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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 |
| Real Exam Qty: | 100 scored + 15 unscored pilot questions |
| Passing Score: | 75% (75/100) |
| Exam Duration: | 180 minutes |
| Exam Price: | 300 USD / CAD 300 |
| Related Certifications: | RIBO Level 3 Management Broker License RIBO Level 2 Technical/Commercial Broker License |
| Exam Format: | Multiple-choice questions |
| 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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71. Frage
A building worth $100,000 is insured for $60,000 under a policy with an 80% co-insurance clause. Fire damages the building to the extent of $20,000. How much does the insurer pay?
Antwort: B
Begründung:
This question requires the application of Critical and Analytical Thinking to solve a standard Co-insurance math problem. The co-insurance clause is a contractual requirement designed to ensure that the insured pays a premium that is commensurate with the total value of the risk.
The calculation follows the formula: (Amount Carried / Amount Required) x Loss = Settlement.
* Value of the building: $100,000.
* Amount Required (80%): $100,000 x 0.80 = $80,000.
* Amount Carried: $60,000.
* Amount of Loss: $20,000.
Applying the formula: ($60,000 / $80,000) x $20,000 = 0.75 x $20,000 = $15,000.
Because the insured failed to maintain the required 80% limit, they must bear 25% of the loss themselves as a
"co-insurer." The RIBO Level 1 Blueprint stresses that a broker must not only be able to perform this calculation but also use it as a tool during Consulting and Advising. A broker's failure to identify that a building is underinsured can lead to an Errors and Omissions (E&O) claim if a client expects a $20,000 check and only receives $15,000. By identifying this risk early and assessing the correct building value, the broker ensures that the client is fully indemnified. This calculation demonstrates the practical application of the Principle of Indemnity and the consequences of underinsurance in the commercial property market.
72. Frage
What does a medical questionnaire for Travel insurance determine?
Antwort: C
Begründung:
In the realm of Travel Health Insurance, the medical questionnaire serves as the primary underwriting tool for assessing the risk associated with a traveler's health status. According to the RIBO Competency Profile, a broker must possess the technical knowledge to explain how insurers use these documents to classify risk.
The questionnaire's primary function is to determine eligibility-whether the applicant meets the insurer's basic criteria for coverage-and the rate category, which dictates the premium level based on the applicant's health history and pre-existing conditions.
Travel insurance differs from standard health insurance because it often focuses on "stability periods" for pre- existing medical conditions. The questionnaire asks detailed questions regardingmedications, recent hospitalizations, and chronic illnesses to place the applicant in a specific "tier" or "rating." If a client fails to provide accurate information, it constitutes misrepresentation, which is a violation of the Insurance Act and can lead to the denial of a claim or the policy being voidedab initio. While the questionnaire might provide an indication of health, its legal and commercial purpose is not to provide medical advice on whether a person is
"fit to travel" (which is a doctor's role), but to determine the financial terms of the insurance contract. As part of the Consulting and Advising competency, brokers must stress the importance of the principle of uberrimae fidei (utmost good faith) to the client, ensuring they understand that their answers directly impact the validity of the coverage and the cost of the policy.
73. Frage
A Broker wants to stay current with emerging industry trends and ensure they meet RIBO's continuing education (CE. obligations before their next renewal. Which action BEST demonstrates investigating new topics and confirming CE requirements to maintain compliance?
Antwort: D
Begründung:
The correct answer is C because it shows both parts of the broker's responsibility: verifying the current RIBO rules directly from the regulator and choosing relevant education to stay professionally current . RIBO states that the licence term runs from October 1 to September 30 , and brokers must complete their required CE hours by the end of that renewal period to remain in good standing. RIBO also sets specific category requirements, such as 8 hours per term for most licensed individuals , including at least 3 Technical hours and
1 Ethics hour .
Option A is not the best answer because coworkers may suggest useful courses, but a broker should not rely only on others to confirm compliance. Option B is incorrect because informal conversations and general social media browsing do not automatically qualify for CE credit. Option D is also wrong because CE must match RIBO's category requirements; taking only management courses could leave a broker short of required technical or ethics hours. RIBO has also clarified that, as of January 1, 2025 , brokers should obtain CE hours only from RIBO-accredited courses , reinforcing the need to check official requirements before enrolling.
This is the strongest example of compliance, self-directed learning, and professional diligence under RIBO expectations.
74. Frage
A brokerage's trust account must be used for which of the following purposes?
Antwort: C
Begründung:
The management of a Trust Account is one of the most strictly regulated activities under the Registered Insurance Brokers Act (RIB Act) and Ontario Regulation 991. In the Legal and Regulatory Compliance competency, a Level 1 broker must understand the legal distinction between "trust money" and "operating money." Trust money consists of premiums paid by clients that are intended for the insurance companies. Because the broker acts as a fiduciary, they do not "own" this money; they hold it in trust. The law requires that these funds be kept in a separate account, clearly labeled as a Trust Account, at a recognized financial institution.
The primary purpose (Option B) is to ensure that the money is always available to pay the insurers, protecting the consumer's coverage.
Any use of trust funds for business operations (Option C), personal loans (Option D), or even the premature withdrawal of commissions (Option A) is considered a severe form of professional misconduct and a breach of the RIBO Code of Conduct. Even if the money is replaced later, the act of "commingling" funds can lead to the immediate suspension or revocation of the brokerage's and the Principal Broker's licenses. The RIBO Level 1 Blueprint stresses that while a Level 1 broker may not manage the account directly, they must understand these rules to ensure they handle client checks and payments with the appropriate level of care.
Maintaining a "solvent" trust account is a fundamental requirement for the financial integrity of the brokerage and the protection of the public interest in the insurance transaction.
75. Frage
What is a key responsibility of a registered insurance broker according to the Registered Insurance Brokers (RIB. Act?
Antwort: B
Begründung:
The correct answer is B . A registered insurance broker's core statutory role under the Registered Insurance Brokers Act is to act for compensation in dealing with the public in the negotiation of insurance contracts .
Ontario's Regulation 991 under the Act also reflects this broker function by stating that every member acting on behalf of a member of the public in negotiating or placing contracts of insurance with one or more insurers must provide a policy or certificate of coverage within 21 days after placement. That wording confirms that negotiating or placing insurance for members of the public is a central broker responsibility.
The other options are incorrect. A is wrong because client premium handling is governed by trust and brokerage financial rules, not by maintaining a personal bank account. C is incorrect because a broker is not defined by representing only one insurer; in fact, brokers are generally expected to act independently and obtain appropriate coverage from available markets. RIBO guidance notes that the public generally expects brokers to have access to the market and "shop around" for suitable products. D is clearly wrong because insurance transactions must be conducted transparently, with proper disclosure and documentation, not anonymously.
76. Frage
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