RIBO Level 1 study guide
RIBO Level 1 · Work through your exam, one topic at a time.
The RIBO Level 1 credential is the entry-level individual licence that allows a person to act as a general insurance broker in Ontario. RIBO - the Registered Insurance Brokers of Ontario - describes itself on its website as "Ontario's Regulator of General Insurance Brokers," and it administers the licensing pathway through its "Become a Broker" and "Examinations" pages under Getting a Licence. The RIBO Level 1 study guide has 6 sections and about 2,325 words.
01RIBO Licensing and Regulatory Framework
Ontario insurance distribution is split between a delegated self-regulator and the provincial regulator. The Registered Insurance Brokers of Ontario (RIBO) licenses and disciplines insurance brokers under the Registered Insurance Brokers Act.
389 words, about 2 min02Insurance Principles and the Business of Insurance
Insurance transfers pure risk from an insured to a pool of policyholders. The contract rests on indemnity, insurable interest, utmost good faith and proximate cause.
413 words, about 2 min03Ontario Automobile Insurance
Ontario's standard auto policy, OAP 1, is a package. Every vehicle driven on a highway must carry third-party liability of at least $200,000, statutory accident benefits, uninsured automobile coverage and direct compensation for property damage (DCPD).
392 words, about 2 min04Property Insurance
Property insurance protects real property, contents and related exposures against named perils or all risks. Named-peril forms list what is covered; all-risk forms cover accidental loss except exclusions, so the exclusion list does the real work.
374 words, about 2 min05Liability Insurance
Liability insurance responds to the insured's legal liability to third parties for bodily injury, property damage, personal injury or advertising injury. Commercial general liability (CGL) is the backbone: it covers sums the insured becomes legally obligated to pay, plus defence costs, and usually imposes a duty to defend that is broader than the duty to indemnify.
380 words, about 2 min06Professional Conduct, Broker Standards and Ethics
RIBO's Code of Conduct and by-laws require brokers to act with integrity, honesty and good faith, in the client's best interest, and with the competence expected of a licensed professional. A broker must disclose material information, explain coverage and exclusions, avoid misrepresentation, protect confidential client information and avoid or disclose conflicts of interest.
377 words, about 2 min