Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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Prepare for the Registered Insurance Brokers of Ontario Exam with comprehensive quizzes, flashcards, and expert tips. Build your confidence and knowledge to succeed in your licensing journey!

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!

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The legal minimum limit of Liability coverage for automobile policy in the province of Ontario is:

$100,000 per policy period.
$100,000 per occurrence.
$200,000 per occurrence.
$1,000,000 per policy term.

The correct answer is: $200,000 per occurrence.

In the province of Ontario, the minimum legal limit of liability coverage for an automobile policy is $200,000 per occurrence. This means that in the event of an accident, the insurance policy will cover up to $200,000 in damages for each individual incident. Option A is incorrect because it specifies "per policy period," which is not the same as "per occurrence." Option B is also incorrect because it specifies $100,000, which is below the minimum limit for Ontario. Option D is incorrect because it specifies "per policy term," which is not the same as "per occurrence." It's important to carefully review the specific wording and requirements for insurance policies to ensure you have the appropriate coverage for your needs.