OMVIC Practice Test

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Prepare for the OMVIC exam with our comprehensive quiz. Test your knowledge with multiple-choice questions designed to emphasize key concepts in Ontario's motor vehicle industry regulations and responsibilities of dealership representatives. Get ready to ace your exam!

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Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What must a dealer do if the Fund pays out a claim on their behalf?

  1. Nothing, they are not responsible for the payout

  2. Repay the Fund

  3. Submit a formal apology

  4. Increase their payment to the Fund for the next term

The correct answer is: Repay the Fund

When a claim is paid out on behalf of a dealer by the Fund, the dealer is responsible for repaying the Fund. This is because the Fund is providing financial assistance on the dealer's behalf, and it is expected that the dealer will repay that assistance in order to maintain the stability and integrity of the Fund. Options A and C are incorrect because they do not address the dealer's responsibility to repay the Fund. Option D is incorrect because it suggests that the dealer's payment to the Fund would increase permanently, when in fact they are just responsible for repaying the specific claim that was paid out on their behalf.

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