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!

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The owner's policy or insurance coverage on a specified automobile is:

Excess Coverage
Primary Coverage
Secondary Coverage
Optional Coverage

The correct answer is: Primary Coverage

The owner's policy or insurance coverage on a specified automobile is B Primary Coverage because it refers to the first or main coverage that will provide the initial benefits in the event of a claim. A: Excess Coverage is a secondary or additional layer of coverage that may kick in after the primary coverage has been exhausted. C: Secondary Coverage comes into play only when the primary insurance does not cover the full cost of a loss. D: Optional Coverage is additional coverage that the owner chooses to add to their policy for specific needs, such as comprehensive or collision coverage.