Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Question: 1 / 475

A misrepresentation fact on an application for automobile insurance (OAF 1) may cause the insurer to:

Increase the deductible imposed.

Make an official complaint to the Superintendent of Insurance in the Province.

Demand the completion of a corrected OAF 1.

Void the contract.

A misrepresentation fact on an application for automobile insurance (OAF 1) is a serious offence that can result in the insurer voiding the entire contract. This means that the policy will be cancelled and any claims or coverage under the policy will not be honored. It is important to always provide accurate and honest information when filling out an insurance application.

Option A is incorrect because increasing the deductible would not be a sufficient consequence for misrepresentation. Option B is incorrect because making a complaint to the Superintendent of Insurance would not directly address the issue at hand. Option C is incorrect because completing a corrected OAF 1 would not cancel out the initial misrepresentation and could potentially result in further legal consequences.

Get further explanation with Examzify DeepDiveBeta
Next Question

Report this question

Download Registered Insurance Brokers of Ontario (RIBO) Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy