Level 2 – Technical/Commercial Exam (Retired Exam)

To write this exam, you must have an active RIBO Level 1 license.

Please refer to the RIBO Exam Rules for details.

Helpful Resource

• Read RIBO’s Consolidated Examinee Resource for OAP 1, By-Laws No. 1, No. 2, No. 3, RIB Act, Ontario Regulation 308/98, 990 and 991 in one convenient document.

Successfully passing the exam qualifies an individual to attain the “Level 2” License. If you hold a RIBO Level 1 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.

You can register for a RIBO exam with the following exam providers:

• Insurance Institute of Ontario
• Insurance Brokers Association of Ontario

Candidates are eligible to write the exam twice per exam provider. After two failed attempts they are subject to an 8-month waiting period following their second failed attempt with the same service provider. If a candidate takes the exam during this 8-month period, the waiting period will reset from their most recent attempt, the results will be nullified, and additional restrictors might apply.

Please carefully read the Exam Standards.

An example of a case study exam question may include general information provided about a risk to be studied.

Question

• Describe briefly three property coverage features you would recommend for this risk. (6 marks)

Analyze the Question

• Three property coverage features must be stated.
• A brief description of each one is required, not simply a list of them.
• Since the total marks for this question is six, each coverage feature mentioned is worth two 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.

RIBO does not create, accredit, or review educational courses or study kits designed to prepare candidates for RIBO exams. While RIBO does not offer courses, you can explore options provided by organizations such as the Insurance Brokers Association of Ontario (IBAO) or the Insurance Institute of Ontario (IIO). For more details, please visit their websites.