RIBO Study Guide 2026
Everything you need to pass the RIBO exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 RIBO Exam Format at a Glance
📚 RIBO Topics to Study (15)
✍️ Sample RIBO Questions & Answers
1. What is the primary objective of insurance principles in Registered Insurance Broker of Ontario?
The primary objective of insurance principles knowledge is to ensure practitioners have the competence and proficiency needed to perform effectively and safely in their professional roles.
2. You accidentally strike the guardrail as you attempt to avoid hitting a squirrel.
Striking a guardrail with your vehicle, even to avoid an animal, is an incident involving your automobile. Damage to your car or the guardrail would typically be covered under an automobile insurance policy, specifically the collision or property damage liability components, depending on the circumstances and who is at fault.
3. A participating company is also referred to as which type of insurer?
A participating company is often referred to as a mutual insurer because it is owned by its policyholders. These policyholders 'participate' in the company's profits through dividends, which are a return of excess premiums. Unlike stock companies owned by shareholders, mutual insurers operate for the benefit of their policyholders, sharing any surplus with them.
4. All the following statements pertaining to Medicaid are correct EXCEPT:
Medicaid is a joint federal and state program that provides health coverage to low-income individuals and families, including children, pregnant women, parents, and individuals with disabilities. It does not limit financial assistance solely to persons age 65 or over; that demographic is primarily covered by Medicare. Medicaid's purpose is broader, assisting eligible needy persons of various ages with medical services they cannot afford.
5. Which of the following is not a generally accepted practice for dealing with risk?
Explanation: In risk management, ignoring the risk is not a generally accepted practice. Risk management involves identifying, assessing, and mitigating risks to protect against potential losses. Ignoring risks leaves individuals or organizations vulnerable to adverse events that could result in financial or other types of losses. Instead, risk should be acknowledged and addressed through strategies such as risk control, risk transfer, or risk avoidance to minimize its potential impact.
6. An indirect loss is which of the following?
An indirect loss, also known as a consequential loss, is financial harm that arises as a result of a direct physical loss to property. For example, if a business experiences a fire (direct loss), the resulting loss of income while the business is closed for repairs is an indirect loss. These losses are not directly caused by the peril itself but are a consequence of the direct damage incurred.