RIBO #

To obtain your RIBO license, you need to pass the RIBO level 1 licensing examination. The exam consists of 90 multiple-choice questions and one short answer case study. Each multiple-choice question is worth one mark, and the case study is worth 10 marks. You need to score at least 75% to pass the exam. You will have three hours to complete the exam. The exam is developed by a team of experienced insurance professionals, and it is revised bi-annually to reflect any changes in the insurance industry’s legislative landscape. The exam is designed to represent the minimum practical insurance knowledge required for someone to directly deal with the public. However, it is expected that their knowledge and understanding of the business will expand after they register and start working in the general insurance industry.

While the majority of the questions are on personal lines, there are also a few basic commercial lines questions. It’s essential to have sound knowledge of the primary habitational and automobile policy forms and travel insurance. You will be provided with a policy wording booklet in the exam, so you don’t need to bring your own.

The exam is divided into three sections:

General (47%): includes questions on RIB Act and Regulations, Registration By-law, Principles and Practices in Insurance, Theory of Insurance, Insurance Contract, Meaning and Usage of Insurance Terms, Classes of Insurance, Purpose of Common Policies, Types of Insurers.
Habitational Lines (18%): includes questions on Comprehensive Personal Liability, Voluntary Medical Payments, Voluntary Compensation, Voluntary Property Damage, Contractual Liability, Owner’s Protective Liability, Residential Coverages: Fire and Extended Coverage, Seasonal and Secondary Residences, Homeowner’s Package, Tenant’s Package, Condominium Package, Personal Floaters, Vacancy Permit, Mortgage Clauses.
Automobile (20%): includes questions on OAP #1 - Owner’s Policy Form and Endorsements, coverage provided under OPF #2 - Driver’s Policy Form, and OPF #6 - Non-Owned Automobile Policy Form.

The last section (10%) is a case study where you need to provide a short answer.