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!

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Which statement is FALSE?

A newly acquired automobile is automatically insured for a specific period of time if it replaces another insured vehicle of the similar type.
It is possible to insure more than one vehicle on the same policy.
An auto with a trailer attached is considered as one vehicle for the purposes of Accident Benefits limits.
No coverage applies to temporary substitute vehicles.

The correct answer is: No coverage applies to temporary substitute vehicles.

Temporary substitute vehicles are covered by most auto insurance policies. The other options listed are correct statements about auto insurance. A In most cases, a newly acquired automobile will be automatically insured for a period of time if it is replacing another insured vehicle of the same type. B: It is possible to insure multiple vehicles on the same policy, which can often lead to discounts. C: An auto with a trailer attached is typically considered as one vehicle for the purposes of Accident Benefits limits unless specified otherwise in the policy.