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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

The insurer is required to pay the money for which it is liable under the automobile insurance contract within 60 days after the:

Date of the accident
Proof of loss has been received by the insurer
Date that the insured has filed a report with the police
Insurer has chosen to repair the damaged automobile

The correct answer is: Proof of loss has been received by the insurer

According to the automobile insurance contract, the insurer is obligated to pay the money they are liable for within 60 days after receiving proof of loss. This means that until the insurer receives proof of loss, they are not required to pay any money. Therefore, options A, C, and D are incorrect because they do not specify the requirement of receiving proof of loss for the insurer to pay the money they are liable for. Additionally, option A refers to the date of the accident, which is important but not necessarily the crucial factor for the insurer's payment. Option C mentions filing a report with the police, which may not always be necessary for receiving payment from the insurer. Option D mentions the insurer choosing to repair the damaged automobile, which is not directly related to the timeline for the insurer's payment.