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 type of insurance is specifically designed for physical damage to vehicles in case of accidents?

Comprehensive Coverage
Collision Coverage
Liability Coverage
Accident Benefits

The correct answer is: Collision Coverage

Collision Coverage is specifically designed to cover physical damage to vehicles resulting from accidents. This type of insurance typically helps pay for repairs to your vehicle or, if it is totaled, provides replacement value regardless of who is at fault in the accident. While Comprehensive Coverage also protects against damage, it primarily addresses non-collision-related incidents such as theft, vandalism, or natural disasters. Liability Coverage, on the other hand, does not cover damage to your own vehicle; it only covers damage you may cause to another party's vehicle or property. Accident Benefits provide coverage for medical expenses and lost income for the policyholder and passengers, regardless of fault, but do not cover vehicle damage. Overall, Collision Coverage is the most appropriate option for addressing damage to vehicles specifically caused by accidents.