100% Free IIC RIBO-Level-1 Practice Test Questions and Answers 2026

Start Learning with the Latest and Real 100% Free IIC RIBO-Level-1 Exam Questions

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Total 217 Questions | Updated On: May 23, 2026

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Question 1

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 worth less than $500.

B : The interest of the insured in that property is specifically stated in the contract.

C : The property is located in the insured’s backyard.

D : The owner of the property also has their own insurance.

Answer: B

Question 2

A broker is approached by a high-net-worth client who wants to place their unique collector car insurance with an unlicensed US-based insurer because the rates are significantly lower. What is the broker's primary obligation?

A : Place the coverage as requested to ensure the client is satisfied with the savings.

B : Refuse the business because brokers are strictly prohibited from dealing with unlicensed insurers.

C : Advise the client of the risks, obtain a signed "Unlicensed Insurer" disclosure, and ensure no licensed market is available.

D : Tell the client to contact the US insurer directly so the broker can avoid any legal responsibility.

Answer: C

Question 3

Which is NOT a document delivering method to an insured?

A : Email.

B : Mail.

C : Fax.

D : Electronic Data Interchange (EDI).

Answer: D

Question 4

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?

A : A monitored security system.

B : Self-insurance.

C : An agreement of purchase and sale.

D : Purchase of insurance.

Answer: D

Question 5

The RIBO Code of Conduct is outlined in Ontario Regulation 991, Section 14. Which provision is NOT outlined in the Code of Conduct?

A : To maintain a Trust Account for all trust money received.

B : To be both candid and honest when advising the member's client.

C : Not to charge or accept any fee which is not fully disclosed prior to the service being rendered.

D : To be competent to perform the services which the member undertakes on the client's behalf.

Answer: A

Page: 1 / 44

Total 217 Questions | Updated On: May 23, 2026

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