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| Certification Vendor: | RIBO (Registered Insurance Brokers of Ontario) |
|---|---|
| Exam Name: | RIBO Level 1 Entry-Level Broker Examination |
| Exam Number: | RIBO-Level-1 |
| Available Languages: | English |
| Related Certifications: | RIBO Level 3 Broker License RIBO Level 2 Broker License |
| Exam Format: | Multiple Choice |
| Recommended Training: | RIBO Education Programs (Approved Providers) |
| Exam Registration: | RIBO Official Registration Portal |
| Sample Questions: | IIC RIBO-Level-1 Sample Questions |
| Exam Way: | Computer-based exam (in-person or authorized testing center depending on RIBO scheduling). |
| Pre Condition: | Must meet RIBO licensing eligibility requirements including approved education program completion before licensing. |
| Official Syllabus URL: | https://www.ribo.com |
>> Test RIBO-Level-1 Questions Pdf <<
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NEW QUESTION # 45
A building worth $100,000 is insured for $60,000 under a policy with a 90% co-insurance clause. Fire damages the building to the extent of $45,000. How much does the insurer pay?
Answer: B
Explanation:
The correct answer is D. $30,000 .
A co-insurance clause requires the insured to carry insurance equal to a stated percentage of the property's value. If the insured carries less than that amount, a penalty applies at claim time.
Here, the building value is $100,000 and the co-insurance requirement is 90% . So the amount of insurance that should have been carried is:
$100,000 × 90% = $90,000
But the insured only carried $60,000 . That means the insured did not meet the co-insurance requirement. The loss payment is calculated using the standard formula:
Insurance carried ÷ Insurance required × Loss
$60,000 ÷ $90,000 × $45,000 = $30,000
So the insurer pays $30,000 , assuming no deductible is mentioned.
Why the others are wrong: A. is the policy limit, not the amount payable. B. would only be paid if the insured had met the co-insurance requirement. C. does not match the correct calculation.
From a RIBO perspective, this is a basic commercial property calculation and a very important broker concept. Brokers must explain that co-insurance exists to encourage proper insurance-to-value. If a client underinsures, they effectively become a co-insurer for part of the loss themselves.
NEW QUESTION # 46
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: C
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 # 47
What is NOT a good procedure for Cyber Management?
Answer: B
Explanation:
The correct answer is C . Receiving credit card details through email is not a good cyber-management practice because email is generally not a secure channel for transmitting highly sensitive financial information. Under PIPEDA Fair Information Principle 7 - Safeguards , organizations must protect personal information in a manner appropriate to its sensitivity and use suitable technological and organizational safeguards against unauthorized access, disclosure, copying, use, or modification. The guidance specifically notes that financial information is generally considered sensitive and that organizations should use appropriate security tools and controls to protect it.
This is also consistent with Principle 4 - Limiting Collection , which says organizations should collect only the personal information they need and that collecting less information reduces the risk and impact of inappropriate access or disclosure. Emailing full credit card information unnecessarily increases exposure to privacy breaches and cyber risk.
By contrast, B is generally a better practice because payment is being made through the insurer's designated website, which is intended for secure payment processing. D may be acceptable if the brokerage management system is secure, access-controlled, and used in accordance with internal privacy protocols. A may still require caution and verification, but the clearest not good procedure in the choices is receiving credit card details by email .
NEW QUESTION # 48
A client is upset because their premium increased significantly even though they have had no claims. How should the Broker handle this situation to maintain the relationship?
Answer: B
Explanation:
This question tests the Relationship Management and Consulting and Advising competencies. A broker's value lies in their role as an intermediary and a market expert who provides context and solutions during difficult "Hard Market" cycles.
Under the RIBO Code of Conduct, a broker must be "candid and honest." Option B is the professional standard because it combines Education with Action. The broker should explain that premiums are driven by macro-economic factors (like the rising cost of parts/labor and the frequency of catastrophic weather events) rather than just the individual's claim history. This helps the client understand that the increase is not a
"penalty" but a reflection of the rising cost of risk.
Furthermore, the broker fulfills their duty by offering a "Market Search" (Remarket). This demonstrates that the broker is working for the client, not the insurer. Choosing Option D (commission rebating) is strictly prohibited as professional misconduct under Regulation 991, Section 15. Option A is a failure of Professionalism, as the broker is abdicating their responsibility to provide service.
The RIBO Level 1 Blueprint emphasizes that high-quality Consulting and Advising can turn a negative interaction into an opportunity to demonstrate the broker's expertise. By managing the client's expectations through clear Information Management and a proactive search for better rates, the broker strengthens the Broker-Client Relationship and ensures long-term client retention.
NEW QUESTION # 49
An individual with a bad driving record comes to your office for automobile insurance. You give them a premium quotation. They cannot pay you right away but demands cover immediately. What are you obligated to do?
Answer: B
Explanation:
The correct answer is C . In Ontario, a broker or agent is not automatically required to bind coverage immediately just because an applicant demands it, especially where payment has not been made. What the law does require is that the applicant be given access to the application process. Under the Compulsory Automobile Insurance Act , an agent must provide an application for automobile insurance to an Ontario vehicle owner or lessee and deal with it through the insurer process. The official Ontario statute search result specifically states that an agent shall provide an application for automobile insurance .
This fits with FSRA's consumer guidance, which says Ontario consumers have the right to purchase auto insurance coverage , but they also have responsibilities to pay their premium in a timely fashion and complete forms promptly . That means the applicant has a right to apply, but not a right to force immediate coverage without satisfying underwriting and payment requirements.
So A and B are incorrect because there is no rule requiring a broker to grant temporary coverage for 21 days or to bind first and worry about cancellation later. D is unnecessary. The broker's obligation is to take the application properly and forward it to an insurer , not to invent interim coverage.
NEW QUESTION # 50
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