Registered Insurance Brokers of Ontario (RIBO) Exam 2026 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 475

What does the Statutory Condition: Termination under the OAP1 not specify?

The conditions under which a policy can be terminated

The actual amount of premium to be refunded

The correct answer identifies that the Statutory Condition: Termination under the Ontario Accident Policy 1 (OAP1) does not specify the actual amount of premium to be refunded when a policy is terminated.

This condition provides general frameworks and rules around how termination occurs, including the circumstances that allow for termination and the required notice period prior to termination. However, it does not delve into the specifics of the premium refund amount, which can vary based on the insurer’s policies and the specific terms of the insurance contract.

The other elements mentioned in the options—conditions for termination, notice periods, and penalties—are typically important aspects covered in statutory conditions, ensuring that both insurers and policyholders have clarity on their rights and obligations during the termination process.

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The notice period required for termination

The penalties for early termination

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