Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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What should be disclosed when applying for automobile insurance?

  1. Only previous claims

  2. All uses of the vehicle

  3. The year of purchase

  4. The make and model of the vehicle

The correct answer is: All uses of the vehicle

Disclosing all uses of the vehicle is essential when applying for automobile insurance because insurance companies need a complete understanding of how the vehicle will be used to accurately assess risk. Different uses, such as commuting, business, or pleasure, can significantly affect the likelihood of accidents and claims. By providing this information, clients ensure that they are getting the appropriate coverage tailored to their specific needs and that they meet the requirements set forth by their insurer. In contrast, while previous claims, the year of purchase, and the make and model of the vehicle all provide useful information, they do not encompass the broader context of vehicle usage, which is a critical factor for underwriting and premium determination. Thus, the comprehensive nature of the vehicle's use is paramount in the insurance application process.

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