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IIC RIBO Level 1 Entry-Level Broker Exam Sample Questions (Q43-Q48):

NEW QUESTION # 43
A client calls their broker to report a minor fender-bender. They ask the broker if they can "look the other way" and not report it to the insurer so their rates don't go up. What is the broker's ethical obligation?

A. Agree to keep it a secret as long as the client fixes the car out-of-pocket, to maintain the broker-client relationship.
B. Tell the client to call another brokerage if they want to hide information, as this avoids a conflict of interest.
C. Report the accident immediately to the insurer without the client's consent to ensure the broker is personally protected.
D. Advise the client that as their broker, they are obligated to act with integrity and transparency, and explain the risks of not reporting an accident.

Answer: D

Explanation:
This scenario tests the Professionalism, Integrity, and Ethics competency, specifically the broker's duty to be
"candid and honest" as outlined in Section 14 of Regulation 991. A broker is a dual agent, owing duties to both the client and the insurer.
The broker's primary obligation is to provide professional advice. By selecting Option B, the broker fulfills their role in Consulting and Advising. They must explain that failing to report an accident, even a minor one, could be a breach of the OAP 1 Statutory Conditions, which require "prompt notice" of any loss or damage. If the other driver later claims a "hidden" injury, the insurer could deny coverage because they were not given the opportunity to investigate the claim early. This would leave the client personally liable for potentially hundreds of thousands of dollars.
The RIBO Level 1 Blueprint emphasizes that a broker must not participate in any form of deception. Agreeing to "look the other way" (Option A) would be a violation of the Code of Conduct and could expose the broker to a lawsuit if the situation escalates. However, the broker also shouldn't act behind the client's back (Option C); instead, they should use their expertise to help the client understand why transparency is in their best long- term interest. This approach builds Relationship Management based on trust and professional competence rather than on complicity in withholding information. The broker's duty is to protect the client's insurability by ensuring they remain in compliance with the terms of their legal contract with the insurance company.

NEW QUESTION # 44
Joe and Cindy purchase coverage for their very first car with an effective date of June 20th, 2023 at 12:01 AM. They sign the documents on June 10, 2023. Cindy and Joe pick up the car early on June 15, 2023. They get into an accident with another car on their way home. Is the damage to the vehicle covered and why?

A. Yes, because they already signed the papers.
B. No, because auto insurance policies only cover damages after payment of the first premium.
C. No, because the accident occurred before the effective date of the policy.
D. Yes, because the dealership's insurance will cover the vehicle until Joe and Cindy's policy is in effect.

Answer: C

Explanation:
The correct answer is B because insurance coverage begins on the effective date and time shown on the policy
, not on the date the application or documents are signed. In this question, the policy was set to take effect on June 20, 2023 at 12:01 AM , but the accident happened on June 15, 2023 , which is before coverage started .
Since the loss occurred outside the policy period, the damage to the vehicle would not be covered under Joe and Cindy's policy.
A is incorrect because signing documents does not by itself create earlier coverage if the effective date is stated for a later time. C is also incorrect because the dealership's insurance does not automatically continue to protect the buyer once they have taken possession of the vehicle for their own use. That assumption would be unsafe and contrary to proper broker advice. D is not the best answer because while premium payment is important, the key issue here is the policy effective date , not whether the first premium had been paid.
From a RIBO perspective, this question tests understanding of when coverage attaches . A broker must clearly explain to clients that they must not take possession or drive a vehicle until insurance is actually in force.

NEW QUESTION # 45
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?

A. Advise the client to delay the snow-removal work until the policy renews to avoid complications.
B. Advise the client that no action is required as the snow removal is being done for a short period of time.
C. Advise the client that the change in operations will be reported to the insurance company.
D. Advise the client there is automatic coverage under the Commercial General Liability policy for additional operations.

