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IIC RIBO-Level-1 Exam Syllabus Topics:

TopicDetails
Topic 1
  • Travel Health: Deals with travel medical insurance, including coverage for emergencies, eligibility, exclusions, and policy conditions for travelers.
Topic 2
  • Personal Lines Habitational: Focuses on residential insurance including property coverage, risks, policy types, and protection for homeowners, tenants, and dwellings.
Topic 3
  • Commercial Lines: Covers insurance solutions for businesses, including property, liability, and risk management tailored to commercial operations.
Topic 4
  • General Insurance and Industry Knowledge: Covers the fundamentals of insurance principles, policy structure, regulatory environment, and the roles of key stakeholders within the insurance industry.
Topic 5
  • Personal Lines Automobile: Explains automobile insurance basics such as coverage types, accident benefits, liability, and policy regulations for personal vehicles.

Reference: https://www.ribo.com/getting-a-license/individual-licenses/new-applicants/examinations/level-1-entry-level-broker-exam/

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IIC RIBO Level 1 Entry-Level Broker Sample Questions:

When determining the actual cash value of a building, which factors is NOT taken into consideration?

  • A. The normal life expectancy of the building.
  • B. The ownership of the building.
  • C. The condition of the building immediately before the damage occurred.
  • D. The resale value of the building.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

A client has a homeowner's policy with replacement cost coverage for personal property. A covered fire loss destroys several items, including a 3-year-old television originally purchased for $2,000. The same model today retails for $1,500. The insurer issues a cheque for $1,500 to replace the TV. Which of the following best explains how the principle of indemnification is applied in this situation?

  • A. The insurer should have paid the original purchase price since that reflects the insured's original investment.
  • B. The insurer is correctly applying replacement cost to restore the insured to their pre-loss position with an item of similar like kind & quality.
  • C. The insurer is overpaying the claim because the item has depreciated.
  • D. The insurer should reduce the payment based on the TV's actual cash value, even though replacement cost is selected.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

Chan, a Broker, is preparing to do a review of homeowners quotes with his client. What are the MOST important details Chan should be discussing with his client?

  • A. Premium, policy discounts, and deductible options.
  • B. Limits on the building and contents, excluding outbuildings.
  • C. Coverage for liability and voluntary medical payments.
  • D. Limitations, exclusions and conditions.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

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

  • A. 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.
  • 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 only covers bodily injury but never accidental damage to the insured's own automobile.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

Patricia is being sued for $3 million as a result of an automobile accident where she was deemed 50 percent at- fault. At the time of the loss, Patricia had an automobile policy with Globex Insurance Company and held a liability limit of $2 million. She also had an Umbrella Policy with Eiffel Insurance Company with a $2 million Limit. If the claimant is awarded $3 million, how is the claim payment structured?

  • A. Globex Insurance covers $2 million and Patricia pays the remaining $1 million.
  • B. Globex Insurance covers $2 million and Eiffel Insurance covers the remaining $1 million.
  • C. Globex Insurance covers $1.5 million as Patricia was deemed 50 percent at fault.
  • D. Globex Insurance covers $1 million and Eiffel Insurance covers the remaining $2 million.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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