IIC RIBO-Level-1 Dumps (V8.02) for Your RIBO Level 1 Entry-Level Broker Exam Preparation – Check RIBO-Level-1 Free Dumps (Part 1, Q1-Q40) First

The RIBO Level 1 Entry-Level Broker Exam (RIBO-Level-1) represents a significant step forward in setting new standards for RIBO’s examination process. It guides exam content development to assess candidates on the knowledge, skills, abilities, and behaviours needed for success as entry-level brokers. To prepare effectively, you can use IIC RIBO-Level-1 dumps (V8.02) from DumpsBase, learning all 214 practice questions and answers to become familiar with the actual exam format and improve your confidence before the RIBO Level 1 Entry-Level Broker Exam day. Start your learning with DumpsBase today. These RIBO-Level-1 dumps (V8.02) are designed to support your preparation by offering accurate questions, clear answers, and easy-to-use study formats. With regular practice, you can identify weak areas, strengthen your understanding, and build the confidence needed for the exam.

Check IIC RIBO-Level-1 free dumps (Part 1, Q1-Q40) of V8.02 below first:

1. According to the Statutory Conditions of a Fire Policy, how much notice must an insurer give when terminating a policy by registered mail?
2. A broker discovers the client does not have sewer back up coverage, and that the location now qualifies for it.

What should the broker do next?
3. What is NOT an example of Equipment Breakdown for a commercial policy?
4. According to the Registered Insurance Brokers (RIB) Act, a "Principal Broker" is primarily responsible for which of the following?
5. There is a leakage of gas in a nearby factory and the city announces the residents to leave town.

Which optional additional coverage of the homeowners' policy covers the expenses to stay in another town?
6. 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?
7. A building worth $500,000 is insured for $300,000 with a 90% co-insurance clause. A fire causes $200,000 damage.

How much does the insurer pay?
8. An insured dies in a fire at their home caused by careless smoking.

What action will the insurer of the dwelling take?
9. John's Excavating commercial liability policy shows the description of operation as construction. John advises his Broker that he will be doing some snow removal for a period of 60 days.

What should John's Broker do?
10. Your insured has Comprehensive coverage on O.A.P. 1 Owner's Policy and informs you that they will be taking the car by ferry from Yarmouth, Nova Scotia to Bar Harbour, Maine. The insured asks if the policy would cover the loss of the automobile if the ferry sank in a storm.

What do you tell them?
11. Iqbal was involved in an automobile accident and was charged with the impaired operation of a motor vehicle. As a result, the insurance company is declining to repair Iqbal's vehicle under his collision coverage. Iqbal is adamant that he was not impaired at the time of the accident.

What should the Broker do?
12. Which of the following statements is TRUE about the O.A.P. 1 Owner's Policy optional coverage "OPCF 44R-Family Protection Coverage?
13. Risk may be dealt with in a number of ways including transferring it to others or retaining it intentionally.

Which of the following alternatives is a transfer of risk?
14. Under the O.A.P. 1 Owner's Policy, what is the purpose of the "Direct Compensation - Property Damage" (DCPD) section?
15. Under the homeowners package policy, which form(s) cover smoke damage to the building from a fireplace?
16. Misrepresentation discovered by an insurer may result in the policy being voided.

What circumstance must the insurer show occurred to legally void the policy?
17. 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?
18. An insured is involved in an accident where a third party is 100% at fault. The insurer pays the insured $5,000 for their car repairs. The insurer then sues the third party to recover that $5,000.

What is this legal process called?
19. Jalena has a homeowners policy, and calls her Broker to let them know that she is starting to teach piano lessons on a part-time basis out of her home.

What should the Broker do?
20. John, a newly licensed broker, learns about cybersecurity insurance from a friend but feels unsure about some aspects.

With clients seeking advice, what steps should he take to improve his knowledge and assist them better?
21. A client is reviewing their automobile insurance renewal, which occurs on September 1, 2026. They are retired and have no dependent children. Following the 2026 SABS reforms, the broker notes that Caregiver and Housekeeping benefits are now optional.

What is the most appropriate advice?
22. Which statement regarding the Uninsured Automobile Coverage in your insured's O.A.P. 1 Owner's Policy policy is CORRECT?
23. A homeowner decides to rent out their property as an Airbnb but does not inform their insurer.

What could be the consequences of this material change?
24. Rashid has purchased a new home that has a woodstove but no current Wood Energy Technology Transfer (WETT) inspection. Coverage is needed for the home closure in 14 days. Company ABC has agreed to provide insurance as long as the WETT inspection is provided within 30 days of possession.

What should the Broker do?
25. Your insured's young son has just purchased an automobile and wants you to insure it in his father's name and show himself as an occasional driver.

Which of the following steps should you take?
26. Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured.

What benefit CANNOT be changed?
27. A Broker is given two days notice from an insurance company that they are getting off risk for a small commercial property account.

Which regulation or act outlines regulations governing how insurance companies must handle notice's of expiry or variation?
28. A new regulation has been introduced requiring brokers to prioritize data encryption in all communications with clients to enhance cybersecurity.

According to the new regulation, what is the FIRST action a broker should take to comply with data encryption requirements?
29. Leo, a Broker, is working on four different requests for new Automobile Insurance quotes that are due by the end of the day. While working on the requests, Leo receives an email from an existing client about a Sewer Back-Up claim in progress.

What should Leo do next?
30. What responsibilities does the Financial Services Regulatory Authority of Ontario (FSRA) have for automobile insurance in Ontario?
31. In addition to the completed and signed application for automobile insurance, which two documents are included as part of an automobile policy?
32. A Broker enters the requested coverages and deductibles into their quoting software to obtain a quote for a client's automobile insurance request. When the quotes are generated, the Broker notices that some insurance companies have quoted with different deductibles or coverage limits.

What should the broker do?
33. Amir, a client, phones the Broker to advise that his insured vehicle is being repaired in a garage.

Amir has just signed an agreement for a rental car. Under O.A.P. 1, where would the coverage for his rental vehicle be found?
34. Which of the following would be considered a "material change in risk"?
35. 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?
36. Ability Insurance Inc. is non-renewing Arshad's policy. Arshad's son has a major conviction that does not fall within Ability Insurance acceptability criteria. Broker Luisa recommends Arshad to exclude his son from the policy so Ability Insurance can offer a renewal.

Which endorsement is required to exclude Arshad's son from the policy?
37. What is NOT asked on an automobile application?
38. To establish cause of legal action against someone, what is NOT required to satisfy the court?
39. Directly or indirectly, making an agreement as to the premium to be paid other than as set forth in the policy is considered "misconduct" under the RIB Act.

Which action is NOT considered a "misconduct"?
40. Raj is reviewing optional Income Replacement Benefits with a customer who already has a workplace disability plan.

What should Raj do before advising the customer to opt out?

 

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