OMVIC Practice Test

Question: 1 / 400

Extended warranties must be supported by:

Insurance from a licensed company

Extended warranties must be supported by insurance from a licensed company. This means that the warranty provider must have a contract with an insurance company to cover any repair or replacement costs. Option B is incorrect because the Motor Vehicle Dealers Compensation Fund only applies to dealers, not warranty providers. Option C is incorrect because a signed agreement from the vehicle manufacturer is not required for extended warranties. Option D is incorrect because a notarized statement from the dealer does not guarantee the financial support needed for an extended warranty.

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Security to the Motor Vehicle Dealers Compensation Fund

A signed agreement from the vehicle manufacturer

A notarized statement from the dealer

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