When exam day approaches, I get a lot of students wondering about what the RIBO license exam questions will be like and what they can expect going in. My first advice is to refer to the practice questions in your course but hopefully this article will give you guys some additional information on what you can expect.
RIBO 1 License Exam Questions (Entry Level)
The exam has 100 multiple choice questions worth 1 mark each and 1 case study question at the end worth 10 marks. You need a 75% to pass and if you score at least 60% in the Travel and Health section, you can sell travel insurance as well.
Roughly 50% of the questions will focus on General Insurance Concepts and Theories. ~20% will be on Habitational Insurance like homeowners, tenant’s insurance, condo, etc.. 5% on Travel and Health, 20% on Automobile Insurance, and the 10% Case Study can cover any number of topics.
This exam is partially open book as you’ll be given a pamphlet containing policy wordings and coverages for: comprehensive homeowners, tenants, condo, and auto insurance.
[UPDATE April 1st, 2021]: The RIBO 1 exam will no longer have case study questions. The exam will be 100 MCQ going forward.
[UPDATE 2022]: Students will no longer get access to the homeowners, condo and tenants policy wordings to reference on the exam.
[UPDATE 2023]: Students will encounter new questions designed to test their commercial insurance knowledge, legislation, and product knowledge.
RIBO 2 License Exam Questions (Unrestricted Technical)
The format of this exam is the opposite of the Entry Level one. There are only 20 multiple choice questions and 80% of the marks will come from short answer questions. There are 3 sections and you need to score at least 60% on each to pass.
The 20 multiple choice questions will cover General Insurance Concepts. 60 marks will come from the Case Study section. This section is all short answer questions covering a variety of commercial lines topics. The final short answer section is Forms Recognition and is worth 20 marks.
RIBO 3 (Unrestricted Management)
This license allows you to be a Principal Broker and you can only get this if you already have your Level 2 and been a broker for at least 2 years. Like RIBO 2, this exam has 3 parts and you need at least 60% on each part to pass.
There are 20 multiple choice questions covering RIB Act and Regulations and 15 marks coming from short answer questions testing your knowledge of the RIBO Form 1; Financial Statement. But the bulk of the exam (85 marks) comes from short answer questions testing your knowledge of Brokerage Administration and Finance.
If you have any additional questions about the RIBO license exam questions beyond what’s already provided in this article and the course material, contact me and let me know. I’d be happy to help you.