Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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Prepare for the Registered Insurance Brokers of Ontario Test. Study with comprehensive flashcards and multiple choice questions, each question provides hints and detailed explanations. Ace your exam with confidence!

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One of the following statements is correct regarding electronic accessories or equipment under O.A.P. 1 Owner's Form:

For the full replacement cost.
Up to $2,500 if installed after the vehicle is purchased
For the actual cash value if factory installed.
For the actual cash value.

The correct answer is: For the actual cash value if factory installed.

Electronic accessories or equipment that are factory installed on the vehicle are covered for their actual cash value under O.A.P. 1 Owner's Form. This means that they are covered for the amount that they are currently worth, not the full replacement cost. Option A is incorrect because it states that they are covered for the full replacement cost, which is not accurate for accessories or equipment under this insurance form. Option B is incorrect because it only applies to accessories or equipment that are installed after the vehicle is purchased, which is not the case under O.A.P. 1 Owner's Form. Option D is incorrect because it also states that they are covered for the actual cash value, but it does not specify that this only applies to factory installed accessories or equipment. Therefore, option C is the correct answer as it provides the most accurate information regarding coverage of electronic accessories or equipment under O.A.P. 1