One question I am asked all the time by new and existing students is “how to pass the RIBO exam”? In this short guide, I’ll go over some exam tips, questions, and what exactly you need to do to pass the exam.
RIBO EXAM STUDY TIPS
Give me six hours to chop down a tree and I will spend the first four sharpening the axe.– Abraham Lincoln
1) WRITE YOUR OWN NOTES
While we will provide you with a comprehensive note package, you need to do more than read the notes and watch the videos. To make sure you understand the concepts on a deep level and remember them, you should be taking what you have learnt in our book and videos and making your own notes (preferably by hand).
There is a lot of research that shows the benefits to memory and understanding you get when you write out notes by hand.
2) ASK YOUR INSTRUCTOR
You should definitely try to figure things out on your own but if you really are stuck or just need someone to talk to about a particular concept, do not hesitate to ask your course instructor. We are available anytime through live chat, email, or phone to help you.
3) UNDERSTANDING > MEMORIZING
Memorizing information for tests in unavoidable and important but on the RIBO 1 exam, you will get a policy wordings booklet covering home and auto insurance. Understanding the concepts and thinking about how it applies to scenarios you have seen before in real life also helps you remember it information better.
RIBO EXAM TIPS
I am not sure what the RIBO exam pass rate is in Ontario but one of the trickiest aspects of the exam is the way they word the multiple choice questions. Here are some RIBO exam tips to help you in this area:
1) READ CAREFULLY
Make sure you read the question carefully because they like to use a lot of double negatives to confuse you. Another trick they use often is to frontload the question with a lot of unnecessary information with the last part containing the real question.
Make sure you read the options carefully as well. One common trick is to have 2 options be very similar making you choose the “best” answer.
2) NARROW DOWN YOUR CHOICES
If you see that an option is obviously wrong, make sure you strike it out in a visible way. This helps you narrow down your options, focuses your mind, and if you have to guess, you will have a better chance of guessing right.
3) ANSWER THE QUESTION BEFORE READING THE OPTIONS
As mentioned above, a lot of the options given are designed to confuse you. To reduce the possibility that you get tricked, try to answer the question before you even look at the multiple choice options.
4) WATCH THE CLOCK
You have a lot of time to write the exam but there are also a lot of questions. Try not to spend more than 2 minutes on each question or you might run out of time. If you don’t know the answer right away, skip it and come back to it later. The questions/options later on may give you some clues.
RIBO EXAM QUESTIONS
The RIBO 1 exam contains 90 multiple choice questions worth 1 mark each and 1 multi-part case study question worth 10 marks for a total of 100 marks.
You have 3 hours to write and to pass the exam, you need to score at least 75% overall. If you score over 60% on the Travel Health section, you are also eligible to sell Travel Insurance.
Here is a rough breakdown on the topics your exam will focus on:
- General Insurance Knowledge: ~50%
- Habitational Insurance: ~20%
- Automobile Insurance: ~20%
- Case Study: ~10%
SAMPLE MULTIPLE CHOICE EXAM QUESTION
Here is a sample of one of the simpler MCQ questions found on the RIBO website:
Before an insured can recover a loss under a fire insurance policy, it is necessary that:
a. the premium be paid.
b. the policy be countersigned.
c. an insurable interest exists.
d. the insured prove that fraud had not been committed.
SAMPLE CASE STUDY QUESTION
Here is a sample case study question from our RIBO 1 course:
Your client Billy Ship runs an e-commerce business selling holiday decorations out of an older office and warehouse space in Mississauga, Ontario which he owns. Briefly describe 3 property coverages you would recommend for Billy Ship. (6 marks)
STEP 1 – ANALYZE THE QUESTION
Notice that they are asking specifically about property coverages so you can forget CGL or product liability here. You will also notice that they are asking about 3 coverage but the question is worth 6 marks which means there is 1 mark for the coverage and 1 mark for the description.
STEP 2 – ANSWER THE QUESTION
Where possible, it is best to answer in full sentences and including the keyword from the question:
The first coverage I recommend is Blanket coverage for his commercial property: building, stock & equipment (← the recommendation). By combining all 3 into 1 total limit, it allows for more flexibility within each class of property compared to setting strict individual limits for building, stock and equipment (← the description).
The 2nd coverage I might recommend is the Peak Season Endorsement. Since Billy sells seasonal products, he would have more stock during certain times of the year than others. The Peak Season Endorsement would allow him to save money and money without sacrificing coverage by automatically increasing his stock limits during peak season.
The 3rd coverage I would recommend is the By-law Endorsement. Since Billy’s building is quite old, there likely has been new bylaws put in place since it was first constructed. If it were to be damaged to the point where it requires reconstruction, new bylaws would come into effect and push up the cost of construction. A Bylaw Endorsement would help cover that increased cost.
RIBO 1 EXAM STUDY MATERIALS
Another key factor that affects your RIBO exam pass rate is study materials. The right materials and support can help you get licensed quicker and easier. If you need help, see our RIBO 1 course and sign up for the free trial for more valuable tips and exam information.