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IIC RIBO-Level-1 Exam Syllabus Topics:

Topic	Details
Topic 1	Personal Lines Habitational: Focuses on residential insurance including property coverage, risks, policy types, and protection for homeowners, tenants, and dwellings.
Topic 2	General Insurance and Industry Knowledge: Covers the fundamentals of insurance principles, policy structure, regulatory environment, and the roles of key stakeholders within the insurance industry.
Topic 3	Travel Health: Deals with travel medical insurance, including coverage for emergencies, eligibility, exclusions, and policy conditions for travelers.
Topic 4	Commercial Lines: Covers insurance solutions for businesses, including property, liability, and risk management tailored to commercial operations.
Topic 5	Personal Lines Automobile: Explains automobile insurance basics such as coverage types, accident benefits, liability, and policy regulations for personal vehicles.

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Free PDF 2026 Trustable IIC RIBO-Level-1: RIBO Level 1 Entry-Level Broker Exam Test Voucher

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IIC RIBO Level 1 Entry-Level Broker Exam Sample Questions (Q73-Q78):

NEW QUESTION # 73
Your insured has Comprehensive coverage on O.A.P. 1 Owner's Policy and informs you that they will be taking the car by ferry from Yarmouth, Nova Scotia to Bar Harbour, Maine. The insured asks if the policy would cover the loss of the automobile if the ferry sank in a storm. What do you tell them?

A. There would be no coverage unless a special Ferry Rider was added.
B. There would be no coverage as the ferry was not operating solely between Canadian ports.
C. Stranding or sinking while the automobile is being transported on water is only covered for Specified Perils, not Comprehensive.
D. The Comprehensive coverage would pay.

Answer: D

Explanation:
This question tests the broker's understanding of the "Loss or Damage" section of the Ontario Automobile Policy (OAP 1). Under Section 7, Comprehensive coverage is an "all-risks" type of protection that covers any loss or damage to the vehicle that is not specifically excluded.
According to the RIBO Level 1 Blueprint, a broker must know the territorial limits and specific peril inclusions of the OAP 1. Section 7.2.2 explicitly states that loss or damage caused by the stranding, sinking, burning, derailment, or collision of any conveyance in or upon which the automobile is being transported on land or water is covered. This means that if a vehicle is on a ferry, train, or transport truck, it is protected against the sinking or crashing of that transport method.
Furthermore, the OAP 1's Territorial Limits include Canada, the United States of America, and "upon a vessel between ports of those countries." Since the ferry is traveling between Nova Scotia (Canada) and Maine (USA), the vehicle remains within the covered territory. There is no requirement for a "Ferry Rider" or for the ports to be exclusively Canadian.
During Consulting and Advising, a broker should reassure the client that their Comprehensive coverage is robust enough to handle such maritime risks. This technical knowledge is vital for Risk Identification and Assessment, ensuring the broker can accurately confirm coverage for clients planning international or inter- provincial travel. Understanding these "hidden" inclusions within the standard policy wording is a hallmark of a professional broker who has mastered the technical details of the OAP 1.

NEW QUESTION # 74
A bank advises a Broker that their client's mortgage has not been paid for several months. What coverage is available to the Mortgagee on the client's Comprehensive Homeowner's Policy?

A. The Broker can request the insurance company to cancel the policy for non-payment.
B. The Broker can contact the client to advise of the Mortgage holder's concern.
C. There is no coverage for this on a Comprehensive Homeowner's Policy.
D. The Standard Mortgage Clause allows the insurance company to cancel the policy on behalf of the mortgagee.

Answer: C

Explanation:
The correct answer is B. because a Comprehensive Homeowner's Policy does not provide coverage for the borrower's failure to make mortgage payments . Home insurance protects against insured property and liability losses , such as fire, theft, water damage where covered, or legal liability claims. It is not a credit protection product and does not insure the lender against the client's simple non-payment of the mortgage loan.
The confusion often arises because mortgages are commonly shown on property policies under the Standard Mortgage Clause . That clause protects the mortgagee's insurable interest in the property in the event of a covered loss, even where the mortgagor's acts or neglect might otherwise prejudice coverage. But it does not mean the insurer steps in to make overdue mortgage payments or cancel the policy on the mortgagee's behalf because the loan is in arrears.
A). is incorrect because the Standard Mortgage Clause does not create that kind of payment or cancellation right. C. may be something a broker chooses to do as a service step, but it is not "coverage available to the mortgagee." D. is also incorrect because unpaid mortgage installments are separate from unpaid insurance premium.
From a RIBO perspective, this tests understanding of the difference between property insurance protection and loan repayment/default risk .

NEW QUESTION # 75
Which statement is CORRECT regarding the application of a "Deductible Clause" in a property insurance policy?

A. The amount of the deductible is subtracted from the sum insured. Losses up to this amount are covered in full.
B. The amount of the deductible is added to the premium and all losses are covered in full.
C. If the amount of the loss is less than the amount of the deductible, no indemnity is paid, but if the amount of the loss is greater than the deductible, the loss is paid in full.
D. From the amount of the loss, the deductible is subtracted and the balance is paid in settlement of the loss.

