About the Examination

The examination consists of ninety (90) multiple choice questions and one (1) short answer case study. Each multiple choice question is worth one (1) mark and the case study is worth ten (10) marks. The pass mark is 75%. The time allowed to write the examination is three (3) hours.

The examination was developed by a team of experienced insurance professionals. It is revised by-annually and with any legislative changes to the insurance industry. It represents a practical minimum of insurance knowledge for an individual to deal directly with the public. It is expected that knowledge and understanding of the business will expand after the individual is registered and working in the industry.

The majority of the questions are on personal lines, however there are also a few basic commercial lines questions. Sound knowledge of the main habitational and automobile policy forms and of travel insurance is important.

Please note:

  • A policy wording booklet will be provided in the exam. Do not bring your own.
General (47%)
    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%)
Liability: 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
 
Travel Insurance (5%)
   
Policy Conditions, Limitations and Claim Procedures
 
Automobile (20%)
  OAP #1 - Owner's Policy Form and Endorsements
Candidate should be familiar with coverage provided under OPF #2 - Driver's Policy Form and OPF #6 - Non-Owned Automobile Policy Form
 
Case Study (10%)


Sample Examination Questions

  1. Before an insured can recover a loss under a fire insurance policy, it is necessary that:
    1. the premium be paid.
    2. the policy be countersigned.
    3. an insurable interest exists.
    4. the insured prove that fraud had not been committed.

  2. Negligence is:
    1. the failure to exercise the care that a reasonable person would take in a similar set of circumstances.
    2. behaving in a manner expected of a reasonable and prudent person.
    3. payment of insurance monies to a person injured by the insured persons.
    4. exercising rights under an insurance policy to recover money paid to a third person.

Correct Answer: 1    (c)     2   (a)