RIBO Level 1 Exam Starter Pack
1. Exam Overview
- **Format**: 100 graded multiple-choice questions + 15 ungraded pilot questions.
- **Time**: 3 hours
- **Passing Grade**: 75%
- **Open-book**: Access to OAP1, RIB Act, RIBO By-laws, etc.
- **Rewrites**: After 2 failed attempts with the same provider, must wait 8 months.
2. Curriculum Blueprint (Approximate Weights)
Domain Weight Key Topics
General Insurance & Industry Knowledge 25% Principles, terms, insurers, contracts
Personal Lines – Habitational 25% Home, condo, tenant policies, endorsements
Personal Lines – Automobile 25% OAP1, accident benefits, optional coverages
Commercial Insurance 20% Property, BI, CGL, coinsurance, reinsurance
Travel Insurance 5% Medical, cancellation, baggage
Ethics, Legal & Regulatory Included RIBO rules, Act, bylaws, professionalism
3. Core Insurance Concepts
- **Insurable Interest**: The insured must suffer a loss if the insured object is damaged.
- **Indemnity**: Restores the insured to the same financial position before the loss.
- **Utmost Good Faith**: Both parties must disclose all material facts.
- **Subrogation**: Insurer steps into the insured’s shoes to recover from third parties.
- **Contribution**: If more than one policy applies, insurers share proportionally.
4. Personal Lines (Auto, Home, Condo, Tenant)
- **Auto (OAP1)**: Mandatory coverages (liability, accident benefits, DCPD, uninsured auto). Optional
coverages include collision, comprehensive, loss of use, waiver of depreciation.
- **Homeowners**: Coverage A (Dwelling), B (Detached structures), C (Personal property), D
(Additional living expenses). Exclusions: vacancy, wear/tear, intentional acts.
- **Condo**: Coverage for unit improvements, personal property, loss assessment.
- **Tenants**: Coverage for personal belongings, liability, additional living expenses.
5. Commercial Insurance
- **Commercial Property**: Named Perils vs Broad Form, coinsurance requirements.
- **Business Interruption (BI)**: Covers loss of income, extra expenses during downtime.
- **Commercial General Liability (CGL)**: Bodily injury, property damage, personal/advertising injury.
- **Commercial Auto**: Same structure as personal but tailored for fleets/business use.
6. Ethics & RIBO Regulatory Rules
- Brokers must be licensed and comply with RIB Act & By-laws.
- Duty to act in clients’ best interests; disclose conflicts of interest.
- Maintain confidentiality of client information.
- Professional conduct: honesty, fairness, integrity.
- Continuing education requirements.
7. Sample Practice Questions
1. Which of the following is NOT a principle of insurance?
a) Indemnity b) Insurable Interest c) Utmost Good Faith d) Profitability
**Answer: d**
2. Under OAP1, which of the following is a mandatory coverage?
a) Collision b) Comprehensive c) Uninsured Automobile d) Loss of Use
**Answer: c**
3. Coinsurance clause in commercial property insurance requires:
a) The insured to contribute to claims
b) The insured to maintain insurance equal to a percentage of property value
c) The insurer to reinsure part of the risk
d) Multiple insurers to cover the same risk
**Answer: b**
RIBO Level 1 Exam Starter Pack
1. Exam Overview
- **Format**: 100 graded multiple-choice questions + 15 ungraded pilot questions.
- **Time**: 3 hours
- **Passing Grade**: 75%
- **Open-book**: Access to OAP1, RIB Act, RIBO By-laws, etc.
- **Rewrites**: After 2 failed attempts with the same provider, must wait 8 months.
2. Curriculum Blueprint (Approximate Weights)
Domain Weight Key Topics
General Insurance & Industry Knowledge 25% Principles, terms, insurers, contracts
Personal Lines – Habitational 25% Home, condo, tenant policies, endorsements
Personal Lines – Automobile 25% OAP1, accident benefits, optional coverages
Commercial Insurance 20% Property, BI, CGL, coinsurance, reinsurance
Travel Insurance 5% Medical, cancellation, baggage
Ethics, Legal & Regulatory Included RIBO rules, Act, bylaws, professionalism
3. Core Insurance Concepts
- **Insurable Interest**: The insured must suffer a loss if the insured object is damaged.
- **Indemnity**: Restores the insured to the same financial position before the loss.
- **Utmost Good Faith**: Both parties must disclose all material facts.
- **Subrogation**: Insurer steps into the insured’s shoes to recover from third parties.
- **Contribution**: If more than one policy applies, insurers share proportionally.
4. Personal Lines (Auto, Home, Condo, Tenant)
- **Auto (OAP1)**: Mandatory coverages (liability, accident benefits, DCPD, uninsured auto). Optional
coverages include collision, comprehensive, loss of use, waiver of depreciation.
