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 wordings on the OAP 1 that are legislated are known as:

Conditions
General Conditions
Statutory Conditions
Standard Wordings.

The correct answer is: Statutory Conditions

Statutory Conditions are wordings that have been legislated and they must be included in all insurance contracts, as they outline the minimum requirements that must be met. Conditions and general conditions are not legislated, so they can vary from contract to contract and are not required to be included. Standard Wordings are predetermined wordings for insurance contracts, and although they may be approved by industry organizations, they are not legislated. Therefore, C is the best choice as it specifically refers to legislated wordings.