Expert Answers to IIC Exam RIBO-Level-1 Questions

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RIBO Insurance Broker RIBO Level 1 Entry-Level Broker Exam

RIBO Level 1 Entry-Level Broker Exam

Last Update Sep 24, 2026
Total Questions : 214

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Questions 2

Taro has a homeowner’s insurance policy and purchases a 20 feet wakeboard boat with an inboard motor that has 115 horsepower. Does Taro need a separate insurance policy for the boat?

Options:

No, watercrafts are covered under the homeowner’s policy and Taro does not need to notify their insurer.

No, but Taro needs to notify their insurer about the new boat.

Yes, homeowner policies have special limits on watercrafts and this boat would exceed those limits.

Yes, Taro needs to get special marine insurance that can be purchased through the boat dealership.

Discussion 0

Questions 3

Many automobile insurers have introduced User-Based Insurance (UBI) programs (e.g., Telematics) to help determine rating and insurance premiums. Which MOST accurately describes elements that a UBI program tracks?

Options:

Time of day driven and rapid acceleration.

Number of drivers in the vehicle and hard braking.

Where the vehicle is driven and gross vehicle weight.

Number of kilometers driven and occupation.

Discussion 0

Questions 4

An insured dies in a fire at their home caused by careless smoking. What action will the insurer of the dwelling take?

Options:

Deny the loss to building and contents as the insured caused the fire.

Pay the loss to the building and contents to the insured's estate.

Pay the building and contents loss into Court in trust.

Be unable to pay the property loss as the named insured is no longer available to sign the proof of loss.

Discussion 0

Questions 5

Your clients have been living in a rental townhouse unit and carry a Tenants Comprehensive policy with your office. They have just purchased a condominium townhouse similar to their present unit and intend to move into it. What action would you take as a result of this change?

Options:

It will only be necessary to review their limits of coverage and endorse the policy to change the address, as their current policy covers contents and liability and they do not require any other coverages.

Their policy has to be re-written, as they are no longer tenants and they need a policy with special extra coverages to properly insure the unit they have bought.

You will need to use a Home Calculator to estimate the replacement value of the entire building, in order to properly insure the Tenants Liability portion of the building that they own.

As they intend to occupy the unit, they will be eligible for reduced rates for their Homeowners policy, as they own part of the building and it will be owner-occupied.

Discussion 0

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