06/01/2026
π¨ RIBO Level 1 Practice Test Challenge π¨
Think youβre ready for the RIBO Level 1 Exam? Test your knowledge with these two questions!
π Question 1
Choose the correct statement:
A) The Standard Mortgage Clause protects the mortgagor if the owner violates a policy term.
B) All insurance policies expire at 12:01 PM.
C) Co-insurance gives the insured the option of receiving full value for their limits of insurance.
D) Loss of Use coverage may be purchased on an auto policy to reimburse rental or alternative transportation expenses following a covered Part 7 loss.
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π Question 2
Your client has an OAP #1 with:
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$1M Liability
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Accident Benefits
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$250 Collision Deductible
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$50 Comprehensive Deductible
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OPCF 44
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OEF 20
She is injured by an insured third party in Ontario and is awarded $1,300,000 by the court.
What dollar amount is used to determine whether she is over the Threshold?
A) $200,000
B) $500,000
C) $1,000,000
D) None of the Above
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π Put your answers in the comments before checking below!
RIBOLevel1 InsuranceCareer InsuranceTraining FinXpert ExamPrep CommercialInsurance
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Answers
Q1: D
Loss of Use (OPCF 20) can reimburse the insured for rental vehicles or reasonable alternative transportation when a covered loss occurs.
Q2: D β None of the Above
The Ontario deductible/threshold rules for tort claims are not determined by $200,000, $500,000, or $1,000,000. The threshold is based on the severity and permanence of the injury, not the liability limit shown in the policy.
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