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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 |
| Available Languages: | English |
| Certificate Validity Period: | Annual renewal required |
| Related Certifications: | RIBO Level 3 Management Broker License RIBO Level 2 Technical/Commercial Broker License |
| Exam Price: | 300 USD / CAD 300 |
| Exam Format: | Multiple-choice questions |
| Real Exam Qty: | 100 scored + 15 unscored pilot questions |
| Passing Score: | 75% (75/100) |
| Exam Duration: | 180 minutes |
| Recommended Training: | RIBO Official Study Materials & Exam Blueprint Insurance Institute of Canada Preparation Courses |
| 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 # 76
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: C
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 # 77
Simon's spouse was riding the family's watercraft when it hit a swimmer. The watercraft is 3 meters long and has a 16 Horse Power Motor and it's not scheduled under their personal property insurance. As a result of the accident, Simon is being sued for medical expenses and minor injuries that the swimmer sustained. Does Simon have coverage under their property insurance and why?
Answer: D
Explanation:
This question explores the Personal Liability (Section II) limits of a standard Homeowners policy regarding watercraft. Under the RIBO Level 1 Blueprint, a broker must be able to identify which "toys" or specialized vehicles are automatically covered and which require a specific endorsement.
Standard Homeowners forms typically extend liability coverage to watercraft that meet certain size and power restrictions. While these limits can vary slightly by insurer, the "industry standard" for outboard motors is often 16 to 25 horsepower (HP) and a length of 8 meters (approx. 26 feet) or less.
In Simon's case, the watercraft is very small (3 meters) and its motor (16 HP) falls exactly within the standard threshold for automatic extension. Because it meets these criteria, the policy's Coverage E (Legal Liability) will respond to the lawsuit from the swimmer, even though the watercraft was not specifically listed or
"scheduled" on the policy. Additionally, liability coverage under a homeowners policy extends to the named insured's spouse and relatives living in the same household, making Option A incorrect.
As part of Consulting and Advising, a broker must proactively ask clients about their watercraft. If Simon were to upgrade to a 40 HP motor, he would lose this automatic protection and would need to add a Watercraft Endorsement. Failing to identify this "horsepower cliff" could lead to an Errors and Omissions (E
& O) claim. This technical knowledge is essential for accurate Risk Assessment and Classification, ensuring that the client's lifestyle activities do not outpace their insurance protection.
NEW QUESTION # 78
When is a Vacancy Permit required in order to continue fire insurance on a property?
Answer: A
Explanation:
The correct answer is B because a Vacancy Permit is generally required when a property becomes vacant , meaning the occupants have moved out and there is no present intention of normal occupancy continuing . In insurance, there is an important distinction between vacant and unoccupied . A vacant building is typically one that is empty of people and, in a practical sense, no longer being lived in as a residence. This creates a much greater hazard for insurers because losses such as fire, vandalism, water damage, or malicious acts may go undetected for longer and may become more severe.
A is not the best answer because a person away on vacation may leave the dwelling unoccupied , but that does not automatically make it vacant. C is incorrect because the home is still being occupied by the spouse, so the property is not vacant. D is also not vacancy, because weekend use means the premises still continues to be occupied on a recurring basis.
From a RIBO perspective, this question tests a broker's understanding of a key underwriting distinction in property insurance. When a dwelling becomes truly vacant, the broker must notify the insurer and arrange appropriate permission or endorsement, otherwise coverage for fire and other perils may be restricted or voided.
NEW QUESTION # 79
Which factor determines the class of a commercial auto?
Answer: D
Explanation:
The correct answer is C. The type of cargo carried because, in commercial auto underwriting, the use of the vehicle and the nature of what it carries are major factors in determining its class. Insurers classify commercial automobiles based on the exposure they present. A vehicle hauling hazardous materials, heavy equipment, refrigerated goods, or general merchandise may fall into different underwriting categories because each type of cargo creates a different level of risk.
A). The driving record of the driver is important for rating and underwriting, but it does not determine the class of the commercial auto itself . B. History of the owner of the vehicle may influence the insurer's willingness to write the risk, but it is not the main classification basis for the vehicle. D. Location where the vehicle is garaged can affect territory rating and premium, but it does not determine the commercial class in the same way that business use and cargo type do.
From a RIBO perspective, this question tests the broker's ability to distinguish between classification factors and rating factors . Commercial auto classes are tied mainly to the vehicle's business purpose and exposure.
Understanding what the vehicle carries helps the broker place the risk correctly and avoid misclassification that could affect both premium and coverage.
NEW QUESTION # 80
Claudia contacts the Broker requesting a binder certificate for the second mortgage with a private lender.
What is NOT an underwriting concern with this request?
Answer: A
Explanation:
This question addresses Moral Hazard and Financial Risk Assessment within the property insurance underwriting process. When a client seeks a second mortgage, especially from a "private" (unregulated) lender, it is a significant "red flag" for underwriters. Under the RIBO Level 1 Competency Profile, a broker must be able to identify "material facts" that might affect an insurer's decision to accept a risk.
Underwriting concerns in this scenario include:
Financial Hardship (B): A second mortgage often indicates the client is struggling to meet financial obligations. Statistics show that individuals under extreme financial stress have a higher frequency of claims.
Unregulated Lender (A): Unlike chartered banks, private lenders may have less stringent vetting or higher interest rates, further squeezing the insured's finances.
Moral Hazard/Staged Loss (C): The most severe concern is that the insured might intentionally cause a loss (e.
g., arson) to collect insurance money and pay off the debt.
However, Option D (the lender's location) is generally not an underwriting risk concern. While it might pose a minor administrative hurdle for sending certificates, it does not change the likelihood of a fire or a liability claim. Under Critical and Analytical Thinking, the broker must distinguish between "logistical facts" and
"material risk facts." The broker's role is to gather this information and present it to the underwriter candidly.
Failing to disclose a second mortgage is a breach of Statutory Condition 1 (Misrepresentation), which could void the policy. Understanding these "warning signs" is essential for proper Risk Assessment and Classification.
NEW QUESTION # 81
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