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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
  • Commercial Lines: Covers insurance solutions for businesses, including property, liability, and risk management tailored to commercial operations.
Topic 3
  • Personal Lines Habitational: Focuses on residential insurance including property coverage, risks, policy types, and protection for homeowners, tenants, and dwellings.
Topic 4
  • Personal Lines Automobile: Explains automobile insurance basics such as coverage types, accident benefits, liability, and policy regulations for personal vehicles.
Topic 5
  • 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.

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:

A building worth $100,000 is insured for $60,000 under a policy with an 80% co-insurance clause. Fire damages the building to the extent of $20,000. How much does the insurer pay?

  • A. $16,000
  • B. $15,000
  • C. $18,000
  • D. $20,000
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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

According to the Statutory Conditions of a Fire Policy, Statutory Condition 2 - Property of Others states that the insurer is NOT liable for property owned by others unless:

  • A. The property is located in the insured's backyard.
  • B. The interest of the insured in that property is specifically stated in the contract.
  • C. The property is worth less than $500.
  • D. The owner of the property also has their own insurance.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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

Which of the following situations is covered under the "Watercraft, Outboard Motor Trailer, and Miscellaneous Equipment" coverage rider attached to a Homeowners policy?

  • A. A loss, not otherwise excluded, to an insured outboard motor while being used by the insured in Florida.
  • B. Damage to the hull of the watercraft caused by ice resulting from failure to drain the compartments when the watercraft was stored for the winter.
  • C. Damage caused by beavers using the watercraft as a winter home while in storage in the insured's boathouse.
  • D. A scheduled boat and motor vessel used to carry cottagers from the marina to their island property for compensation.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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

Which OPCF Form provides coverage for Automobile Insurance Policy, Family protection?

  • A. OPCF 22.
  • B. OPCF 44.
  • C. OPCF 23.
  • D. OPCF 6A.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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

A Broker is reviewing coverage options for a new client. Company X offers a higher commission rate but the coverage has more exclusions. Company Y offers a lower commission but provides the comprehensive coverage the client needs. What is the Broker's ethical obligation?

  • A. Split the business between both companies to average out the commission.
  • B. Recommend Company Y because the broker must act in the best interest of the client regardless of commission.
  • C. Sell Company X but offer the client a discount on the broker's fee.
  • D. Recommend Company X and simply explain the exclusions to the client.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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