Latest IIC RIBO-Level-1 Actual Free Exam Questions & Community Discussion, Page 4

Question #43

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 am September 1st, 2026.

B. 12:01 am October 1st, 2025.

C. 9:00 pm September 1st, 2026.

D. 12:01 pm October 1st, 2025.

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Correct Answer: A Vote an answer

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Question #44

What is NOT a duty of the RIBO Qualification and Registration (Q & R) Committee?

A. To report candidates to Disciplinary Committees.

B. To determine the eligibility of applicants for certificates or renewals.

C. To refuse to issue certificates and renewals to non-eligible applicants.

D. To maintain one or more registers for certificates and renewals.

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Correct Answer: A Vote an answer

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Question #45

The Insured's contents have been removed from their premises due to an insured peril. Under the property policy, how long will the Insured contents be covered?

A. 60 days or until the policy term ends, whichever comes first.

B. 30 days or until the policy term ends, whichever comes first.

C. 25 days or until the policy term ends, whichever comes first.

D. 15 days or until the policy term ends, whichever comes first.

Discussion 0

Correct Answer: B Vote an answer

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Question #46

A Level 1 broker is interested in removing their "Acting Under Supervision" restriction to become a Level 2 (Unrestricted) broker. According to the RIBO licensing structure, what is the standard requirement to achieve this advancement?

A. Complete 2 years of experience as a Level 1 broker and pass the Level 2 (Technical) examination.

B. There is no longer a Level 2; all brokers move directly from Level 1 to Level 3 Management.

C. Simply complete 24 hours of Continuing Education (CE) credits in a single year.

D. Complete 1 year of experience as a Level 1 broker and obtain a recommendation from their Principal Broker.

Discussion 0

Correct Answer: A Vote an answer

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Question #47

According to Ontario Regulation 991, Section 16, within how many banking days must a broker deposit trust money into a trust account after receiving it?

A. Immediately.

B. 3 banking days.

C. 5 business days.

D. 30 days.

Discussion 0

Correct Answer: B Vote an answer

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Question #48

Your insured is involved in an accident and the insured's automobile is heavily damaged. Repairs are estimated at $7,500. The insured calls to advise you that the insurer does not intend to have the vehicle repaired, but will make a cash settlement, as its actual cash value is shown in the "Red Book" as $5,000. What should you tell your insured?

A. Post on social media about the matter to bring pressure on the insurer for a better settlement through the publicity it will generate.

B. Sue the insurer for the full $7,500.

C. The insured is entitled to obtain an appraisal, but must share the costs equally with the insurer.

D. The insurer is obliged to pay the full cost of the repairs if your insured wants the car to be repaired.

Discussion 0

Correct Answer: C Vote an answer

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Question #49

A member of the public comes to see you to obtain automobile insurance. They bring a current Motor Vehicle Abstract of Driving Record which shows a recently completed term of License Suspension. You decide you do not want that person as a client. What are you legally obliged or allowed to do?

A. Give them a blank application to be completed, which you must then forward to an insurer.

B. Refer them to another broker for coverage.

C. Tell them you cannot arrange insurance for someone whose license has only recently been reinstated.

D. Bind coverage with an insurer for minimum PL & PD and Accident Benefits and submit an application for rating.

Discussion 0

Correct Answer: A Vote an answer

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Question #50

A broker discovers the client does not have sewer back up coverage, and that the location now qualifies for it.
What should the broker do next?

A. Notify the client 60 days prior to renewal, offer to quote & add.

B. Notify the client immediately, quote sewer backup, offer to add.

C. Notify the client 30 days prior to renewal, offer to quote & add.

D. Immediatley add the coverage, notify the client.

Discussion 0

Correct Answer: B Vote an answer

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Question #51

Ability Insurance Inc. is non-renewing Arshad's policy. Arshad's son has a major conviction that does not fall within Ability Insurance acceptability criteria. Broker Luisa recommends Arshad to exclude his son from the policy so Ability Insurance can offer a renewal. Which endorsement is required to exclude Arshad's son from the policy?

A. OPCF 28.

B. OPCF 48.

C. OPCF 28A.

D. OPCF 8.

Discussion 0

Correct Answer: C Vote an answer

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Question #52

What is NOT a good procedure for Cyber Management?

A. Receiving updated banking information from a client through email.

B. Receiving credit card details from a client through email.

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

D. Making a credit card payment through an insurer's website.

Discussion 0

Correct Answer: B Vote an answer

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Question #53

What is the mandate of the Canadian Council of Insurance Regulators (CCIR.?

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

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

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

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

Discussion 0

Correct Answer: D Vote an answer

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Question #54

John, a newly licensed broker, learns about cybersecurity insurance from a friend but feels unsure about some aspects. With clients seeking advice, what steps should he take to improve his knowledge and assist them better?

A. Enroll in a specialized online course focused on cybersecurity insurance.

B. Assume that his current level of understanding will suffice for client interactions.

C. Forward any client inquiries about cybersecurity insurance to a more experienced broker.

D. Wait until he encounters a specific client query before seeking more knowledge.

Discussion 0

Correct Answer: A Vote an answer

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Question #55

Which statement regarding the Uninsured Automobile Coverage in your insured's O.A.P. 1 Owner's Policy policy is CORRECT?

A. It only covers bodily injury but never accidental damage to the insured's own automobile.

B. It provides coverage for liability to others in case your insured forgets to renew their policy.

C. It includes a certain amount of coverage for accidental damage to the insured's automobile caused by a hit and run automobile, where neither the owner nor driver of the other automobile is identified.

D. It includes a certain amount of coverage for accidental damage to the insured's automobile provided the owner or driver of the uninsured automobile is identified.

Discussion 0

Correct Answer: D Vote an answer

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Question #56

Newly acquired automobiles are automatically covered under an O.A.P. 1 Owner's Policy provided the insurer is notified:

A. within 21 days.

B. within 14 days.

C. within 7 days.

D. as soon as practicable.

Discussion 0

Correct Answer: B Vote an answer

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