Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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The Income Replacement Benefit under the O.A.P.1 Owner's Form, Section 4 - Accident Benefits Coverage is calculated as:

90% of Net Income
70% of Gross Income
80% of Gross Income
90% of Gross Income

The correct answer is: 70% of Gross Income

The Income Replacement Benefit under the O.A.P.1 Owner's Form, Section 4 - Accident Benefits Coverage is calculated as 70% of Gross Income. This means that if a person's gross income is $1000, the Income Replacement Benefit would be $700. Option A is incorrect because it states net income, which is the income after taxes and other deductions. Option C and D are incorrect because they state 80% and 90% of gross income, respectively, which are higher percentages than the actual amount calculated.