RIB001 - Basic RIBO Broker Preparation Course

Outline info
Last revision date 2018-07-20 13:48:21.88
Last review date 2018-07-20 13:48:30.983

Subject Title
Basic RIBO Broker Preparation Course

Subject Description
This subject is equivalent to the 10-day course offered through the Insurance Brokers Association of Ontario. It is designed to prepare students to write the RIBO Level 1 (under supervision) examination. It will be of interest to those wishing to pursue a career as an Insurance Broker. You do not need to work in a brokerage firm to take the course and write the exam. However, to be eligible for licensing, you need to become employed by a RIBO registered general insurance brokerage firm within 12 months of passing the exam. It may also be of interest to those employed in brokerage offices and insurance companies who want to gain more knowledge of the insurance business.The Level 1 license permits you to provide insurance services under the supervision of the firm's principle broker, but does NOT qualify you to open your own brokerage firm. For further details on RIBO and the process of becoming a registered broker, please contact RIBO at 416-365-1900 or 1-800-265-3097 or go to their website at www.ribo.com.

Credit Status
This is a non-credit subject.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

Understand the RIB (Registered Insurance Broker) Act.

Understand insurance fundamentals as principles of indemnity and insurable interest, personal property and personal automobile insurance principles, as well as become familiar with the OAP1 wording and the RIBO Homeowner's, Tenant's and Condominium Unit Owner's form and travel insurance.

After writing your exam, you may not be eligible to work as an insurance broker if you hold another job in specific fields such as a lawyer, auto sales person, bank employee, mortgage broker and real estate. Additionally if you have criminal charges or convictions your licensing process may be held up or impeded. Please contact RIBO to discuss your eligibility.

The material fee covers the cost of the textbook for this course. The most current version of the Insurance Brokers of Ontario Fundamentals of Insurance will be available.

There is an examination fee payable to RIBO. An application form is contained in the textbook. Prior to writing the exam you should carefully review the Standards for Acting Under Supervision found at the RIBO website.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.


Topic Outline
Introduction to General Insurance Contracts
Role of the Government
The Basic Fire Policy
Facility & FSCO
Regulation of the Brokers
The Insurance Process
Property Insurance – Common Characteristics
Property Insurance
Homeowners, Condominium & Tenants Packages
Personal Property
Exclusions, Personal Articles Floater, Secondary/Seasonal Residence
Commercial Property
Business Interruption & Farm Insurance
Liability Legal System
Limits & Exclusions
OAP1 & OAP2 Coverage
Accident Benefits
Exclusions & Endorsements
The Application
Travel & Health
Case Study & Course Review

Mode of Instruction
Students learn through classroom lectures and discussion. It is ESSENTIAL that students read assigned material before class and make careful notes on the reading material as well as in-class lectures and discussion. It is extremely important for students to be prepared for class and to be actively involved in discussions as this greatly aids the learning process.

Prescribed Texts
Students pay for materials in their registration fees, and this covers the cost of the text book. Students will receive the text book in-class within the first two weeks of classes.

Required Supplies
Students will need a notebook or three-ring binder, paper, pens, highlighter, calculator etc.

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.

Students are not formally graded in this class, but any students wishing to write the RIBO exam must obtain a passing mark of 75% or better on the exam.

Modes of Evaluation
There will be quizzes given in this class, but they are for feedback purposes and not evaluation purposes.

Students will not have access to the Blackboard site after the student's last scheduled class.

Approved by: Susan Horne