Prepare for the Actual RIBO Insurance Broker RIBO-Level-1 Exam Practice Materials Collection [Q12-Q27]

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Prepare for the Actual RIBO Insurance Broker RIBO-Level-1 Exam Practice Materials Collection

RIBO Insurance Broker Certified Official Practice Test RIBO-Level-1 – Oct-2026

IIC RIBO-Level-1 Exam Overview:

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
Related Certifications:	RIBO Level 2 Technical/Commercial Broker License RIBO Level 3 Management Broker License
Real Exam Qty:	100 scored + 15 unscored pilot questions
Certificate Validity Period:	Annual renewal required
Exam Format:	Multiple-choice questions
Exam Duration:	180 minutes
Exam Price:	300 USD / CAD 300
Passing Score:	75% (75/100)
Available Languages:	English
Recommended Training:	Insurance Institute of Canada Preparation Courses RIBO Official Study Materials & Exam Blueprint
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/

NO.12 Kimberly has lost one of Kimberly’s diamond earrings and wishes to claim the loss. The earrings were not scheduled separately on Kimberly’s policy. What information would the broker provide Kimberly with respect to Kimberly’s claim?

Kimberly can claim the value of one earring subject to Kimberly’s deductible and special limits of insurance on Kimberly’s policy.

Kimberly can claim the value of the pair of earrings subject to Kimberly’s deductible and special limits of insurance on Kimberly’s policy.

Kimberly cannot claim for the loss of the pair of earrings as these were not scheduled on Kimberly’s property policy.

Kimberly can claim for the loss of the pair of earrings as Kimberly’s policy contains a replacement cost endorsement.

NO.13 Joe and Cindy purchase coverage for their very first car with an effective date of June 20th, 2023 at 12:01 AM. They sign the documents on June 10, 2023. Cindy and Joe pick up the car early on June 15, 2023. They get into an accident with another car on their way home. Is the damage to the vehicle covered and why?

Yes, because they already signed the papers.

No, because the accident occurred before the effective date of the policy.

Yes, because the dealership’s insurance will cover the vehicle until Joe and Cindy’s policy is in effect.

No, because auto insurance policies only cover damages after payment of the first premium.

NO.14 Under a standard Mortgage Clause, what happens if the insured intentionally sets fire to their home?

The insurer will deny the claim to both the insured and the mortgagee.

The insurer will pay the claim to the insured, but recover the funds from the mortgagee later.

The insurer will deny the claim to the insured, but will pay the mortgagee’s interest in the property.

The insurer is required to pay both parties because the mortgage was in good standing.

NO.15 What is NOT a good procedure for Cyber Management?

Receiving updated banking information from a client through email.

Making a credit card payment through an insurer’s website.

Receiving credit card details from a client through email.

Scanning a clients banking information to the Broker Management System to a clients file.

NO.16 Which of the following actions is MOST appropriate for a RIBO Level 1 licensee working under the supervision of a Principal Broker?

Take responsibility for establishing office policies and procedures.

Rely on the Principal Broker for guidance when uncertain about compliance with regulatory requirements.

Maintain all client communications and files without Principal Broker oversight.

Solicit insurance business in areas outside of the brokerage’s designated territory.

NO.17 Which statement is CORRECT regarding the application of a “Deductible Clause” in a property insurance policy?

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.

From the amount of the loss, the deductible is subtracted and the balance is paid in settlement of the loss.

The amount of the deductible is subtracted from the sum insured. Losses up to this amount are covered in full.

The amount of the deductible is added to the premium and all losses are covered in full.

NO.18 Which is NOT a type of valuation clause in a commercial policy?

Actual Cash Value.

Replacement Value.

Agreed or appraised amount.

Warranty Value.

NO.19 What amounts must be established when there is a co-insurance clause in a replacement cost policy?

The actual cash value of the property.

The replacement cost of the property.

The amount which could be obtained for the property in a sale.

The original cost of the property.

NO.20 What is NOT a form of Business Interruption insurance?

Gross Earnings Insurance.

Profits Insurance.

Extra Expense Insurance.

Consequential Loss Insurance.

NO.21 What is NOT the subject of a Statutory Condition?

Misrepresentation.

Protection of the property after loss.

Provisions for termination of the policy.

Basis for determining the amount of premium.

NO.22 What is the mandate of the Canadian Council of Insurance Regulators (CCIR.?

To facilitate public knowledge of the Ontario Auto and Homeowners Policies.

To regulate the insurers’ coverage and premiums in Ontario for the fair treatment of consumers.

To regulate and promote the fair treatment of the Canadian consumer.

To facilitate and promote an efficient and effective insurance regulatory system in Canada to serve the public interest.

NO.23 What is a Managing General Agent (MGA)?

An agency contracted to do business on behalf of insurers.

A broker contracted to do business on behalf of an insurer.

An insurance company contracted to do business.

A broker contracted to do business on behalf of an MGA.

NO.24 What can affect the amount of settlement an insured would receive as a result of an insured loss?

All perils rider.

Named perils rider.

Co-insurance clause.

Subrogation clause.

NO.25 The reason for a peak season endorsement added to a commercial retail business is to:

Provide coverage for the highest amount of inventory in a given year.

Increase the limit of insurance during specific time periods.

Average stock coverage over the course of the year.

Stabilize premiums over the course of the year.

NO.26 Nancy called Hula Brokers to set up a new policy. She told them she is picking up her vehicle at 9:00 pm on September 1st, 2025. When does Nancy’s policy expire?

12:01 pm October 1st, 2025.

12:01 am September 1st, 2026.

9:00 pm September 1st, 2026.

12:01 am October 1st, 2025.

NO.27 An underwriter is reviewing an application for a commercial property. They notice the building is over 50 years old and has original knob-and-tube wiring. Why is this a major concern for the underwriter?

Knob-and-tube wiring is illegal in Ontario and must be reported to the authorities.

This type of wiring is significantly more prone to overheating and causing fires, representing a high physical hazard.

Original wiring makes the building more difficult to renovate, reducing its resale value.

The insurer would be required to pay for the full upgrade of the wiring as part of any claim.

IIC RIBO-Level-1 Exam Syllabus Topics:

Topic	Details
Topic 1	Travel Health: Deals with travel medical insurance, including coverage for emergencies, eligibility, exclusions, and policy conditions for travelers.
Topic 2	Personal Lines Automobile: Explains automobile insurance basics such as coverage types, accident benefits, liability, and policy regulations for personal vehicles.
Topic 3	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 4	Personal Lines Habitational: Focuses on residential insurance including property coverage, risks, policy types, and protection for homeowners, tenants, and dwellings.
Topic 5	Commercial Lines: Covers insurance solutions for businesses, including property, liability, and risk management tailored to commercial operations.

Ace IIC RIBO-Level-1 Certification with Actual Questions Oct 09, 2026 Updated: https://www.vcedumps.com/RIBO-Level-1-examcollection.html

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