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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Where there has been an auto loss, the insured is required to:

A. Abandon the automobile to the possession of the insurer.
B. Protect the automobile from further loss.
C. Try to personally settle the claim with a third party
D. Submit a proof of loss within 60 days.

The correct answer is: B. Protect the automobile from further loss.

When an auto loss occurs, the insured is not required to abandon the automobile to the insurer or personally settle the claim with a third party. However, they are required to protect the automobile from further loss and submit a proof of loss within 60 days to the insurer. This is to ensure that the insurer has all the necessary information to accurately assess the claim and provide the appropriate coverage to the insured. Failing to protect the automobile from further loss or submit a proof of loss within the given time frame could result in delayed or denied coverage.