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IIC RIBO Level 1 Entry-Level Broker - RIBO-Level-1 Exam Practice Test

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Total 216 questions

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Question 1

Iqbal was involved in an automobile accident and was charged with the impaired operation of a motor vehicle.
As a result, the insurance company is declining to repair Iqbal's vehicle under his collision coverage. Iqbal is adamant that he was not impaired at the time of the accident. What should the Broker do?

A. Advise Iqbal that he has the option to file a not guilty response. Upon evidence that the impaired conviction is dismissed, the Broker will submit this documentation to the insurer for settlement under the collision coverage on his policy. B. Advise Iqbal that even though he was at fault in the accident he should seek legal council and bring suit against the other driver in the hopes that he could get some money to repair or replace his vehicle. C. Remind Iqbal that he should not have been driving while his ability to do so was impaired. Provide a quote for a new policy and include the surcharge that would follow an impaired conviction. D. Advise Iqbal that as he has been charged with impaired operation of a motor vehicle, he has voided his automobile policy, including the collision portion. There is nothing that can be done to repair or replace his vehicle under his insurance policy.

Correct Answer: A

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Question 2

Section II - Liability Coverage of the Homeowners Comprehensive policy provides coverage for Voluntary Payment for Damage to Property in which situation?

A. Damage to a ride-on lawn mower rented from a local rent-all establishment. B. Theft from insured's premises of a shotgun on loan from a local sporting goods store. C. Property of others damaged intentionally by the insured's 10 year old son. D. Damage caused by a guest, who backed an automobile into a portable barbecue which the insured had borrowed from a neighbour.

Correct Answer: C

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Question 3

Which of the following situations is covered under the "Watercraft, Outboard Motor Trailer, and Miscellaneous Equipment" coverage rider attached to a Homeowners policy?

A. Damage to the hull of the watercraft caused by ice resulting from failure to drain the compartments when the watercraft was stored for the winter. B. A loss, not otherwise excluded, to an insured outboard motor while being used by the insured in Florida. C. A scheduled boat and motor vessel used to carry cottagers from the marina to their island property for compensation. D. Damage caused by beavers using the watercraft as a winter home while in storage in the insured's boathouse.

Correct Answer: B

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Question 4

Which of the following is NOT TRUE of the "Replacement Cost" coverage under a Homeowners Comprehensive policy?

A. Replacement cost coverage for contents must be endorsed on to the policy. B. Replacement cost coverage applicable to both the building and personal property insured under the policy is basic coverage in all such policies. C. Replacement must be made with property of similar quality. D. Payment will be made without deduction for depreciation.

Correct Answer: B

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 5

Under a standard Mortgage Clause, what happens if the insured intentionally sets fire to their home?

A. The insurer will deny the claim to the insured, but will pay the mortgagee's interest in the property. B. The insurer will deny the claim to both the insured and the mortgagee. C. The insurer is required to pay both parties because the mortgage was in good standing. D. The insurer will pay the claim to the insured, but recover the funds from the mortgagee later.

Correct Answer: A

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 6

Taylor's automobile policy has not been renewed by their insurer as one of the listed drivers has four or more convictions on their driving record. Taylor's renewal date is 60 days away. What is the MOST appropriate way for the Broker to assist Taylor?

A. Re-quote the policy with the other carriers that are available, discuss all options with Taylor, and send a formal notification of the non-renewal to Taylor. B. Re-quote the policy with the other carriers that are available and forward the application to Taylor for their signature. C. Send formal written documentation to Taylor stating the insurer is non-renewing the policy and wait for direction from Taylor on the next steps. D. Contact the insurer to discuss the non-renewal of the policy and process an amendment to remove the driver with the convictions so that the renewal documents can be issued.

Correct Answer: A

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 7

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?

A. This type of wiring is significantly more prone to overheating and causing fires, representing a high physical hazard. B. Knob-and-tube wiring is illegal in Ontario and must be reported to the authorities. C. The insurer would be required to pay for the full upgrade of the wiring as part of any claim. D. Original wiring makes the building more difficult to renovate, reducing its resale value.

Correct Answer: A

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 8

A client has personal home insurance with the Broker. The client calls the Broker to discuss quotes for a property they are purchasing that will be converted to mini apartment building with 8 units inside. The Broker does not have experience with commercial properties. What should the Broker do?

A. Advise the client that they do not handle commercial and should find another Broker. B. Take all the information and submit to the insurer to add to the current home policy. C. Take the information from the client and submit it to commercial lines for review. D. Refer the client to a Broker who has the necessary expertise.

Correct Answer: C

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 9

Leo, a Broker, is working on four different requests for new Automobile Insurance quotes that are due by the end of the day. While working on the requests, Leo receives an email from an existing client about a Sewer Back-Up claim in progress. What should Leo do next?

A. Inform the clients that they will contact them once they have completed the Automobile quotes. B. In compliance with The All-Comers (TAC) Rule, continue working on the Automobile quotes and contact the client later in the day. C. Contact the client to assess the severity of the damage, provide reassurance and start the claims process. D. Assume the client has already reported the claim to their Insurance Company and take no action.

Correct Answer: C

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 10

When MUST brokers disclose conflicts of interest under the RIBO Mandatory Disclosures Guidance?

A. Within 30 days of policy issuance. B. When the client asks specifically about conflicts. C. As soon as possible and no later than at the time of quote. D. Prior to the renewal notice being sent.

Correct Answer: C

Explanation: Only visible for TrainingDump members. You can sign-up / login (it's free).

Question 11

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?

A. 12:01 pm October 1st, 2025. B. 12:01 am September 1st, 2026. C. 12:01 am October 1st, 2025. D. 9:00 pm September 1st, 2026.

Correct Answer: B

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Total 216 questions

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