations.

B.  

Request electronic copies of the client's risk mitigation measures and securely store them with written confirmation of your discussion, in compliance with RIBO regulations.

C.  

Ask the client to provide a verbal confirmation of their risk management practices, note it in their file, and store it in compliance with RIBO regulations.

D.  

Schedule a meeting with the client to understand their current risk mitigation strategies and update the file accordingly.

A.  

Named Insured.

B.  

Effective Date.

C.  

License Plate.

. Loss Payee.

A.  

Personal Liability covers the insured’s legal responsibility for their actions anywhere in the world, whereas Premises Liability only covers the specific location listed on the policy.

B.  

Personal Liability only covers family members, while Premises Liability covers guests and strangers.

C.  

Premises Liability is a mandatory auto coverage, while Personal Liability is optional for homeowners.

D.  

There is no difference; the terms are used interchangeably in all insurance contracts.

A.  

To allow an insured to collect for damage to their own vehicle directly from the at-fault party’s insurer.

B.  

To allow an insured to collect for damage to their own vehicle from their own insurer, even when they are not at fault.

C.  

To provide coverage for injuries to the driver regardless of who is at fault for the accident.

D.  

To provide a fund for people who are injured by motorists who have no insurance.

A.  

Advise the client to remove these benefits immediately to save on premium costs since they are retired.

B.  

Explain that these benefits now only apply to catastrophic injuries, so they are less valuable than before.

C.  

Perform a needs assessment to see if the client has other support systems, and explain that these benefits now cover "impairment" rather than just "catastrophic impairment."

D.  

Tell the client that because they are retired, the insurer will automatically remove these benefits on the renewal date.

A.  

Loss of data storage equipment.

B.  

Software restoration costs.

C.  

Crisis communication management.

D.  

Costs to defend lawsuits.

A.  

When the insured has children.

B.  

When there is a wood-burning stove in the home.

C.  

When the insured is over 65 years old.

D.  

When there is no mortgage on the home.

A.  

GRC ensures full coverage for rebuilding a home, even if costs exceed the original estimate, whereas RC only reimburses up to the policy limit.

B.  

Depreciation is a factor for RC in claims, but not in GRC.

C.  

Commercial buildings are eligible for GRC, while RC applies only to residential properties.

D.  

RC guarantees full reimbursement for any loss, regardless of the coverage limits stated in the policy.

A.  

Advise the client that no action is required as the snow removal is being done for a short period of time.

B.  

Advise the client there is automatic coverage under the Commercial General Liability policy for additional operations.

C.  

Advise the client that the change in operations will be reported to the insurance company.

D.  

Advise the client to delay the snow-removal work until the policy renews to avoid complications.

A.  

Complete 2 years of experience as a Level 1 broker and pass the Level 2 (Technical) examination.

B.  

Complete 1 year of experience as a Level 1 broker and obtain a recommendation from their Principal Broker.

C.  

Simply complete 24 hours of Continuing Education (CE) credits in a single year.

D.  

There is no longer a Level 2; all brokers move directly from Level 1 to Level 3 Management.

A.  

A customer entered your insured's store and secretly carried off several items of merchandise without paying for them.

B.  

A group of violent people entered your insured's store, terrified the clerks on duty and carried away several items of stock and all the cash in the cash register.

C.  

A criminal hid in your insured's store until the store closed in the evening. They then stole several valuable items of stock and took all of the change left in the cash register. They then forced the rear door and escaped.

D.  

An employee stole funds from the cash register while making change for a customer.

A.  

Newly Acquired Automobile.

B.  

Temporary Substitute Automobile.

C.  

Ontario Policy Change Form (OPCF) 27 Legal Liability for Non Owned Automobiles.

D.  

Ontario Policy Change Form (OPCF) 20 Coverage for Transportation Replacement.

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.

A.  

Review the customer's workplace plan and ensure it covers automobile accidents.

B.  

Recommend opting out immediately to avoid duplicate coverage.

C.  

Refer the customer to a life and health advisor if the customer has questions.

D.  

Advise the customer that auto accidents are always covered by their workplace plan.

A.  

Boilers.

B.  

Hot water tanks.

C.  

Compressors.

D.  

Office water coolers.

A.  

Assume the client has already reported the claim to their Insurance Company and take no action.

B.  

In compliance with The All-Comers (TAC) Rule, continue working on the Automobile quotes and contact the client later in the day.

C.  

Contact the client to assess the severity of the damage, provide reassurance and start the claims process.

D.  

Inform the clients that they will contact them once they have completed the Automobile quotes.

A.  

Damage to a ride-on lawn mower rented from a local rent-all establishment.

B.  

Damage caused by a guest, who backed an automobile into a portable barbecue which the insured had borrowed from a neighbour.

C.  

Property of others damaged intentionally by the insured's 10 year old son.

D.  

Theft from insured's premises of a shotgun on loan from a local sporting goods store.

A.  

General Liability.

B.  

Professional Liability.

C.  

Stock Coverage.

D.  

Equipment Coverage.

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.

A.  

The policy will remain unchanged, as short-term rentals are automatically covered.

B.  

The insurer may deny claims related to rental activities due to undisclosed risk.

C.  

The insurer will provide coverage but with a higher deductible for rental-related claims.

D.  

The premium will automatically increase to reflect the new use.

A.  

Ensuring that all individual brokers within the brokerage are meeting their sales targets.

B.  

Managing the marketing and advertising strategies of the brokerage.

C.  

Ensuring that the brokerage and all its registered individuals comply with the Act, regulations, and by-laws.

D.  

Personally handling all claims settlements for every client of the brokerage.

A.  

Advise Iqbal that as he has been charged with impaired operation of a motor vehicle, he has voided his automobile policy, including the collision portion. There is nothing that can be done to repair or replace his vehicle under his insurance policy.

B.  

Advise Iqbal that he has the option to file a not guilty response. Upon evidence that the impaired conviction is dismissed, the Broker will submit this documentation to the insurer for settlement under the collision coverage on his policy.

C.  

Remind Iqbal that he should not have been driving while his ability to do so was impaired. Provide a quote for a new policy and include the surcharge that would follow an impaired conviction.

D.  

Advise Iqbal that even though he was at fault in the accident he should seek legal council and bring suit against the other driver in the hopes that he could get some money to repair or replace his vehicle.