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RIBO Level 1 Exam Questions With Correct Answers.
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RIBO Level 1 Exam Questions With Correct Answers. Indemnify - answerThe action of compensating an insured following a loss under the insurance policy. Risk - answerThe chance of loss; or an object or activity that is insured (about to be insured) Peril - answerAn event that may cause a loss t...

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  • September 8, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ribo level 1 exam questions with correct answers

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  • RIBO
  • RIBO

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©THEBRIGHTSTARS 2024



RIBO Level 1 Exam Questions With
Correct Answers.
Indemnify - answer✔✔The action of compensating an insured following a loss under the
insurance policy.

Risk - answer✔✔The chance of loss;
or an object or activity that is insured (about to be insured)

Peril - answer✔✔An event that may cause a loss to occur

Object of Insurance - answer✔✔The item that is insured or covered in an insurance policy

Indemnity - answer✔✔to put you back in the same financial position (just prior to loss) NO
BETTER NO WORSE

Insured / Policy holder - answer✔✔The person who purchases an insurance policy
Noted as First Party

Insurer - answer✔✔Insurance company who issued the insurance policy and who
compensates/indemnifies a policy holder in the event of a loss
Noted as second party

Premium - answer✔✔The sum of money paid by a person to an insurance company in exchange
for an insurance policy

RIBO - Registered Insurance Brokers of Ontario - answer✔✔A Self-governing, self-funded
organization of general insurance brokers in Ontario
RIBO regulates the
- Licensing;
- Professional competence;
- Ethical conduct
- Insurance-related financial obligations
of all independent general insurance brokers in ON through the RIB Act

, ©THEBRIGHTSTARS 2024
General Insurance - answer✔✔- Also referred to as Property and Casualty (P&C)
- Anything other than Life or Health Insurance

Property risk - answer✔✔Financial loss occurs when owned property is lost or damaged

Liability risk - answer✔✔When a person's negligent actions result in injury to others or damage
to another's property

Negligence - answer✔✔is what a reasonable and prudence person would do or not do in a
similar situation

Speculative risk - answer✔✔This is the possibility of either financial loss / gain
--> this is NOT insurable

Pure risk - answer✔✔The chance of financial loss with no chance of financial gain.
--> this type of risk IS insurable

Hazards - answer✔✔is a condition that may cause a peril to occur or make the loss more severe.
There are 2 types of hazard: Physical hazard
Moral hazard

Physical hazard - answer✔✔OBSERVABLE condition relating to the object of insurance

Moral hazard - answer✔✔Subjective characteristics of an insured/applicant that increases the
likelihood of loss.

Proximate Cause - answer✔✔the immediate and effective cause of the loss

Dealing with Risk - answer✔✔1) Eliminating Risk: get rid of risk completely
(not practical)


2) Controlling Risk: taking measures to decrease the
chance of loss (more practical but not enough)


3) Retaining Risk: Self-insurance and Deductible
e.g. Canadian National Railways self insure


4) Transferring Risk: transferring a portion or all of your

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