The RIBO 1, Alberta Level 1 & Level 2, and Fundamentals of Insurance exams are all multiple choice (MCQ) exams. While this is easier than answering short answer questions, it comes with its own unique set of challenges. Today, I want to share some insurance exam multiple choice tips & strategies that students have been generous enough to share with me.
1. Read the multiple choice question & options carefully
Make sure you read the multiple choice question carefully so you know what they’re asking for (don’t be tricked by double negatives). The options can be confusing as well – make sure you know the difference between 2 very similar answers (some might be partly correct while another is 100% correct).
2. Eliminate the wrong answers as soon as possible
If an answer is obviously wrong, strike it out right away. This narrows down the possibilities and helps you focus on the remaining options. If you don’t know the answer, narrowing down the options will make your guesses more accurate as well.
3. Don’t spend too much time on 1 question
Make sure you keep track of time, it’s very easy to get sucked into working on 1 question and running out of time for the rest. But if you skip a question, make sure you mark it so you know to go back and answer it later.
Even if you have no time to answer it, guessing with give you a 25% chance of getting the right answer! And never leave the exam room early unless you know you’ve answered all of the questions.
4. Try to answer the question before you even read the options
This is one of the more interesting insurance exam multiple choice tips shared with me by a student. If you try to answer the question before even reading the options, you reduce the possibility that you’ll be baited into choosing the first seemingly “correct” answer that you see.
Looking back, when I was taking these exams, I found myself unconsciously doing this but never realized it. I think this is a great tip that everyone should put into practice – try it out on one of our practice exams and see how it goes!
5. Don’t change your answer*
This is probably the most controversial of the insurance exam multiple choice tips. But the concept seems to make sense – changing your answers without a solid reason is probably not a good idea because it does not necessarily increase your chances of being right. It sort of… doesn’t do anything.
*Caveat: If you see something in a later question that contradicts your previous answer(s) or if something later on jogs your memory then YES, change your previous answer.
I hope these tips are able to help some of you guys out there pass your exams and move on to the next stage of your careers. If you need help with your insurance licensing exam or have some tips to share with me, get in touch!