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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% |
| Exam Format: | Multiple Choice |
| Available Languages: | English |
| Related Certifications: | RIBO Level 3 - Principal Broker RIBO Level 2 - Acting Under Supervision |
| Real Exam Qty: | 100 |
| Exam Price: | $300 |
| Exam Duration: | 180 minutes |
| 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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27. Frage
Sally and Tammy rent a vehicle for a trip to New York. Sally is listed as a driver on a private passenger vehicle policy in Ontario and has the Ontario Policy Change Form (OPCF) 27 coverage on her policy, but Tammy made the reservation and Sally is listed as the driver. Tammy is not listed on anyone's policy. Who will be covered to drive the rental vehicle?
Antwort: B
Begründung:
The correct answer is C. Only Sally. The key issue is that Sally has OPCF 27 coverage , which is the Ontario endorsement for Legal Liability for Damage to Non-Owned Automobiles . FSRA explains that if an Ontario auto policy includes OPCF 27 , the insured already has coverage for damage to a vehicle they do not own, such as a rental vehicle, and that this protection applies in Canada and the United States .
The OAP 1 also gives a helpful example: when your friend rents a car and you are driving it , if insurance is available under your own policy, then your insurer may respond after any available coverage under the renter' s policy. In this question, Tammy is the one who made the reservation, but Tammy is not listed on any policy
, so there is no separate policy coverage for Tammy to rely on. Sally, however, does have insurance available under her own policy , including OPCF 27, so she is the one covered for driving the rental vehicle.
A is incorrect because Tammy has no policy-based coverage described. B is wrong because Sally does have coverage. D is wrong because Tammy is the renter but not the insured driver with OPCF 27. This tests the distinction between the person renting the car and the person whose own policy extends coverage to a non- owned automobile .
28. Frage
A building worth $500,000 is insured for $300,000 with a 90% co-insurance clause. A fire causes $200,000 damage. How much does the insurer pay?
Antwort: B
Begründung:
This question tests the Critical and Analytical Thinking competency through a mathematical application of the Co-insurance Clause, a fundamental concept in commercial and some personal property insurance. The purpose of the co-insurance clause is to encourage the insured to maintain adequate limits of insurance relative to the value of the property. If the insured fails to meet the required percentage, they become a "co- insurer" and must share in the loss.
The formula for co-insurance is: (Amount of Insurance Carried / Amount of Insurance Required) x Amount of Loss = Claim Payment.
In this scenario:
* Value of building: $500,000.
* Required amount (90%): $500,000 x 0.90 = $450,000.
* Amount carried (Did): $300,000.
* Amount required (Should): $450,000.
* Loss: $200,000.
Calculation: ($300,000 / $450,000) x $200,000 = (2/3) x $200,000 = $133,333.33.
The RIBO Level 1 Blueprint emphasizes that brokers must not only perform this calculation but also explain the implications of underinsurance to their clients during the Consulting and Advising phase. By failing to insure the building for at least $450,000, the client has suffered a penalty of $66,666.67 on a $200,000 loss. A broker's ability to identify this risk and assess the correct replacement cost value is vital to avoiding Errors and Omissions (E&O). This calculation demonstrates the practical application of property valuation and the contractual consequences of failing to maintain insurance to value, ensuring the broker provides a professional assessment of the client's financial exposure.
29. Frage
In the event of a theft of a three-year-old laptop, the insurer offers a settlement based on "Actual Cash Value" (ACV) because the insured does not have a Replacement Cost endorsement. How is this settlement amount determined?
Antwort: C
Begründung:
This question explores the Principle of Indemnity and the technical application of Property Valuation within the Critical and Analytical Thinking competency. Actual Cash Value (ACV) is the "traditional" method of settlement in property insurance, designed to return the insured to their exact financial position just prior to the loss.
ACV is calculated as Replacement Cost minus Depreciation (Option C). For a three-year-old laptop, the insurer first determines what a "like kind and quality" laptop would cost today. They then apply a
"depreciation" factor based on the age, condition, and expected lifespan of the device. Because technology depreciates rapidly, the ACV settlement will be significantly lower than the original purchase price.
Under the RIBO Level 1 Blueprint, a broker must be able to perform this mental "valuation check" during Consulting and Advising. If a client carries a "Standard" fire policy or a "Named Perils" form that does not include Replacement Cost, they will be disappointed by an ACV settlement. The broker's role is to identify this risk and recommend a Replacement Cost Endorsement for contents.
By explaining the "depreciation" concept clearly, the broker fulfills their duty of Information Management and ensures the client understands the difference between "indemnity" and "new for old" coverage. This prevents disputes during Claims Services and protects the broker from Errors and Omissions (E&O) claims where a client alleges they were never told about the lower settlement method. Accurate risk assessment regarding valuation is a hallmark of a competent entry-level broker.
30. Frage
Which of the following would be considered a "material change in risk"?
Antwort: A
Begründung:
This question addresses Statutory Condition 4 (Material Change) under the Insurance Act of Ontario. A material change is defined as a change within the knowledge and control of the insured that is substantial enough to affect the insurer's decision to maintain the policy or the rate of premium charged.
Under the RIBO Level 1 Blueprint, a broker must distinguish between routine maintenance (Options A, C, and D) and changes that significantly alter the physical hazard of the property. The installation of a woodstove (Option B) is a classic example of a material change. Woodstoves introduce a high risk of fire due to potential improper installation, creosote buildup, or improper ash disposal. If an insurer had known a woodstove was present, they might have required a WETT inspection, increased the premium, or declined the risk altogether.
The broker's role in Consulting and Advising is to remind clients that they have a legal duty to report such changes "promptly." Failure to report a material change can give the insurer grounds to void the policy or deny a claim related to that change. This is a critical point in Legal and Regulatory Compliance. While painting or replacing carpets are "cosmetic" and do not affect the risk profile, the broker must act as an educator to ensure the client understands what constitutes a "substantial" change. This technical precision protects the broker from Errors and Omissions (E&O) and ensures the client's coverage remains valid and enforceable throughout the policy term.
31. Frage
What is the minimum Third Party Liability limit that every motorist must carry by law in the province of Ontario?
Antwort: A
Begründung:
This question tests the foundational Legal and Regulatory Compliance knowledge of the Compulsory Automobile Insurance Act and the Insurance Act of Ontario. Every motor vehicle operated on a public road in Ontario must be insured for at least a minimum "statutory" limit of Third Party Liability.
Under the RIBO Level 1 Blueprint, a broker must know that this legal minimum is $200,000 (Option B). This limit is intended to cover both bodily injury and property damage to third parties. Of this $200,000, the law provides a "priority of payment" where $190,000 is reserved for bodily injury claims and $10,000 is reserved for property damage in the event that the total claims exceed the limit.
While $200,000 is the legal minimum, the Consulting and Advising competency requires a broker to explain that this amount is woefully inadequate in the modern legal environment. A single serious injury can result in a judgment of millions of dollars. Therefore, a broker should almost always recommend $1,000,000 or
$2,000,000 as the "professional standard" (Option D).
The RIBO Competency Profile emphasizes that the broker's role is to ensure the client is not just "legal," but
"protected." If a broker only issues the $200,000 minimum without explaining the risk of being underinsured, they could be held liable for an Errors and Omissions (E&O) claim if the client is later sued for a higher amount. This technical knowledge is a "core requirement" for an entry-level broker, ensuring they can fulfill the statutory requirements while acting as a diligent risk manager for the public.
32. Frage
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