Upon completion of the Entry Level or Equivalency examination, an individual is eligible with the restriction of “Acting Under Supervision”. A broker who is restricted to “Acting Under Supervision” cannot control trust funds, act as a “Principal Broker”, or operate as a sole proprietor.

New registrants are restricted to “General Insurance Other Than Accident & Sickness” (RIBO By-law No. 1, Part XV, Section 15.4). Accident & Sickness insurance is most commonly included as part of a Life Insurance Agent’s License from the Financial Services Commission of Ontario. The Commission has a specific Accident & Sickness examination. The Accident & Sickness restriction can be removed from a RIBO registration by submitting a copy of a current life license including Accident & Sickness or evidence of passing the Accident & Sickness examination.

Also, new registrants who pass the current Entry level examination with a minimum of 60% in the Travel Health section of the examination may sell Travel Health Insurance. Individuals who are not successful may write a separate Travel Health examination.

The restriction of “Acting Under Supervision” can be removed by passing the second level of examinations, the “Unrestricted – Technical” and the “Unrestricted – Management”.

Sample Examination Questions

1. Before an insured can recover a loss under a fire insurance policy, it is necessary that:

a. the premium be paid.
b. the policy be countersigned.
c. an insurable interest exists.
d. the insured prove that fraud had not been committed.

2. Negligence is:

a. the failure to exercise the care that a reasonable person would take in a similar set of circumstances.
b. behaving in a manner expected of a reasonable and prudent person.
c. payment of insurance monies to a person injured by the insured persons.
d. exercising rights under an insurance policy to recover money paid to a third person.

Correct Answer: 1 (c) 2 (a)

Self Study

In addition to the resources available below, it is excellent exam preparation to study the policy forms in addition to the explanations and coverage of information in the text material.

Resources for self study include:

The RIB Act, Ontario Regulations 989, 990 and 991 and RIBO By-laws
An online and/or textbook program from:
Insurance Brokers Association of Ontario
1 Eglinton Avenue East, Suite 700
Toronto, Ontario
M4P 3A1
Telephone: (416) 488-7422 / 1-800-268-8845
Fax: (416) 488-7526
www.ibao.org

The online and textbook self-study program is available. Please contact contact@ibao.on.ca for registration information or to purchase textbook.

A self study package called "RIBO Licencing Kit", available from:
Insurance Institute of Ontario
18 King Street East, 6th Floor
Toronto, Ontario
M5C 1C4
Telephone: (416) 362-8586
Fax: (416) 362-1126
www.insuranceinstitute.ca

The Insurance Institute of Ontario offers in-house tutorials to those individuals self-studying the examination material. Please contact Customer Service for availability, locations and registration information.