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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 |
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NEW QUESTION # 68
A client has personal home insurance with the Broker. The client calls the Broker to discuss quotes for a property they are purchasing that will be converted to mini apartment building with 8 units inside. The Broker does not have experience with commercial properties. What should the Broker do?
Answer: C
Explanation:
The correct answer is D . RIBO's Code of Conduct requires a broker to be competent to perform the services undertaken for the client and to provide guidance based on sufficient knowledge of the specific risks involved so that recommendations are suitable for the client's needs. It also says a broker should not undertake to arrange insurance without honestly believing they are competent to handle it without causing the client unnecessary delay, risk, or expense .
Because this risk is no longer a standard personal-home exposure and is instead an 8-unit commercial
/apartment conversion risk , the personal-lines broker should not try to place it on the current home policy.
That makes A clearly wrong. C is also not the best answer because simply sending the client away is not the strongest service response if the brokerage has access to appropriate expertise. The proper step is to gather the necessary information and move the file to qualified commercial lines expertise for review , which is exactly what D describes. RIBO technical standards also expect brokers to determine appropriate products and coverages and assess quotations obtained for the client's needs.
B could be appropriate if no internal expertise exists, but where commercial lines support is available, D is the best answer because it protects the client while ensuring the matter is handled by someone competent.
NEW QUESTION # 69
What is the minimum coverage requirement of a Visitor to Canada (VTC) Policy for a Non Canadian coming to Canada on a Super Visa?
Answer: C
Explanation:
This question addresses Specialty Lines of insurance and the interaction between insurance and federal immigration law. The Super Visa is a long-term, multi-entry visa for parents and grandparents of Canadian citizens or permanent residents. To be eligible, Immigration, Refugees and Citizenship Canada (IRCC) mandates a specific level of private medical insurance.
According to the RICC rules and the RIBO Level 1 Blueprint, the policy must meet two primary criteria (Option C):
* Minimum Coverage: $100,000 in emergency medical protection (covering healthcare, hospitalization, and repatriation).
* Validity Period: The policy must be valid for at least one year (365 days) from the date of entry into Canada.
The policy must be issued by a Canadian insurance company and must be paid in full (though some insurers allow monthly payments with specific proof of coverage). The broker's role in Consulting and Advising is to ensure that the policy wordings are "compliant" with the current IRCC framework for 2026.
Failing to provide the correct limit or duration could result in the client's visa application being rejected.
Furthermore, the broker must warn the client about pre-existing condition exclusions, which are common in VTC policies. This technical knowledge is vital for Risk Identification and Assessment, ensuring that the visitor is not just "legal" but actually protected from the high costs of Canadian medical care. Mastery of these specific mandates demonstrates Professionalism and the ability to manage Relationship Management with multi-generational families navigating the complexities of Canadian immigration.
NEW QUESTION # 70
Joe and Cindy purchase coverage for their very first car with an effective date of June 20th, 2023 at 12:01 AM. They sign the documents on June 10, 2023. Cindy and Joe pick up the car early on June 15, 2023. They get into an accident with another car on their way home. Is the damage to the vehicle covered and why?
Answer: C
Explanation:
The correct answer is B because insurance coverage begins on the effective date and time shown on the policy
, not on the date the application or documents are signed. In this question, the policy was set to take effect on June 20, 2023 at 12:01 AM , but the accident happened on June 15, 2023 , which is before coverage started .
Since the loss occurred outside the policy period, the damage to the vehicle would not be covered under Joe and Cindy's policy.
A is incorrect because signing documents does not by itself create earlier coverage if the effective date is stated for a later time. C is also incorrect because the dealership's insurance does not automatically continue to protect the buyer once they have taken possession of the vehicle for their own use. That assumption would be unsafe and contrary to proper broker advice. D is not the best answer because while premium payment is important, the key issue here is the policy effective date , not whether the first premium had been paid.
From a RIBO perspective, this question tests understanding of when coverage attaches . A broker must clearly explain to clients that they must not take possession or drive a vehicle until insurance is actually in force.
NEW QUESTION # 71
A Broker is given two days notice from an insurance company that they are getting off risk for a small commercial property account. Which regulation or act outlines regulations governing how insurance companies must handle notice's of expiry or variation?
Answer: C
Explanation:
This question clarifies the jurisdictional boundaries of insurance law in Ontario. While the RIB Act (Option A) governs theconduct of brokers, the Insurance Act (Option B) governs theconduct of insurance companies and the mandatory terms of the insurance contracts themselves.
Under the Legal and Regulatory Compliance domain, a broker must know that the Insurance Act sets out the minimum requirements for how an insurer must communicate changes to a policy. Specifically, Statutory Condition 5 (Termination) and the regulations regarding the "Notice of Variation" or "Notice of Non- Renewal" mandate much longer timeframes than "two days." Typically, an insurer must provide at least 30 days' notice (and in some cases up to 45-60 days for specific classes) if they do not intend to renew a policy or if they are significantly changing the terms.
The RIBO Level 1 Blueprint requires brokers to act as the client's advocate when an insurer attempts to "get off risk" improperly. If a broker receives only two days' notice, they must recognize this as a violation of the Insurance Act. The broker's duty is to inform the insurer of the statutory requirement and protect the client's right to a reasonable transition period to find new coverage. This technical knowledge is essential for Information Management, ensuring that all parties adhere to the provincial standards designed to prevent consumers from being left suddenly uninsured. Understanding these rules is a core part of the Professionalism, Integrity, and Ethics required of an entry-level broker.
NEW QUESTION # 72
A building worth $120,000 is insured for $60,000 under a fire policy with an 80% co-insurance clause. Fire damages the building to the extent of $24,000. How much does the insurer pay?
Answer: B
Explanation:
The correct answer is D. $15,000 .
With a co-insurance clause , the insured must carry insurance equal to a stated percentage of the property value to avoid a penalty at claim time. Here, the building is worth $120,000 and the policy has an 80% co- insurance requirement . That means the insured should have carried:
$120,000 × 80% = $96,000
However, the building was only insured for $60,000 , which is less than the required amount. Because of that, the loss payment is reduced proportionately using the co-insurance formula:
Insurance carried ÷ Insurance required × Loss
$60,000 ÷ $96,000 × $24,000 = $15,000
So the insurer pays $15,000 , assuming no deductible is mentioned.
This is a classic RIBO commercial property calculation. Co-insurance encourages insureds to carry adequate insurance to value. If they underinsure, they become a co-insurer for part of the loss themselves. A is wrong because that is the policy limit, not the payable amount. B would only apply if the co-insurance requirement had been met. C does not match the formula. Brokers must understand co-insurance so they can explain underinsurance penalties clearly to clients.
NEW QUESTION # 73
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