Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

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.

What does the Statutory Condition: Termination under the OAP1 not specify?

The conditions under which a policy can be terminated
The actual amount of premium to be refunded
The notice period required for termination
The penalties for early termination

The correct answer is: The actual amount of premium to be refunded

The correct answer identifies that the Statutory Condition: Termination under the Ontario Accident Policy 1 (OAP1) does not specify the actual amount of premium to be refunded when a policy is terminated. This condition provides general frameworks and rules around how termination occurs, including the circumstances that allow for termination and the required notice period prior to termination. However, it does not delve into the specifics of the premium refund amount, which can vary based on the insurer’s policies and the specific terms of the insurance contract. The other elements mentioned in the options—conditions for termination, notice periods, and penalties—are typically important aspects covered in statutory conditions, ensuring that both insurers and policyholders have clarity on their rights and obligations during the termination process.