RIBO Level 2 – Unrestricted Technical
|EXAM LENGTH||EXAM FORMAT||PASSING GRADE||ELIGIBILITY TO WRITE THE EXAM|
|3 Hours||Part A: Insurance Concepts, Principles + Practices (20 Multiple Choice)
Part B: Case Study (60 Narrative Marks)
Part C: Forms Recognition (20 Narrative Marks)
|75% Overall Grade
60% overall in each part
Failure to obtain the passing grade in each section will require a rewrite of all three sections.
|Active RIBO Entry Level License|
Successfully passing the exam allows individuals who wish to remove the “Acting Under Supervision” restriction from their license but have no intention of pursuing the full “Unrestricted” registration. As long as you hold a RIBO Entry level license you can write the exam.
Upon completion of the RIBO exam, results will be provided to you by the exam provider once they are available. Please do not contact RIBO for your exam results.
HOW TO APPLY TO WRITE THE EXAMINATION
You can register for a RIBO exam with the following exam providers:
Candidates are eligible to rewrite within the 8-month period following their first examination per exam provider. Candidates after two failed attempts are subject to an 8-month waiting period following their second failed attempt with the same service provider. Previous attempts prior to May 1, 2021, will not count against the candidate.
SAMPLE CASE STUDY EXAMINATION QUESTION
General information is provided about the risk which is to be studied.
Describe briefly three (3) property coverage features you would recommend for this risk. (6 marks)
Analyze the Question:
Three (3) property coverage features must be stated.
A brief description of each one is required – it is not sufficient just to list them.
The mark value is 6 so each feature is worth 2 marks.
An appropriate Answer:
- Replacement Cost Endorsement – to eliminate depreciation from the settlement of an insured loss, provided the insured repairs or replaces the damaged property.
- Blanket Coverage on Buildings, Equipment and Stock – instead of a specific sum insured on each item separately, it provides for a single combined total sum insured. This allows for fluctuations in value to be fully covered up to the total sum insured.
- Stated Amount Co-Insurance – the policy Co-Insurance condition is met by insuring to a stated amount rather than to a percentage of value. This is easier to comply with, particularly if insurable value change.
SELF-STUDY RESOURCES – UNRESTRICTED TECHNICAL EXAM
Individuals who prefer to study on their own may find the following resources useful:
“C130 Essential Skills for the Insurance Broker and Agent”, “C131 Advanced Skills for the Insurance Broker and Agent”, “C81 & C82 General Insurance Essentials” and the “Dictionary of Insurance” available from: The Insurance Institute of Ontario and Insurance Brokers Association of Ontario
Insurance Brokers Association of Ontario
Insurance Institute of Ontario