Registered Insurance Brokers of Ontario

RIBO License Exam - Entry Level

RIBO Program has everything you need in one package to successfully pass your RIBO Level 1 General insurance licensing exam.

Gain knowledge of general insurance including home, auto, commercial property, travel and liability coverage for individual and commercial client.


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 pass 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. It is revised by-annually and 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 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.


Please note:

  1. 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%)

How To Become a Broker:

All individuals must meet the "qualifications" outlined in Section 5 of Ontario Regulation 991 of the RIB Act. This includes, but is not limited to:

1. Passing the Entry Level examination or its Equivalency;

2. Satisfying the "only business or employment" requirement;

3. Employment with a RIBO registered general insurance brokerage firm. 


Employment (sponsorship) is not required to write the examination but is a requirement for registration.


Individuals who pass the examination, but do not register with a RIBO registered firm to receive their license MAY NOT hold themselves out or act in the capacity of a broker. Doing so will result in the file being reviewed by the Qualification and Registration Committee and may jeopardize eligibility for licensing. Registration must be completed within twelve (12) months from the date of successful completion of the examination. If registration does not occur within twelve (12) months, the applicant will be required to write the examination again. We regret there are no extensions.


Individuals who have a Shell or Tax Corporation set up to receive commissions for tax purposes only must also register the corporation with RIBO as a "Non-Active Member Firm". The registration fee for the non-active firm is the same as it is for an individual registration.


Once registered, all licensed insurance brokers must comply with RIBO continuing education requirements.

Sample 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 Answer: 1    (c)     2   (a)

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 ** FinanceCoach.Ca provides guidance to course participants to be sufficiently prepared to write the RIBO examination. The estimated number of 20 hours is the average a participant could possibly expect to spend coaching for the course and would require an additional 30-50 hours of reading. Please note that these are only recommended hours of study developed based on research and the course content taught, however, this does not mean that some students with exceptional backgrounds would not take less time than recommended or that students with no background at all in finance or economics would not take longer than the maximum.