RIBO Licensing Exam Information – Entry Level
To obtain your RIBO license you must pass the RIBO level 1 licensing examination. The examination consists of ninety (90) multiple choice questions and one (1) short answer case study. Each multiple choice question is worth one (1) mark and the case study is worth ten (10) marks. The passing mark is 75%. The time allowed to write the examination is three (3) hours. The examination was developed by a team of experienced insurance professionals, and is revised by-annually with any legislative changes to the insurance industry. It represents a practical minimum of insurance knowledge for an individual to deal directly with the public. It is expected that knowledge and understanding of the business will expand after the individual is registered and working in the general insurance industry.The majority of the questions are on personal lines, however there are also a few basic commercial lines questions. Sound knowledge of the main habitational and automobile policy forms and of travel insurance is important.
A policy wording booklet will be provided in the exam. Do not bring your own.
General (47%)
RIB Act and Regulations, Registration By-law
Principles and Practices in Insurance
Theory of Insurance
Insurance Contract
Meaning and Usage of Insurance Terms
Classes of Insurance
Purpose of Common Policies
Types of Insurers
Habitational Lines (18%)
Liability:
Comprehensive Personal Liability
Voluntary Medical Payments
Voluntary Compensation
Voluntary Property Damage
Contractual Liability
Owner’s Protective Liability
Residential Coverages: Fire and Extended Coverage
Seasonal and Secondary Residences
Homeowner’s Package
Tenant’s Package
Condominium Package
Personal Floaters
Vacancy Permit
Mortgage Clauses
Travel Insurance (5%)
Policy Conditions, Limitations and Claim Procedures
Automobile (20%)
OAP #1 – Owner’s Policy Form and Endorsements
Candidate should be familiar with coverage provided under OPF #2 – Driver’s Policy Form and OPF #6 – Non-Owned Automobile Policy Form
Case Study (10%)
ILScorp’s streaming-video RIBO exam preparation course will teach you the knowledge and skills needed to successfully challenge the RIBO Level 1 License Examination.
RIBO Licensing Exam Preparation Course Structure:
Online video course
15 Chapters
End of chapter quizzes
Review quizzes
Downloadable PDF workbook
Mock midterm
Mock RIBO licensing final exam
The RIBO license qualifies you to be an Insurance Broker. An Insurance Broker is a person that has permission to seek insurance quotations for an insured (client) or prospective client. A broker is not an insurance company employee. As a representative for the insured, brokers will approach several insurance companies in an attempt to provide quotations and coverage to adequately insure the client’s exposures. – Insurance Brokers Association Ontario
Sample RIBO Examination Questions
1. Before an insured can recover a loss under a fire insurance policy, it is necessary that:
a. the premium be paid.
b. the policy be countersigned.
c. an insurable interest exists.
d. the insured prove that fraud had not been committed.
2. Negligence is:
a. the failure to exercise the care that a reasonable person would take in a similar set of circumstances.
b. behaving in a manner expected of a reasonable and prudent person.
c. payment of insurance monies to a person injured by the insured persons.
d. exercising rights under an insurance policy to recover money paid to a third person.
Correct Answers: 1 (c) 2 (a)
Interested for subscription to prepare for RIBO entry level exam. please provide fee structure please
Hello Anil,
The ILS Level 1 RIBO Licensing Exam Preparation Course (L1 Program) has everything you need in one package to prepare you for your RIBO Level 1 General insurance licensing exam.
https://www.ilscorp.com/ribo-licensing-exam-preparation-course/
RIBO Level 1 General Insurance Licensing Exam Preparation Program includes:
L1 General & Adjuster Insurance Licensing online course – 13 Chapters
L1 Textbook hardcopy – 13 Chapters
L1 Workbook hardcopy – over 650 quiz questions
L1 Workbook Answer Key
L1 Flashcards – over 100 exam type mobile questions
Ontario Auto online course – includes newest updates from June 2016
An Insurance Professional’s Regulatory Responsibilities online course – ON council rules and code of conduct
L1 General & Adjuster Insurance Licensing Practice Exam
L1 RIBO Practice Exam
Access duration of 3 months – recommended study time of 80 – 120 hours
Price= $449.00 plus tax.
If I get 74% as mark mark, will they review it to see if I could get a pass mark?
Hello Rouchelle, 74% is so close!
The information provided by RIBO states the following:
The examination is marked by examiners and individuals are advised of their results by mail as soon as possible. For confidentiality reasons, examination result information will not be released by telephone, fax, or email. Candidates are advised that all examination results which are within one and/or two marks of a pass are reviewed and/or remarked prior to the release of the examination results.
http://www.ribo.com/examinations/
Hope this helps but I suggest you contact RIBO directly to discuss your exam. I wish you success!
Dana
Hi,
I wish to pursue RIBO and wish to join an insurance broking company in Ontario. Back in my home country, I had an experience of commercial insurance and corporate sales and wish to be in the same profile in Ontario too. Which level of RIBO would you recommend and is it necessary to start from Level 1 only ? I wish to also be contacted over the phone to understand the same in details for the course enrolment options.
Hello Rohan, RIBO does offer an Entry Level or Equivalency examination. Please speak with RIBO directly to determine what needs to be done for your specific situation.
Thank you!
Dana
I am SAP Fi and new to Canada, have no insurance background. What is recommended for me to do OTL or RIBO, Plz advise.
Thank You
Hello Manzoor,
We offer the ILS Level 1 RIBO or OTL Licensing Exam Preparation Course Program. This program has everything you need in one package to successfully prepare to pass your RIBO or OTL Level 1 General insurance licensing exam. All course material is completed entirely online. You can find more information about the Program and how to use it here:
https://www.ilscorp.com/ribo-licensing-exam-preparation-course/
We wish you success in your new career!
Dana
Hi
Hopefully you are doing well
I want to attempt level 1 but i have 2 jobs it’s quite difficult for me to gave 100% time what is the easiest way or exam (notes) to help me out please suggest. And do you provide any facility for exam Booking ?
Hello Mirza, we have a General Insurance Level 1 Licensing Exam preparation program that is self study and self paced. It contains online video course content as well as a hardcopy textbook and workbook, chapter quizzes and practice exams. Also included are mobile flashcards for study on the go! We recommend a minimum of 80 -120 hours of study time, completing all 12 chapters of the core course material, plus all additional online courses such as Ontario Auto,before attempting the final licensing exam. RIBO administers the final licensing exam and you need to book through them. They now have online options for exam sittings. If you’d like more information please call us and we’d be happy to assist!
Thank you
Dana