Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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What must be obtained before a policy can be issued according to Provincial Insurance Acts?

A signed application must be obtained before a policy can be issued.
A signed application must be obtained after the policy is issued.
No application is required unless the insurer wants it.
If a policy is issued without a signed application the insurer must send a true copy of the application to the insured for signature.

The correct answer is: If a policy is issued without a signed application the insurer must send a true copy of the application to the insured for signature.

According to Provincial Insurance Acts, obtaining a signed application is necessary before a policy can be issued. Option A states that the application must be obtained before the policy, which is correct. Option B states that the application must be obtained after the policy is issued, which contradicts the requirement of obtaining it before. Option C implies that the application is not necessary, which is incorrect. So, option D is the only correct answer as it states that a true copy of the application must be sent to the insured for their signature before a policy can be issued.