Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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Under Loss of Use (subsequent to a theft of an automobile), reimbursement begins:

24 hours after the theft has been reported to the insurer
24 hours after the theft has been reported to the police
48 hours after the theft has been reported to the insurer or to the police
72 hours after the theft has been reported to the insurer or to the police

The correct answer is: 72 hours after the theft has been reported to the insurer or to the police

Reimbursement for Loss of Use begins 72 hours after the theft has been reported to the insurer or police. This is because it takes time for the insurer to process the claim and for the police to investigate the theft. Option A (24 hours after reporting to insurer) and B (24 hours after reporting to police) are incorrect because the insurer may not have received the report immediately and may require additional time to review the claim. Option C (48 hours after reporting to insurer or police) is also incorrect because it does not specify which of the two reports triggers the start of reimbursement. Therefore, the correct answer is option D as it allows enough time for proper reporting and processing of the claim.