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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What is the potential recovery from the responsible party for loss of income as a result of an auto accident, AFTER TRIAL?

80% of net income.
90% of net income.
90% of gross income.
100% of gross income.

The correct answer is: 100% of gross income.

After a trial, the responsible party can potentially be held liable for 100% of gross income lost due to an auto accident. Option A (80% of net income) and B (90% of net income) are incorrect because they only account for a portion of the income lost, while Option C (90% of gross income) is also incorrect because it does not account for any potential taxes or deductions taken out of the income. It is important for individuals to understand the full extent of potential recovery for lost income after an auto accident, in order to receive proper compensation for their losses.