Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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To a person who has made or knows of a material misrepresentation, the insurer is NOT required to pay which of the following?

  1. Attendant care benefits

  2. Death and funeral benefits.

  3. Income Replacement benefits.

  4. Any of the above.

The correct answer is: Income Replacement benefits.

Attendant care benefits and death and funeral benefits would typically still be payable by the insurer. Income replacement benefits would not be paid in this situation because the person has made a material misrepresentation, which is defined as a false statement regarding an important fact that alters the risk assumed by the insurer. Essentially, if someone has knowingly lied or misrepresented material facts, the insurer is not obligated to pay income replacement benefits due to the increased risk and potential fraud.

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