Free IIC RIBO-Level-1 Exam Dumps Questions & Answers

Your client has been renting a house and carries a Tenants Comprehensive policy through your office. They are getting married soon and has just bought a house into which they will soon move. Which of the following actions should you NOT do?

• A.  Endorse their Tenants policy to show the new address and add building coverage in the amount of the purchase price of the house.
• B.  Check into the security arrangements in the house as it may affect the premium to be charged.
• C.  Use a Home Calculator to estimate the replacement cost of the house.
• D.  Cancel their Tenant policy and re-write their insurance as a Homeowners policy.

While reviewing a client's policy file, you learn that a pending policy change requires documentation of their risk mitigation measures. What should you do to collect and properly store this information in compliance with RIBO regulations?

• A.  Request electronic copies of the client's risk mitigation measures and securely store them with written confirmation of your discussion, in compliance with RIBO regulations.
• B.  Meet with the client to collect any relevant documentation, then store the hard copies in a secure file cabinet and in compliance with RIBO regulations.
• C.  Schedule a meeting with the client to understand their current risk mitigation strategies and update the file accordingly.
• D.  Ask the client to provide a verbal confirmation of their risk management practices, note it in their file, and store it in compliance with RIBO regulations.

The Insured's contents have been removed from their premises due to an insured peril. Under the property policy, how long will the Insured contents be covered?

• A.  60 days or until the policy term ends, whichever comes first.
• B.  15 days or until the policy term ends, whichever comes first.
• C.  25 days or until the policy term ends, whichever comes first.
• D.  30 days or until the policy term ends, whichever comes first.

Which of the following actions is MOST appropriate for a RIBO Level 1 licensee working under the supervision of a Principal Broker?

• A.  Rely on the Principal Broker for guidance when uncertain about compliance with regulatory requirements.
• B.  Take responsibility for establishing office policies and procedures.
• C.  Solicit insurance business in areas outside of the brokerage's designated territory.
• D.  Maintain all client communications and files without Principal Broker oversight.

John, a newly licensed broker, learns about cybersecurity insurance from a friend but feels unsure about some aspects. With clients seeking advice, what steps should he take to improve his knowledge and assist them better?

• A.  Enroll in a specialized online course focused on cybersecurity insurance.
• B.  Assume that his current level of understanding will suffice for client interactions.
• C.  Forward any client inquiries about cybersecurity insurance to a more experienced broker.
• D.  Wait until he encounters a specific client query before seeking more knowledge.