Answer: D

Explanation:
The Deductible Clause is a core component of the "Indemnity Agreement" in property insurance. Its primary purpose is to eliminate "nuisance claims"-small losses that cost more to process than they are worth-while encouraging the insured to practice Risk Retention for minor events.
Under the RIBO Level 1 Blueprint, a broker must accurately explain how a deductible affects a claim settlement. The standard rule (Option B) is that the deductible is subtracted from the total amount of the loss, and the insurer pays the remaining balance. For example, if a client has a $1,000 deductible and suffers a
$5,000 theft, the insurer issues a check for $4,000.
Option A describes a "Franchise Deductible," which is rare in modern general insurance. Option C is technically incorrect as the deductible applies to theloss, not thesum insured(though the final payment cannot exceed the sum insured).
In Consulting and Advising, a broker uses their Critical and Analytical Thinking to help the client choose an appropriate deductible level. Increasing a deductible can lead to significant premium savings, but the broker must perform a "financial assessment" to ensure the client has the liquidity to pay that amount out-of-pocket during a crisis. This is a fundamental part of Risk Identification and Assessment, as it balances the transfer of risk (to the insurer) with the intentional retention of risk (by the insured). Clear communication of this clause is vital for maintaining the Broker-Client Relationship and ensuring the client has realistic expectations during the Claims Services process.

NEW QUESTION # 76
Rashid has purchased a new home that has a woodstove but no current Wood Energy Technology Transfer (WETT) inspection. Coverage is needed for the home closure in 14 days. Company ABC has agreed to provide insurance as long as the WETT inspection is provided within 30 days of possession. What should the Broker do?

A. Advise Rashid to remove the woodstove upon possession, so that they can avoid the hassle of obtaining the WETT inspection.
B. Advise Rashid that the WETT inspection is required but no further action is needed.
C. Advise Rashid of the inspection requirement and that the insurer may require removal of the unit if it does not pass the WETT inspection.
D. Leave the existence of the woodstove off the application and policy until such time as a WETT inspection is completed.

Answer: C

Explanation:
The Consulting and Advising competency requires a broker to provide clear, full, and accurate information to the client regarding policy requirements and potential risks to coverage. In this scenario, the presence of a woodstove is a material fact because it significantly alters the fire risk of the dwelling. Most insurers in Ontario require a WETT inspection to ensure the unit is installed according to safety codes (e.g., proper clearances from combustible materials).
The broker's professional duty is to manage the client's expectations and disclose the conditional nature of the insurance binder. By choosing option C, the broker fulfills their ethical obligation to warn the client of the possible consequences if the inspection is not completed or if the unit fails. Failure to do so could lead to an Errors and Omissions (E&O) claim if the client is forced to remove an expensive heating unit unexpectedly or if a claim is denied due to a breach of the 30-day condition. Furthermore, following option D would be a direct violation of the RIB Act and Statutory Condition 1 (Misrepresentation), as it involves withholding a material fact from the insurer. The RIBO Blueprint highlights that a broker must act as a knowledgeable intermediary, ensuring that the client understands their obligations under the policy "subjectivities" set by the underwriter. This transparency builds Relationship Management and ensures the policy remains enforceable, protecting the interests of both the insured and the insurer.

NEW QUESTION # 77
Which statement BEST describes the coverage provided under a "Consequential Loss Assumption Clause" in a property policy?

A. Damage to frozen goods indirectly caused by a change in temperature resulting from an insured peril.
B. The right of an insurer to apply a deductible as a consequence of a loss.
C. A loss occurring as a direct consequence of careless driving.
D. The consumption of food off the premises.

Answer: A

Explanation:
This question explores the technical distinction between Direct Loss and Indirect (Consequential) Loss. In property insurance, a direct loss is the immediate physical damage to property by a peril (e.g., fire burning a wall). An indirect or consequential loss is a second-order effect of that damage.
Standard property policies generally only cover direct losses. However, the Consequential Loss Assumption Clause is a common addition that extends coverage to specific indirect losses. The most classic example is
"spoilage." If a fire (an insured peril) damages a building's electrical panel, causing the power to fail, and as a result, the food in a commercial freezer rots, the fire is the "direct" cause of the panel damage, but the
"indirect" cause of the food spoilage. Without this clause, the food loss might be denied because the fire didn't actually touch the food.
Under the RIBO Level 1 Blueprint, brokers must be able to identify these "hidden" risks during the Risk Identification and Assessment process. For businesses like grocery stores, restaurants, or laboratories, this clause is vital. This knowledge falls under Insurance Product Knowledge, where the broker must recognize that "indirect" doesn't mean "uninsurable." By ensuring this clause is included, the broker fulfills their duty to protect the client's total financial interest, preventing a potentially devastating out-of-pocket loss that could result in an Errors and Omissions (E&O) claim if the client assumed their contents were fully covered against all effects of a fire.

NEW QUESTION # 78
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