OMVIC Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the OMVIC Certification Test with practice questions that include hints and detailed explanations. Enhance your learning with flashcards and multiple choice questions. Get ready to pass your OMVIC Test with confidence!

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!

Practice this question and more.

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

Nothing, they are not responsible for the payout
Repay the Fund
Submit a formal apology
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.