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

A Broker is found guilty of violating a provision of the Registered Insurance Brokers (RIB) Act. What is the maximum punishment an individual can receive?

• A.  A fine of $50,000.
• B.  A fine of $25,000.
• C.  A fine of $100,000.
• D.  A fine of $75,000.

What is NOT an example of Equipment Breakdown for a commercial policy?

• A.  An engine for a generator is suddenly deemed inoperable.
• B.  Electrical damage to a conveyor system as a result of a power surge.
• C.  A thermostat failure in a commercial freezer.
• D.  Smoke Alarms working intermittently due to a known faulty wiring issue.

Your insured is involved in an accident and the insured's automobile is heavily damaged. Repairs are estimated at $7,500. The insured calls to advise you that the insurer does not intend to have the vehicle repaired, but will make a cash settlement, as its actual cash value is shown in the "Red Book" as $5,000. What should you tell your insured?

• A.  Sue the insurer for the full $7,500.
• B.  Post on social media about the matter to bring pressure on the insurer for a better settlement through the publicity it will generate.
• C.  The insurer is obliged to pay the full cost of the repairs if your insured wants the car to be repaired.
• D.  The insured is entitled to obtain an appraisal, but must share the costs equally with the insurer.

Which class of insurance is designed to indemnify a business for loss of income due to fire damage to building, stock and equipment?

• A.  Accident and Sickness insurance.
• B.  Business Interruption insurance.
• C.  Liability insurance.
• D.  Property insurance.

Who is protected by the "Standard Mortgage Clause" in a property insurance policy?

• A.  The one who lends the money and the insurer of the property.
• B.  The insured.
• C.  The one who borrows the money.
• D.  The insurer of the property.