100% Free RIBO-Level-1 Practice Exam Questions and Answers

Stay Ahead with Latest RIBO-Level-1 Registered Insurance Brokers of Ontario (RIBO) Practice Test Questions 2026

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Total 217 Questions | Updated On: Sep 23, 2026

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Question 1

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 2

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

Question 3

Under the Registered Insurance Brokers (RIB) Act, what must a brokerage do to ensure compliance with trust accounting requirements?

A : Provide a monthly statement of account to each insurance company they represent.

B : Maintain a general account with a minimum balance specified by RIBO.

C : Maintain a separate trust account for premiums collected from clients.

D : Restrict access to trust accounts to licensed Brokers only.

Answer: C

Question 4

Which is NOT a document delivering method to an insured?

A : Email.

B : Mail.

C : Fax.

D : Electronic Data Interchange (EDI).

Answer: D

Question 5

Sonia, a Broker, advises all their clients to purchase $2 million in personal liability insurance when they provide quotes. When checking their upcoming renewals, they notice several policies with only $1 million in personal liability coverage. They consider increasing these limits to $2 million automatically on renewal as the premium cost is only an additional $20, and asking the client if they are in agreement after. What legal principle would Sonia be in breach of?

A : Personal Information Protection and Electronic Documents Act (PIPEDA).

B : Negative Option Billing.

C : Canadian Anti-Spam Legislation (CASL).

D : The All-Comers (TAC) Rule.

Answer: B

Page: 1 / 44

Total 217 Questions | Updated On: Sep 23, 2026

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