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

Question: 1 / 475

Under the OAP 1, the Loss of Use due to Theft provision will not cover costs until:

A. Is only applicable to rent an automobile.

B. Is limited to $30 per day and $900 per occurrence.

C. Payments under this section will stop when your policy expires.

D. 72 hours after the theft has been reported.

The correct option states that coverage for Loss of Use due to Theft under the OAP 1 policy will not begin until 72 hours after the theft has been reported. This means that during the first 72 hours, any costs incurred for a rental vehicle or alternative transportation will not be covered by the policy.

Option A is incorrect because Loss of Use coverage for theft is not limited to renting an automobile. It applies to any costs associated with alternative transportation while the insured vehicle is being repaired or replaced.

Option B is also incorrect because it refers to the limits of coverage, not the starting point for coverage.

Option C is incorrect because it suggests that the coverage will end when the policy expires. In reality, coverage for Loss of Use due to Theft will continue until repairs or replacement of the stolen vehicle are completed, up to the limit of coverage stated in the policy.

Therefore, option

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