Registered Insurance Brokers of Ontario (RIBO) Practice Exam

The correct response is that a Commercial General Liability Policy typically contains “Policy Provisions” only, focusing on the terms, coverages, and limitations that apply to liability coverage in a business context. These provisions establish the framework under which the insurance operates, detailing the responsibilities of both the insurer and the insured regarding liability claims.

In a Commercial General Liability Policy, the emphasis on "Policy Provisions" signifies that it is more structured in terms of specific coverage definitions related to business operations, third-party claims, and other liability concerns. The language is often tailored to meet the unique needs of various types of businesses and their specific liability risks.

Regarding the other types of insurance policies listed, they generally include broader coverage descriptions, as well as additional sections concerning covered perils, exclusions, and conditions. For instance, a Homeowners Policy includes provisions related to property coverage, personal liability, and specific endorsements that apply to homeowner risks. Auto Insurance Policies often encompass not just liability coverage but also provisions for collision, comprehensive coverages, and personal injury protection, making them broader than just 'policy provisions.' Travel Insurance Policies also typically describe a range of coverages related to trip cancellations, medical emergencies, and travel-related risks, beyond just policy provisions.