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ExamRIBO Level 1 Free Sample

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Question 1

Which type of property has a special limit of $500 when lost by theft?

Jewelry Money Bikes Securities

Question 2

Which Ontario statute is a primary source of insurance contract law in Ontario?

RIB Act Insurance Act Financial Services Act Consumer Protection Act

Question 3

In RIBO Level 1 terminology, in instances involving midconduct or incompetence regarding trust funds, 2 of the investigators must be representatives of the insurers involved.

True False Only with prior regulator approval Only for corporate brokerages

Question 4

In RIBO Level 1 terminology, when the Manager refuses to grant an applicant a certificate, the applicant...

Receives written notice of the refusal and notified that they can request a dispute if they submit a written request in 30 days Receives a notice even if the refusal is for disciplinary reasons Receives written notice of the refusal and notified that they can request a dispute if they submit a written request in 15 days Has no recourse

Question 5

A client, Melissa Grant, hired a contractor to build his children a small treehouse in the backyard. The contractor completed the job and left. A few weeks later, a large windstorm ripped apart the treehouse and a piece flew into the neighbour's window and shattered it. Later, it was discovered that the contractor had forgotten to tie down the parts. Regarding this situation, which of the following statements would be true?

The contractor was hired to do reasonable work The contractor would solely be liable for the damage IM Sane would be solely liable for the damage IM Sane & the Contractor would share liability for the damage

Question 6

Under the Ontario Insurance Act, the most basic coverage is fire. In addition, it also stipulates that other coverage must be provided as well. Which of the following is not a coverage required by the Insurance Act?

Direct lightning damage Lightning damage to electrical devices Explosion of natural gas Explosion of manufactured gas

Question 7

Which people could an insured be vicariously liable for?

Their employees Residence employees Children All of the above

Question 8

In RIBO Level 1 terminology, under Mobile Home insurance coverage, all of the following are covered except...

Reasonable expenses to transport the mobile home if necessary to protect it Damage during the move Appliances Skirtings & tie-down equipment

Question 9

The insured's personal liability coverage would not cover damage to property they rented from a third-party

True False

Question 10

In relation to the basic fire coverage legislated in the Insurance Act, which of the following is not one such coverage?

Damage caused by hostile fire Damage to property caused by lightning Explosion of natural or manufactured gas Explosion of hot water boilers in the insured's home

Question 11

When an insurance policy is cancelled by the insurance company, refunds are processed on a pro-rate basis. A client paid $2400 in premiums for an annual policy in January. At the end of June, their policy was cancelled by the insurance company. How much money will be refunded to a client?

$2400 $1200 $2000 $1000

Question 12

Under Section A - Third-Party Liability, coverage is provided if you are found legally liable for causing bodily injury or property damage to a third-party. In which of the following situations would coverage be excluded?

For damage to the other car's bumper when you accidentally rear end the driver in front of you because you were busy texting Damage to property being carried in the vehicle For medical expenses claims from a pedestrian you hit while he was crossing the road at night wearing dark clothing For lost wages claims from a pedestrian you hit while he was crossing the road at night wearing dark clothing

Question 13

In relation to the SEF No. 20 - Loss of Use Endorsement, the usual limit for personal automobiles is...

$50/day $50/day for a maximum of 30 days $200/day $200/day for a maximum of 30 days

Question 14

In RIBO Level 1 terminology, the Facility Association (FA) exists because...

It is the cheapest source of auto insurance in the province Offers the most comprehensive coverage available Exists to insure substandard auto risks rejected from voluntary private insurers It is the only source of insurance for high value autos

Question 15

In RIBO Level 1 terminology, to get coverage for accidents caused by an unidentified motorist, you must notify the police w/ in 24 hours and give a statement to the insurer within...

24 hours 3 days 15 days 30 days

Question 16

Which condition, if considered poor or dangerous, could leave the insured with no option other than obtaining coverage through the Facility Association?

Vehicle type Usage Claims history All of the above

Question 17

In RIBO Level 1 terminology, the insured's personal liability policy would cover all of the following losses or situations except one. Find the exception.

A trailer stored in the insured's back yard falls off its cinderblocks and crashes through a neighbours fence The insured rents out his basement to a local artist to use as a studio The insured decides to pick up a mortgage helper and rents out his basement to a family of 4 The insured's home is located in a popular area near public transit. He rents out space on his driveway for 3 cars to park

Question 18

In RIBO Level 1 terminology, which type of insurer exists for the benefit of their policy holders.

Lloyd's of London Joint Stock Companies Fraternal Societies Mutual Companies

Question 19

Which of the following is typically insured under a special form because ordinary property insurance is not designed for it?

A standard sofa An automobile A built-in kitchen cabinet A detached shed

Question 20

Under RIBO Level 1 terminology, the insured has $1MM worth of property and buys an insurance policy with a $350k limit and an 70% co-insurance requirement. If there is a $1MM fire loss, what is the amount of coverage the insured would get?

$1MM $350k $500k $175

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