- **Homeowners**: Coverage A (Dwelling), B (Detached structures), C (Personal property), D
(Additional living expenses). Exclusions: vacancy, wear/tear, intentional acts.
- **Condo**: Coverage for unit improvements, personal property, loss assessment.
- **Tenants**: Coverage for personal belongings, liability, additional living expenses.
5. Commercial Insurance
- **Commercial Property**: Named Perils vs Broad Form, coinsurance requirements.
- **Business Interruption (BI)**: Covers loss of income, extra expenses during downtime.
- **Commercial General Liability (CGL)**: Bodily injury, property damage, personal/advertising injury.
- **Commercial Auto**: Same structure as personal but tailored for fleets/business use.
6. Ethics & RIBO Regulatory Rules
- Brokers must be licensed and comply with RIB Act & By-laws.
- Duty to act in clients’ best interests; disclose conflicts of interest.
- Maintain confidentiality of client information.
- Professional conduct: honesty, fairness, integrity.
- Continuing education requirements.
7. Sample Practice Questions
1. Which of the following is NOT a principle of insurance?
a) Indemnity b) Insurable Interest c) Utmost Good Faith d) Profitability
**Answer: d**
2. Under OAP1, which of the following is a mandatory coverage?
a) Collision b) Comprehensive c) Uninsured Automobile d) Loss of Use
**Answer: c**
3. Coinsurance clause in commercial property insurance requires:
a) The insured to contribute to claims
b) The insured to maintain insurance equal to a percentage of property value
c) The insurer to reinsure part of the risk
d) Multiple insurers to cover the same risk
**Answer: b**
RIBO Level 1 Exam Starter Pack
1. Exam Overview
- **Format**: 100 graded multiple-choice questions + 15 ungraded pilot questions.
- **Time**: 3 hours
- **Passing Grade**: 75%
- **Open-book**: Access to OAP1, RIB Act, RIBO By-laws, etc.
- **Rewrites**: After 2 failed attempts with the same provider, must wait 8 months.
2. Curriculum Blueprint (Approximate Weights)
Domain Weight Key Topics
General Insurance & Industry Knowledge 25% Principles, terms, insurers, contracts
Personal Lines – Habitational 25% Home, condo, tenant policies, endorsements
Personal Lines – Automobile 25% OAP1, accident benefits, optional coverages
Commercial Insurance 20% Property, BI, CGL, coinsurance, reinsurance
Travel Insurance 5% Medical, cancellation, baggage
Ethics, Legal & Regulatory Included RIBO rules, Act, bylaws, professionalism
3. Core Insurance Concepts
- **Insurable Interest**: The insured must suffer a loss if the insured object is damaged.
- **Indemnity**: Restores the insured to the same financial position before the loss.
- **Utmost Good Faith**: Both parties must disclose all material facts.
- **Subrogation**: Insurer steps into the insured’s shoes to recover from third parties.
- **Contribution**: If more than one policy applies, insurers share proportionally.
4. Personal Lines (Auto, Home, Condo, Tenant)
- **Auto (OAP1)**: Mandatory coverages (liability, accident benefits, DCPD, uninsured auto). Optional
coverages include collision, comprehensive, loss of use, waiver of depreciation.
- **Homeowners**: Coverage A (Dwelling), B (Detached structures), C (Personal property), D
(Additional living expenses). Exclusions: vacancy, wear/tear, intentional acts.
- **Condo**: Coverage for unit improvements, personal property, loss assessment.
- **Tenants**: Coverage for personal belongings, liability, additional living expenses.
5. Commercial Insurance
- **Commercial Property**: Named Perils vs Broad Form, coinsurance requirements.
- **Business Interruption (BI)**: Covers loss of income, extra expenses during downtime.
- **Commercial General Liability (CGL)**: Bodily injury, property damage, personal/advertising injury.
- **Commercial Auto**: Same structure as personal but tailored for fleets/business use.
6. Ethics & RIBO Regulatory Rules
- Brokers must be licensed and comply with RIB Act & By-laws.
- Duty to act in clients’ best interests; disclose conflicts of interest.
- Maintain confidentiality of client information.
- Professional conduct: honesty, fairness, integrity.
- Continuing education requirements.
7. Sample Practice Questions
1. Which of the following is NOT a principle of insurance?
a) Indemnity b) Insurable Interest c) Utmost Good Faith d) Profitability
**Answer: d**
2. Under OAP1, which of the following is a mandatory coverage?
a) Collision b) Comprehensive c) Uninsured Automobile d) Loss of Use
**Answer: c**
3. Coinsurance clause in commercial property insurance requires:
a) The insured to contribute to claims
b) The insured to maintain insurance equal to a percentage of property value
c) The insurer to reinsure part of the risk
d) Multiple insurers to cover the same risk
**Answer: b**
