Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Question: 1 / 475

How would you describe to your policyholder the purpose of OPCF #44 Family Protection Coverage?

Indemnify an insured up to the limit of the insured's policy for an amount he/she is legally entitled to recover for BODILY INJURY or DEATH from an inadequately insured Third Party

The purpose of OPCF #44 Family Protection Coverage is to provide indemnification to the insured for bodily injury or death from an inadequately insured third party. In other words, this coverage ensures that the insured is fully compensated for any damages or losses that they may suffer due to another party's negligence or lack of insurance coverage. Option B and C may seem similar, but they actually refer to different types of coverage. Option B refers to passenger protection, while option C refers to coverage flexibility for the insured's own vehicle. Option D mentions additional third party liability insurance, which is not the same as family protection coverage.

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Ensure protection to the insured for the injuries to any passenger resulting from the insured purchasing inadequate coverage limits

Provide flexibility in the insured's coverage in case it is inadequate to meet the costs resulting from the use or operation of the insured vehicle

Provide additional third party liability insurance if the insured is involved in an accident in a state or province where the statutory minimum limits are higher than those being carried

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