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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 |
| Exam Duration: | 180 minutes |
| Available Languages: | English |
| Exam Format: | Multiple-choice questions |
| Real Exam Qty: | 100 scored + 15 unscored pilot questions |
| Certificate Validity Period: | Annual renewal required |
| Related Certifications: | RIBO Level 2 Technical/Commercial Broker License RIBO Level 3 Management Broker License |
| Exam Price: | 300 USD / CAD 300 |
| Passing Score: | 75% (75/100) |
| Recommended Training: | Insurance Institute of Canada Preparation Courses RIBO Official Study Materials & Exam Blueprint |
| Exam Registration: | Insurance Brokers Association of Ontario (IBAO) Insurance Institute of Canada (IIC) |
| 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 # 181
Which of the following would be considered a Moral Hazard?
Answer: A
Explanation:
The correct answer is B. Client overstating value of stolen items because moral hazard relates to the character, honesty, or behaviour of the insured that increases the likelihood or severity of loss. In insurance, moral hazard is not about the physical condition of the property or the surrounding environment. Instead, it concerns attitudes or actions such as dishonesty, fraud, exaggeration of claims, intentional loss, or indifference to the insurer's interests.
A client who overstates the value of stolen items is creating a dishonest claims situation , which is a classic example of moral hazard. This kind of behaviour affects underwriting and claims handling because it suggests the insured may try to gain financially from the insurance contract beyond proper indemnification.
The other options are examples of physical hazard , not moral hazard. A. Poor wiring in a home is a physical condition that increases the chance of fire. C. Use of asbestos insulation is also a physical condition or construction feature that may affect risk. D. High traffic area prone to collisions is an external exposure hazard connected to location and frequency of accidents.
From a RIBO perspective, this question tests the broker's ability to distinguish between moral hazards and physical hazards . That distinction is important when assessing risk, identifying underwriting concerns, and recognizing possible fraud indicators.
NEW QUESTION # 182
Newly acquired automobiles are automatically covered under an O.A.P. 1 Owner's Policy provided the insurer is notified:
Answer: B
NEW QUESTION # 183
Under the O.A.P. 1 Owner's Policy, what is the purpose of the "Direct Compensation - Property Damage" (DCPD) section?
Answer: A
Explanation:
Direct Compensation - Property Damage (DCPD) is a pillar of the Ontario automobile insurance system designed to streamline the claims process and reduce litigation. Under the Legal and Regulatory Compliance domain, a broker must understand that DCPD allows an insured person to recover for vehicle damage and loss of use directly from their own insurance company, provided the accident occurred in Ontario, involved at least one other vehicle, and that other vehicle is also insured by a company licensed in Ontario.
The "Direct" in DCPD signifies that the insured does not need to sue the at-fault driver to receive compensation. The insurer pays the claim based on the degree to which the insured was not at fault, as determined by the Fault Determination Rules. This system is more efficient for the consumer because they only deal with their own broker and insurer, with whom they already have a relationship. It also prevents insurers from suing each other for small property damage claims, which keeps administrative costs lower.
As part of Consulting and Advising, a broker must explain that there is typically no deductible for a DCPD claim unless the insured has specifically chosen one. Furthermore, the broker must clarify that if the insured is found partially at fault, the DCPD portion of the policy pays for the "not-at-fault" percentage of the damage, while the "at-fault" portion is covered by the Collision section (subject to a deductible). The RIBO Blueprint emphasizes that brokers must be able to navigate these rules to provide superior Claims Services, ensuring the client understands that their own policy is the primary source of recovery for physical damage in a standard multi-vehicle Ontario accident.
NEW QUESTION # 184
What can affect the amount of settlement an insured would receive as a result of an insured loss?
Answer: A
Explanation:
The correct answer is C. Co-insurance clause because a co-insurance clause can directly reduce the amount payable at claim time if the insured has not carried insurance equal to the required percentage of the property' s value. This is a key settlement condition in property insurance. If the client underinsures the property, the insurer does not necessarily pay the full amount of a partial loss. Instead, the claim is adjusted using the co- insurance formula, which means the insured effectively shares part of the loss.
This is why co-insurance is so important in commercial and some property insurance settings. It does not determine whether a peril is covered, but it does determine how much of the covered loss will actually be paid
. A broker must therefore explain insurance-to-value clearly, because many clients assume a partial loss will always be paid in full up to the loss amount, which is not true where co-insurance applies.
A). and B. affect the scope of covered perils , meaning whether the cause of loss is insured, but they do not typically operate as a settlement reduction formula. D. concerns the insurer's right to recover from a responsible third party after paying the claim; it does not usually affect the amount initially paid to the insured.
From a RIBO perspective, this question tests understanding of claim settlement mechanics , not just coverage triggers.
NEW QUESTION # 185
According to the Statutory Conditions of an Automobile Policy (O.A.P. 1), if the insurer chooses to terminate the policy, they must provide a refund of the unearned premium. How must this refund be calculated?
Answer: D
Explanation:
This question explores Statutory Condition 11 (Termination) of the O.A.P. 1, a core component of the Legal and Regulatory Compliance domain. The law provides a balanced framework for how an insurance contract can be cancelled, protecting the financial interests of both the insured and the insurer.
When the insurer initiates the termination (for example, due to a change in the risk profile or non-payment), they are legally required to refund the unearned premium on a pro-rata basis (Option B). This means the insurer can only keep the portion of the premium for the days they actually provided coverage. They are not permitted to charge any "penalty" or "short-rate" fee for an exit they initiated.
Conversely, the RIBO Level 1 Blueprint requires brokers to know that if the insured requests the cancellation, the insurer is entitled to use a short-rate calculation, which allows them to retain a larger portion of the premium to cover the administrative costs of setting up the policy.
In the role of Consulting and Advising, a broker must explain these financial consequences to a client. For example, if a client wants to switch companies mid-term, the broker should warn them about the "short-rate" penalty they will face. This technical knowledge is essential for Relationship Management, as it avoids
"surprises" for the client when they receive their refund check. Understanding these rigid legal requirements is a fundamental competency for entry-level brokers, ensuring they can accurately calculate and explain policy changes while adhering to the provincial standards set by the Insurance Act.
NEW QUESTION # 186
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