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| Certification Vendor: | Insurance Institute of Canada |
|---|---|
| Exam Name: | RIBO Level 1 Entry-Level Broker Exam |
| Exam Number: | RIBO-Level-1 |
| Exam Duration: | 180 minutes |
| Passing Score: | 75% |
| Related Certifications: | RIBO Level 3 - Principal Broker RIBO Level 2 - Acting Under Supervision |
| Available Languages: | English |
| Exam Format: | Multiple Choice |
| Exam Price: | $300 |
| Real Exam Qty: | 100 |
| 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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問題 #148
A homeowner decides to rent out their property as an Airbnb but does not inform their insurer. What could be the consequences of this material change?
答案：D
解題說明：
This question explores the concept of Material Change in Risk under Statutory Condition 1 (Misrepresentation) and Statutory Condition 4 (Material Change). In the RIBO Level 1 Blueprint, a broker must be able to identify when a change in the use of a property significantly alters the "physical or moral hazard" that was originally underwritten.
Standard homeowners' policies are designed for private residential use by the owner and their family.
Transitioning a home into a short-term rental (like an Airbnb) introduces a "commercial" element: there is higher foot traffic, guests are less familiar with the property's safety features, and the homeowner's liability exposure increases significantly. Because this change would likely lead an insurer to charge a higher premium, apply different terms, or decline the risk altogether, it is considered a material fact.
If the insured fails to notify the insurer, they have breached the contract. In the event of a loss (e.g., a guest accidentally starts a kitchen fire or sues for an injury), the insurer has the legal right to deny the claim (Option B) or even void the policy from the date the material change occurred. As part of Consulting and Advising, a broker must proactively ask clients about any plans for home-sharing. The RIBO Competency Profile emphasizes that the broker's role is to ensure the "suitability" of the coverage. By informing the insurer, the broker can help the client obtain the necessary "Home-Sharing Endorsement" or a specific commercial policy.
This ensures the client remains protected and the broker avoids an Errors and Omissions (E&O) claim for failing to advise the client on the consequences of non-disclosure.
問題 #149
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?
答案：C
解題說明：
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.
問題 #150
A well-known professional football player contacts you for Travel Health insurance. The football player tells you they intend to be scuba diving while away and asks if the Travel Health policy will respond to a claim if the football player is injured while in the water. How would you respond?
答案：D
解題說明：
This question explores the nuances of Specialty Lines within the Insurance Product Knowledge competency.
Travel Health insurance is not a "one-size-fits-all" product; it is highly contract-specific, particularly regarding exclusions for high-risk activities or professional occupations.
Under the RIBO Level 1 Blueprint, a broker must understand that "Hazardous Pursuits" or "High-Risk Sports" are standard exclusions in many travel policies. Some insurers exclude scuba diving altogether, while others only exclude it if the diver is not certified or exceeds a certain depth. Furthermore, being a professional athlete introduces another layer of risk that many standard underwriters are hesitant to accept, as an injury could lead to complex claims related to their professional career.
The correct professional response (Option B) highlights the broker's duty to conduct a Market Search. The broker cannot give a definitive "yes" or "no" without reviewing the specific wording of the carrier they intend to use. As part of Consulting and Advising, the broker must review the "Exclusions" section of various policies to find a "suitable" match for the client's specific needs. Failing to do so-and simply assuming coverage exists-could lead to a devastating Errors and Omissions (E&O) claim if the athlete is injured and the insurer denies the claim based on a "professional sports" or "hazardous activity" exclusion. This scenario reinforces the broker's role in Risk Identification and Assessment, ensuring that the client is fully aware of any limitations before they depart.
問題 #151
You meet with a client on July 1st to review a quote home insurance you previously provided to them on June
28th. During your meeting the client accepts the quote and requests that coverage begin on June 28th. What should happen next?
答案：C
解題說明：
The correct answer is C . A broker should not unilaterally backdate home insurance coverage simply because a quote was previously discussed or because the client now wants an earlier effective date. A quote is not the same as coverage , and the risk must still be accepted under the insurer's underwriting authority before coverage can properly attach. RIBO's Code of Conduct requires a broker to act only within their competence and authority, and not undertake insurance business in a way that creates unnecessary risk or misleads the client about what coverage is actually in force.
That makes A incorrect: meeting or quoting on June 28 does not itself create insurance coverage. B is not always automatically correct, because an earlier effective date might be possible, but only if the insurer agrees through proper underwriting authority. D is also not the best answer because the issue is not internal brokerage approval alone; the key approval must come from the insurer/underwriter who has authority to accept or decline the requested effective date.
Industry underwriting guidance also explains that a quote is only an estimate until underwriting is completed and the insurer decides whether and on what terms to issue the policy. So if the client wants coverage to start on June 28, the broker must contact the underwriter and obtain approval before confirming any backdated effective date .
問題 #152
According to the Statutory Conditions of a Fire Policy, how much notice must an insurer give when terminating a policy by registered mail?
答案：C
解題說明：
This question tests the broker's specific knowledge of Statutory Condition 5 (Termination) under the Insurance Act of Ontario. These conditions are legally mandated in every Fire, Automobile, and Accident and Sickness policy and cannot be altered. For an entry-level broker, knowing the exact timelines for termination is vital for Legal and Regulatory Compliance and protecting the client from a sudden loss of coverage.
The law provides two methods for an insurer to terminate a contract:
* Registered Mail: The insurer must provide 15 days' notice, starting the day after the notice is received at the post office to which it is addressed.
* Personal Delivery: The insurer must provide 5 days' notice if the document is handed directly to the insured.
It is a common error for students to confuse these two timelines or to assume a 30-day grace period exists.
The RIBO Level 1 Blueprint emphasizes that brokers must act as "gatekeepers" of these timelines. If an insurer cancels for non-payment or a material change in risk, the broker's Consulting and Advising duty is to immediately notify the client and attempt to place the risk elsewhere to avoid a gap in coverage.
Furthermore, the broker must understand that when an insurer terminates, the refund must be calculated on a pro-rata basis (the exact percentage of the unused premium). If the insured initiates the cancellation, the refund is usually short-rate (pro-rata minus an administrative fee). Understanding these rigid legal requirements is essential for providing accurate Claims Services and advice. Failure to properly manage the termination process could lead to an Errors and Omissions (E&O) claim if a loss occurs after a policy was improperly cancelled or if the client was not given the full statutory notice period to find a new carrier.
問題 #153
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