Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Is Excess economic loss endorsement offered under the OAP 1 Owner's Form?

1. Yes, it is available to all policyholders

2. No, it does not exist

3. Yes, but only in specific circumstances

4. No, but it is offered under different policies

The correct answer is: No, it does not exist

The correct understanding regarding the Excess economic loss endorsement in relation to the OAP 1 Owner's Form is that it does not exist under this specific form. The OAP 1 form primarily covers liability for bodily injury and property damage as a result of the use or operation of a motor vehicle. Economic losses, particularly those categorized as excess economic loss, are not typically covered by this endorsement within the confines of the OAP 1. On the other hand, while various endorsements and additional coverage options are available under different types of policies or specific conditions, the Excess economic loss endorsement is not included in the fundamental offerings of the OAP 1. Thus, it’s important for policyholders to be aware that seeking coverage for excess economic loss would require looking at other policy options that may be designed for that purpose.