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| Certification Vendor: | Insurance Institute of Canada |
|---|---|
| Exam Name: | RIBO Level 1 Entry-Level Broker Exam |
| Exam Number: | RIBO-Level-1 |
| Passing Score: | 75% |
| Related Certifications: | RIBO Level 3 - Principal Broker RIBO Level 2 - Acting Under Supervision |
| Available Languages: | English |
| Exam Price: | $300 |
| Real Exam Qty: | 100 |
| Exam Duration: | 180 minutes |
| Exam Format: | Multiple Choice |
| Sample Questions: | IIC RIBO-Level-1 Sample Questions |
| Exam Way: | In-person (administered by approved exam providers). Open-book format with access to PDF resources including Ontario Automobile Policy (OAP) #1, RIBO By-Laws, RIB Act, and Ontario Regulations during the exam. |
| Pre Condition: | Individuals wishing to obtain RIBO licensing in Ontario. Must register through approved exam providers. Candidates are eligible to write the exam twice per exam provider; after two failed attempts, subject to 8-month waiting period. |
| 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 # 49
An insurance policy with an annual premium of $1,200 is cancelled by the insured exactly 6 months into the term. The insurer's "Short Rate Table" indicates that for a 6-month cancellation, the insurer is entitled to keep
60% of the annual premium as an administrative and earned cost. How much of a refund will the insured receive?
Answer: D
Explanation:
This question requires the application of Critical and Analytical Thinking to a financial transaction. The RIBO Level 1 Blueprint expects brokers to understand the difference between Pro-rata and Short-rate cancellations, as this directly affects the client's "indemnity" and financial outcome.
Under Statutory Conditions (and general contract law), when an insured requests a cancellation mid-term, the insurer is permitted to use a "Short Rate" calculation. This calculation allows the insurer to retain more than just the daily proportion of the premium to cover the fixed costs of issuing and servicing the policy.
In this scenario:
* Total Premium: $1,200.
* Insurer's Retention (60%): $1,200 x 0.60 = **$720**.
* Refund Amount: Total Premium ($1,200) - Earned Premium ($720) = $480.
If this had been a Pro-rata cancellation (e.g., if theinsurerhad cancelled), the refund would have been exactly
50% ($600). The Short-rate penalty in this case cost the client an additional $120.
A broker's duty in Consulting and Advising is to warn the client of this "Short Rate" penalty before they sign the cancellation request. This is part of the Fair Treatment of Consumers-ensuring the client knows that moving their insurance purely for a small price saving might actually result in a net loss once the cancellation penalty is applied. This mathematical proficiency is a core requirement of the Information Management competency, ensuring that all financial figures provided to the client are accurate and compliant with the insurer's filed rating rules.
NEW QUESTION # 50
The reason for a peak season endorsement added to a commercial retail business is to:
Answer: B
Explanation:
The correct answer is B because a peak season endorsement is designed to temporarily increase the limit of insurance during known periods when stock or inventory rises above normal levels . This is common in retail businesses that build up inventory for predictable busy seasons such as holidays, back-to-school periods, or special sales cycles. Rather than insuring the full annual peak amount all year long, the endorsement adjusts coverage for the period when the exposure is actually higher.
A is close, but it is too broad. A peak season endorsement does not simply provide blanket coverage for the highest inventory amount at all times during the year. Instead, it applies an increase for specific stated dates or periods . C is incorrect because averaging stock over the year is more closely associated with reporting form concepts, not a peak season endorsement. D is also incorrect because although premium may be affected by the endorsement, its purpose is not premium stabilization; its purpose is to match insurance limits to seasonal exposure.
From a RIBO standpoint, this question tests understanding of how commercial property insurance should reflect the client's changing risk profile . A broker must identify seasonal increases in stock values and recommend appropriate wording so the client is not underinsured during high-inventory periods.
NEW QUESTION # 51
Angela has an automobile policy with Maple Insurance that renews on August 1, 2026. Before July 1, 2026, Angela had Income Replacement Benefits, Caregiver Benefits, and Housekeeping Benefits included in her policy. Angela does not request any changes. Under the updated Statutory Accident Benefits Schedule (SABS), what happens to these benefits after July 1, 2026?
