Free IIC RIBO-Level-1 Exam Dumps Questions & Answers

A member of the public comes to see you to obtain automobile insurance. They bring a current Motor Vehicle Abstract of Driving Record which shows a recently completed term of License Suspension. You decide you do not want that person as a client. What are you legally obliged or allowed to do?

• A.  Refer them to another broker for coverage.
• B.  Bind coverage with an insurer for minimum PL & PD and Accident Benefits and submit an application for rating.
• C.  Tell them you cannot arrange insurance for someone whose license has only recently been reinstated.
• D.  Give them a blank application to be completed, which you must then forward to an insurer.

Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured. What benefit CANNOT be changed?

• A.  Death and Funeral Benefits.
• B.  Income Replacement Benefit.
• C.  Caregiver Benefit for Catastrophic Injuries.
• D.  Disability Benefit after Age 65.

Stanley recently moved back to Ontario after living abroad for two years. He purchased a vehicle and is asking his Broker for insurance quotes. One insurance company's quote is favourable but the company prefers not to insure Stanley because of the gap in his insurance history. What should the Broker do to act within the scope of his agreement with the insurance company?

• A.  Discuss the risk with the insurer's underwriter for binding approval and then submit the completed application to the insurer.
• B.  Obtain approval for the risk from the Principal Broker for approval and then submit the completed application to the insurer.
• C.  Submit the application without the driving gap as this will get Stanley the best rate.
• D.  Discuss the risk with colleagues first and then submit the completed application to the insurer.

Which of the client situations would prompt you to discuss a change to their habitational policy?

• A.  Your client tells you they have moved their office to be entirely in their spare bedroom.
• B.  Your client tells you that they have purchased a boat.
• C.  Your client tells you they are using a neighbour's trailer for a few months and will store it in their garage.
• D.  Your client tells you they are going to replace their garden shed.

The reason for a peak season endorsement added to a commercial retail business is to:

• A.  Average stock coverage over the course of the year.
• B.  Increase the limit of insurance during specific time periods.
• C.  Provide coverage for the highest amount of inventory in a given year.
• D.  Stabilize premiums over the course of the year.