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| Certification Vendor: | Registered Insurance Brokers of Ontario (RIBO), Insurance Institute of Canada (IIC) |
|---|---|
| Exam Name: | RIBO Level 1 Entry-Level Broker Exam |
| Exam Number: | RIBO-Level-1 |
| Certificate Validity Period: | Annual renewal required |
| Exam Format: | Multiple-choice questions |
| Related Certifications: | RIBO Level 2 Technical/Commercial Broker License RIBO Level 3 Management Broker License |
| Real Exam Qty: | 100 scored + 15 unscored pilot questions |
| Exam Duration: | 180 minutes |
| Passing Score: | 75% (75/100) |
| Available Languages: | English |
| Exam Price: | 300 USD / CAD 300 |
| Recommended Training: | Insurance Institute of Canada Preparation Courses RIBO Official Study Materials & Exam Blueprint |
| Exam Registration: | Insurance Institute of Canada (IIC) Insurance Brokers Association of Ontario (IBAO) |
| Sample Questions: | IIC RIBO-Level-1 Sample Questions |
| Exam Way: | Online remote proctored or in-person at approved test centers |
| Pre Condition: | Minimum 18 years old; valid criminal record check; meet suitability requirements; no prior RIBO license required |
| Official Syllabus URL: | https://www.ribo.com/getting-a-license/individual-licenses/new-applicants/examinations/level-1-entry-level-broker-exam/ |
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NEW QUESTION # 201
A Secondary Residence has a main building with two detached private structures on the same premises.
Under the 10% provision of the Secondary Residence Building and/or Contents Form, what is the maximum which may be claimed for the loss of either one of these detached private structures?
Answer: A
Explanation:
This question delves into the technical application of Habitational Insurance policy forms, specifically relating to secondary residences. In most standard homeowners' forms, "Coverage B" provides a fixed percentage (usually 10% of the dwelling limit) for detached structures. However, when dealing with secondary residence forms or limited coverage forms, the wording for detached structures can be more restrictive.
The RIBO Level 1 Blueprint expects brokers to understand Insurance Product Knowledge regarding how limits apply to multiple structures. When a policy provides a single aggregate limit for "detached private structures" (often 10% of the main building's limit), and there are multiple structures involved, the settlement is typically determined proportionally. This means the 10% "pot" of money is not available in its entirety for any single structure if multiple structures exist. Instead, the limit is divided based on the relative value of each structure compared to the total value of all detached structures. This ensures the insurer is not over-exposed on a single high-value shed when the premium was calculated for multiple lower-value outbuildings. As part of Consulting and Advising, a broker must explain this proportional settlement to the client, particularly if one of the detached structures (like a boat house or guest cabin) is significantly more valuable than the other. If the proportional limit is insufficient, the broker should recommend scheduling the structure separately with a specific limit to ensure full indemnity, thereby fulfilling the Risk Identification and Assessment competency.
NEW QUESTION # 202
According to the O.A.P. 1, a newly acquired automobile is automatically covered provided that what condition is met?
Answer: A
Explanation:
The correct answer is B . The Ontario OAP 1 Owner's Policy states that a newly acquired automobile is automatically covered only if the insured informs the insurer within 14 days from the time of delivery and pays any additional premium required. The policy wording specifically says: "Your newly acquired automobile(s. will be insured as long as you inform us within 14 days from the time of delivery and pay any additional premium required." The OAP 1 also explains that a newly acquired automobile may be either a replacement automobile or an additional automobile . A replacement automobile will have the same coverage as the described automobile it replaces, while an additional automobile is covered only if the insurer already insures all automobiles you own for that type of coverage. The chart in Section 2 repeats that both replacement and additional newly acquired autos are covered as long as you notify the insurer within 14 days of delivery .
That is why A is incorrect: the vehicle does not have to be only a trade-in replacement, because additional automobiles can also qualify. C is incorrect because "not used for business purposes" is not the condition stated for newly acquired automobile coverage. D is also wrong because the policy does not restrict operation only to the named insured as the condition for automatic coverage.
NEW QUESTION # 203
Chan, a Broker, is preparing to do a review of homeowners quotes with his client. What are the MOST important details Chan should be discussing with his client?
Answer: B
Explanation:
The correct answer is B because, when reviewing homeowners quotes, the broker's most important advisory role is to help the client understand what is covered, what is not covered, and what requirements must be met to keep coverage in force . IBC's Know Your Policy guide says the policyholder must understand what is and is not included in the policy, explains that exclusions identify losses or property that are not covered, and states that policy conditions are requirements the insured must follow or the insurer may void coverage or refuse a claim.
This makes A incomplete because homeowners coverage normally includes the building, contents, and outbuildings , often with limitations. C is important, but price, discounts, and deductibles are secondary if the client does not first understand the actual scope of coverage. D is also incomplete because liability is only one part of the policy and does not address the broader issues of exclusions and conditions. The home coverage guide also shows why this matters: different forms such as comprehensive, broad, and named perils vary significantly, and major items like flood, sewer backup, or earthquake may be excluded unless added separately.
From a RIBO perspective, proper advice means reviewing the limitations, exclusions, and conditions first , so the client can make an informed decision.
NEW QUESTION # 204
Ali has an automobile and property policy with the same insurer. He just purchased a camper trailer that will be driven to and parked at a park next to a lake during the summer season. Where would coverage for the trailer be found?
Answer: C
Explanation:
The correct answer is C because a camper trailer can attract different types of coverage under both the automobile policy and the property policy , depending on what is being insured and the circumstances of loss.
Under the Ontario OAP 1 , a trailer can be an insured automobile exposure. The policy states that a described automobile is any automobile or trailer specifically shown on the Certificate of Automobile Insurance . It also says that owned trailers not separately described may still receive certain auto coverage when used in connection with an automobile covered by the policy . In addition, the OAP 1's DCPD section expressly covers damage to certain trailers not shown on the Certificate , along with their equipment and contents, when another driver is legally responsible.
At the same time, property insurance can also respond to exposures connected with a seasonal or secondary- use trailer setting, especially for contents/personal property and related property-type risks. IBC's home coverage guide notes that seasonal or secondary locations may be insured on an existing property policy or separate property policy, and it emphasizes that certain contents and related exposures may be covered there as well.
So A and B are too narrow, and D is too absolute. The best answer is both policies may provide certain coverages .
NEW QUESTION # 205
A client phones to tell you he has bought a high-end stereo system costing $5,000.00 which has just been installed in his car. What should you tell him?
Answer: D
Explanation:
The correct answer is A. because a high-value aftermarket stereo system is not something a broker should simply assume is fully protected under the standard auto policy without disclosure to the insurer. When expensive accessories or equipment are added to a vehicle, the broker should advise the client to provide documentation, such as the invoice, so the insurer can consider the added value and, where required, endorse the policy accordingly .
This is important because auto insurance is based on the vehicle and equipment as declared to the insurer. A significant aftermarket addition changes the value of the automobile and may affect underwriting, claims settlement, or the insurer's willingness to cover the accessory in full. Properly notifying the insurer helps avoid disputes at claim time about whether the stereo was included, whether there are limits on custom equipment, and whether an endorsement or revised valuation is needed.
B). is not the best answer because a costly custom stereo should not be treated casually as automatically and fully covered without confirmation. C. is too absolute and introduces a requirement not generally stated that coverage only exists with an approved security system. D. is also too narrow and focuses on one theft scenario rather than the broker's proper duty, which is to disclose the material addition and arrange the correct coverage.
NEW QUESTION # 206
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