Answer: D
Explanation:
This question addresses the significant 2026 SABS Reform in Ontario, which takes effect on July 1, 2026.
Under this reform, many previously mandatory benefits-such as Income Replacement, Caregiver, and Housekeeping-transition to being optional benefits. The RIBO Level 1 Blueprint requires brokers to understand the transition rules for existing policyholders to avoid coverage gaps and ensure Legal and Regulatory Compliance.
For policies already in force before July 1, 2026, the existing contract remains legally binding until its expiry or renewal date. This means Angela's coverage does not "drop off" or change mid-term on July 1. Her benefits continue under the old rules until her specific renewal date of August 1, 2026. At the point of renewal, the "existing member" transition rule applies: to protect consumers, insurers are required to automatically renew the existing coverage levels as optional selections unless the client expressly chooses to opt out or change them. This ensures that a client who forgets to review their renewal notice is not suddenly left without critical income protection.
As part of the Consulting and Advising competency, a broker must proactively inform clients like Angela that while her benefits are safe until August, her next renewal will reflect a shift from "mandatory" to "optional" status. The broker must conduct a "Needs Assessment" to confirm if these optional benefits still align with her lifestyle (e.g., if she has external disability insurance). Failure to explain this change could lead to an Errors and Omissions (E&O) claim if the client later removes the benefits to save money without understanding the loss of protection. The reform shifts the burden of "choice" to the consumer, making the broker's role as an expert navigator of the OAP 1 more vital than ever.
NEW QUESTION # 52
Which BEST describes Direct Compensation Property Damage (DCPD., also known as "No Fault Insurance"?
Answer: B
Explanation:
The correct answer is C . In Ontario, Direct Compensation - Property Damage (DCPD. means that, when certain conditions are met, an insured claims for damage to their own automobile through their own insurer , rather than pursuing the other driver's insurer directly. The OAP 1 states that the amount payable under DCPD is determined by the degree to which the insured or driver was not at fault , and that responsibility is determined under the Insurance Act and the Fault Determination Rules .
The same OAP 1 wording explains that the DCPD deductible is applied according to the percentage to which the insured or driver was not at fault , and the examples show how payment is split when a driver is partly responsible. It also shows that where the insured is partially at fault, recovery is made partly under DCPD and partly, if purchased, under Collision coverage.
That makes A incorrect because DCPD does not mean nobody is at fault. B is wrong because the claim is not paid by the third party's insurer. D is also incorrect because fault rules can still apply; the location alone does not remove fault determination. From a RIBO exam perspective, the key phrase is: you claim through your own insurer, and fault percentage still matters .
NEW QUESTION # 53
According to the Statutory Conditions of a Fire Policy, Statutory Condition 2 - Property of Others states that the insurer is NOT liable for property owned by others unless:
Answer: D
Explanation:
Statutory Condition 2 is a fundamental rule of Insurable Interest within the Legal and Regulatory Compliance domain. It establishes a clear boundary: the insurer is only responsible for the property of the "Named Insured" as defined in the contract.
The purpose of this condition is to prevent people from insuring things they don't own or have no financial stake in, which would violate the Principle of Indemnity. However, the law provides an exception (Option B):
the insurerwillcover the property of others if the insured's interest in it is disclosed and "stated in the contract." This is common in business insurance (e.g., a dry cleaner or a computer repair shop) where the insured is a
"bailee" for hire-they have the property of others in their "care, custody, and control." To protect this property, the broker must include a "Property of Others" or "Bailee's" clause in the policy.
The RIBO Level 1 Blueprint requires brokers to identify these scenarios during the Risk Identification and Assessment phase. If a homeowner is "storing" a friend's $50,000 vintage motorcycle in their garage, the broker must advise that standard homeowners' coverage doesnotautomatically protect the friend's interest under Statutory Condition 2. The friend must either insure it themselves or the homeowner must "state the interest" on their own policy. Failing to clarify this can lead to a denied claim and an Errors and Omissions (E&O) suit, highlighting the importance of this technical legal knowledge for Consulting and Advising.
NEW QUESTION # 54
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