This RIBO licensing exam information guide covers what you need to know to pass the RIBO 1 exam. Information we will be discussing include the passing grade, exam format, and more.
A RIBO Entry Level 1 License is what everyone who wants to become an insurance broker in Ontario starts with. This license lets you sell home insurance, business insurance, auto insurance, travel insurance, and liability insurance policies in Ontario. But to get your RIBO license, you need to pass the RIBO Level 1 exam.
RIBO Licensing Exam Information
The RIBO 1 exam consists of 100 multiple choice questions and 1 short answer case study question worth 10 marks. You need to score at least a 75% to pass and have 3 hours to write the exam.
The exam is created by industry experts and is revised twice a year to ensure that it is in-line with any regulatory changes in the industry. By passing this exam, you have demonstrated the minimum level of knowledge required to start advising the public on insurance matters. Once you start working though, you’ll be required to take RIBO accredited continuing education courses each year to ensure you are knowledgeable and constantly learning.
Most of the questions are based on personal insurance (home, auto, etc.) but there will also be some commercial insurance questions as well. Make sure you study the home, auto, and travel insurance sections in detail.
Here’s the exam breakdown:
- General Knowledge (47%)
- Home Insurance (18%)
- Automobile Insurance (20%)
- Focus on OAP #1 & #6 and OPF #2
- Travel Insurance (5%)
- RIBO Case Study Question (10%)
Our online RIBO 1 course contains a detailed breakdown of each of these topics with examples and practice questions to help you get ready for the real thing.