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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Who has an insurable interest in an automobile?

The owner of the automobile
The lessee of the automobile
A person who has a lien on the auto.
A person who can legally drive the insured auto and with the owner's consent.

The correct answer is: A person who has a lien on the auto.

Options A, B, and D may seem like they could also have an insurable interest in the automobile, but they do not have a legal ownership stake in the vehicle. Only option C, a person who has a lien on the automobile, has a legal interest in the property and can be financially impacted by any damages or losses to the vehicle.