RIBO ACTUAL EXAM
QUESTIONS AND
CORRECT ANSWERS
LATEST GUIDE 2026
GRADED A+ .
, 1. Every RIBO brokerage must carry which limit of Errors and Omissions Insur- ance?:
$3,000,000
2. Damages awarded for out-of-pocket items such as medical expenses are
known as which of the following?: Specialdamages
3. Responsibilities the insureds and insurers have relating to losses (Statutory Conditions):
1. The insurer must pay the loss within a specified period of time.
2. The insurer has to notify the insured in writing of intent to repair.
3. The insured must take reasonable steps to prevent further damage.
4. The insured must deliver the proof of loss as soon as practicable.
4. What is insured under boiler and machinery (Equipment Breakdown Insur- ance)?: 1. Computers
and communication equipment
2. Boilers
3. Air conditioning equipment
5. What is the purpose of the Sue and Labour Clause in an insurance policy?: Re- quires the
insured to do whatever is reasonably necessary to protect or recover the insured property
6. Statutory Conditions in a Fire Policy are primarily to protect the rights of ...: Both the insured
and the insurer
7. When collecting a premium deposit, an agent/broker is required to ...: Place the deposit in a
trust account
8. The law of large numbers ...: attects the reliance to be placed on a given probability.
The statement is saying that when we have a lot of data or observations, it makes us more confident in the probability of something
happening. In simpler terms, it means that the more times we see an event or collect data, the more we can trust the probability
we've calculated for that event. So, the "law of large numbers" tells us that having more data helps us trust our probabilities
more.
QUESTIONS AND
CORRECT ANSWERS
LATEST GUIDE 2026
GRADED A+ .
, 1. Every RIBO brokerage must carry which limit of Errors and Omissions Insur- ance?:
$3,000,000
2. Damages awarded for out-of-pocket items such as medical expenses are
known as which of the following?: Specialdamages
3. Responsibilities the insureds and insurers have relating to losses (Statutory Conditions):
1. The insurer must pay the loss within a specified period of time.
2. The insurer has to notify the insured in writing of intent to repair.
3. The insured must take reasonable steps to prevent further damage.
4. The insured must deliver the proof of loss as soon as practicable.
4. What is insured under boiler and machinery (Equipment Breakdown Insur- ance)?: 1. Computers
and communication equipment
2. Boilers
3. Air conditioning equipment
5. What is the purpose of the Sue and Labour Clause in an insurance policy?: Re- quires the
insured to do whatever is reasonably necessary to protect or recover the insured property
6. Statutory Conditions in a Fire Policy are primarily to protect the rights of ...: Both the insured
and the insurer
7. When collecting a premium deposit, an agent/broker is required to ...: Place the deposit in a
trust account
8. The law of large numbers ...: attects the reliance to be placed on a given probability.
The statement is saying that when we have a lot of data or observations, it makes us more confident in the probability of something
happening. In simpler terms, it means that the more times we see an event or collect data, the more we can trust the probability
we've calculated for that event. So, the "law of large numbers" tells us that having more data helps us trust our probabilities
more.