Answer: C

Explanation:
The Risk Identification and Classification competency is essential when managing commercial accounts. A Commercial General Liability (CGL) policy is underwritten based on a specific "Description of Operations." This description defines the scope of the risk the insurer is willing to cover. Snow removal is a distinct and significantly higher-risk operation than general excavation or construction due to the high frequency of third- party "slip and fall" liability claims.
Under the Insurance Act and the general principles of the insurance contract, an insured has a duty to report any material change in risk that is within their knowledge and control. Even if the activity is temporary (60 days), it represents a departure from the operations originally disclosed to the insurer. If the broker does not report this change, and a claim arises from the snow removal activity, the insurer may deny coverage or void the policy based on the failure to disclose a material change. By selecting C, the broker ensures they are acting in the best interest of the client by maintaining the integrity of the insurance contract. The underwriter may require an additional premium or a specific endorsement to cover the new exposure. The RIBO Blueprint requires Level 1 brokers to be able to identify shifts in a client's business model and understand that "silence" regarding a material change is a breach of the Statutory Conditions, potentially leaving the client uninsured for their most hazardous activities.

NEW QUESTION # 46
Your clients have been living in a rental townhouse unit and carry a Tenants Comprehensive policy with your office. They have just purchased a condominium townhouse similar to their present unit and intend to move into it. What action would you take as a result of this change?

A. You will need to use a Home Calculator to estimate the replacement value of the entire building, in order to properly insure the Tenants Liability portion of the building that they own.
B. It will only be necessary to review their limits of coverage and endorse the policy to change the address, as their current policy covers contents and liability and they do not require any other coverages.
C. Their policy has to be re-written, as they are no longer tenants and they need a policy with special extra coverages to properly insure the unit they have bought.
D. As they intend to occupy the unit, they will be eligible for reduced rates for their Homeowners policy, as they own part of the building and it will be owner-occupied.

Answer: C

Explanation:
The correct answer is B . Once the clients stop renting and become owner-occupants of a condominium townhouse , a tenant policy is no longer the appropriate form . Tenant insurance is mainly designed to cover the tenant's contents, personal liability, and additional living expense exposure while renting. It does not address the additional exposures of condo ownership.
IBC's home coverage guidance explains that condominium insurance is provided by two separate policies :
the condominium corporation's policy and the unit owner's policy . The corporation's policy generally does not cover the owner's personal contents, improvements to the unit, or liability . A unit owner's policy typically covers personal property, additional living expenses, personal liability, upgrades and improvements, plus important extra protections such as contingency coverage and loss assessment coverage . Optional condo coverages may also include increased improvements, sewer backup, and overland water/flood.
That is why A is wrong: simply changing the address on a tenant policy would leave major ownership exposures uninsured. C is wrong because the client does not insure the entire building replacement value under a condo unit-owner form. D is also wrong because this is not a standard homeowners-policy situation; the proper approach is to rewrite the policy as a condominium unit-owner policy with the needed extra coverages .

NEW QUESTION # 47
Which of the following is an example of "Self-Insurance"?

A. A business that purchases a policy with a very high $50,000 deductible.
B. A person who chooses not to buy insurance and instead keeps a large emergency fund.
C. A group of individuals who pool their money to cover each other's losses.
D. A professional athlete who insures their hands for $10 million.

Answer: B

Explanation:
Self-insurance is a specific method of Risk Retention where an individual or organization decides to bear the financial consequences of a loss themselves rather than transferring it to an insurer. The RIBO Level 1 Blueprint requires brokers to distinguish between various risk management techniques.
In Option A, the person is making a conscious decision to retain the entire risk. This is different from "non- insurance" (where someone simply forgets or can't afford insurance) because "self-insurance" implies a formal plan and the financial capacity (the emergency fund) to pay for a loss. Large corporations often use self-insurance for high-frequency, low-severity losses (like glass breakage) because it is cheaper than paying insurer premiums and administrative fees.
Option B is "partial retention" via a deductible, but the bulk of the risk is still transferred. Option C describes a "Mutual" or "Reciprocal" insurance structure, which is a form of risk transfer to a collective. Option D is a standard "Specimen" or "High-Value" insurance transfer.
Under the Consulting and Advising competency, a broker must be able to discuss self-insurance with clients- particularly regarding deductibles. Increasing a deductible is a form of moving toward self-insurance for small losses. A broker's role is to assess whether the client has the financial "liquidity" to handle that retention. This technical knowledge ensures the broker provides a customized risk management strategy that balances the client's desire for lower premiums with their actual ability to withstand a loss, thus fulfilling the Risk Identification and Classification requirements of the Level 1 profile.

NEW QUESTION # 48
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