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Guide for RIBO-Level-1: Insurance Institute RIBO Level 1 Entry-Level Broker

Quiz RIBO-Level-1: Insurance Institute RIBO Level 1 Entry-Level Broker

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/ 10

Quiz

1/10
Who is a Broker NOT permitted to pay a referral fee to?
Select the answer
1 correct answer
A.
A realtor.
B.
A life insurance Agent/Broker.
C.
A car salesperson.
D.
A mortgage Broker.

Quiz

2/10
What does a medical questionnaire for Travel insurance determine?
Select the answer
1 correct answer
A.
The medical condition of the client to confirm if they can travel.
B.
The client's eligibility and rate category.
C.
The amount of coverage and deductible the company can offer the client.
D.
Mode of travel and length of stay for client.

Quiz

3/10
Rashid has purchased a new home that has a woodstove but no current Wood Energy Technology
Transfer (WETT) inspection. Coverage is needed for the home closure in 14 days. Company ABC has
agreed to provide insurance as long as the WETT inspection is provided within 30 days of possession.
What should the Broker do?
Select the answer
1 correct answer
A.
Advise Rashid that the WETT inspection is required but no further action is needed.
B.
Advise Rashid to remove the woodstove upon possession, so that they can avoid the hassle of obtaining the WETT inspection.
C.
Advise Rashid of the inspection requirement and that the insurer may require removal of the unit if it does not pass the WETT inspection.
D.
Leave the existence of the woodstove off the application and policy until such time as a WETT inspection is completed.

Quiz

4/10
Stanley recently moved back to Ontario after living abroad for two years. He purchased a vehicle and
is asking his Broker for insurance quotes. One insurance company's quote is favourable but the
company prefers not to insure Stanley because of the gap in his insurance history. What should the
Broker do to act within the scope of his agreement with the insurance company?
Select the answer
1 correct answer
A.
Obtain approval for the risk from the Principal Broker for approval and then submit the completed application to the insurer.
B.
Discuss the risk with the insurer's underwriter for binding approval and then submit the completed application to the insurer.
C.
Discuss the risk with colleagues first and then submit the completed application to the insurer.
D.
Submit the application without the driving gap as this will get Stanley the best rate.

Quiz

5/10
John's Excavating commercial liability policy shows the description of operation as construction. John
advises his Broker that he will be doing some snow removal for a period of 60 days. What should
John's Broker do?
Select the answer
1 correct answer
A.
Advise the client that no action is required as the snow removal is being done for a short period of time.
B.
Advise the client there is automatic coverage under the Commercial General Liability policy for additional operations.
C.
Advise the client that the change in operations will be reported to the insurance company.
D.
Advise the client to delay the snow-removal work until the policy renews to avoid complications.

Quiz

6/10
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?
Select the answer
1 correct answer
A.
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.
B.
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.
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 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.

Quiz

7/10
Misrepresentation discovered by an insurer may result in the policy being voided. What circumstance
must the insurer show occurred to legally void the policy?
Select the answer
1 correct answer
A.
The misrepresentation was malicious.
B.
The misrepresented fact was material to the risk.
C.
The misrepresentation was the result of extreme carelessness by the insured's broker.
D.
The misrepresented fact was the product of collusion between the insured and the broker.

Quiz

8/10
A Secondary Residence has a main building with two detached private structures on the same
premises. Under the 10% provision of the Secondary Residence Building and/or Contents Form, what
is the maximum which may be claimed for the loss of either one of these detached private
structures?
Select the answer
1 correct answer
A.
10% of the total amount of insurance
B.
Obtained by dividing the amount of insurance in the proportions that the value of each structure bears to the total value of both structures at the time of loss
C.
Obtained by dividing the amount of insurance by the number of structures
D.
An amount equal to the value of the damaged structure without regard to other structures

Quiz

9/10
Nearly every insurance policy has Policy Conditions which are common to all policies issued in a
particular class. Some policies also contain Statutory Conditions. Which of the following class of
insurance policies contain Statutory Conditions?
Select the answer
1 correct answer
A.
Fire insurance policy.
B.
Liability insurance policy.
C.
Burglary insurance policy. . Marine insurance policy.

Quiz

10/10
A building worth $500,000 is insured for $300,000 with a 90% co-insurance clause. A fire causes
$200,000 damage. How much does the insurer pay?
Select the answer
1 correct answer
A.
$100,000
B.
$122,222.22
C.
$200,000
D.
$133,333.33
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  • Quiz name:RIBO-Level-1: Insurance Institute RIBO Level 1 Entry-Level Broker
  • Total number of questions:214
  • Number of questions for the test:50
  • Pass score:80%

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