What are the Level 1 Licensing course dates for 2010?
• January 18th – 29th
• March 15th – 26th
• May 31st – June 11th
• July 19th – 30th
• Sept. 13th – 24th
• November 29th – December 10th
What are the course times?
All of IBAO courses and seminars begin at 9:00 am and end at 4:00 pm. *Except - Basic Broker Licensing Course runs from 8:30 am to 4:00 pm
What are the course fees for Level 1 Licensing?
Members $580 / Non-members $990 *Exam fee is a separate cost payable to RIBO of $180 (cheque only) Submit with you exam application, on the first day of class.
How do I apply for the RIBO exam?
The IBAO course fee DOES NOT include the RIBO examination fee. Students must prepare a cheque (company or personal) payable to RIBO for the current exam fee. The fees for the exams are as follows: 1st Attempt $180.00 / All Rewrites $ 90.00 *Prices are subject to change*If you are not taking an IBAO course, you must call RIBO to arrange your own exam date at 1-800-265-3097 or 416-365-1900. Does IBAO offer self study or online leaning for Licensing?
This option is only available for Member offices - Text Book Only $175 / Online Learning $499 (study materials + text included)
What does it mean to be a member and how do I join?
IBAO members are made up of brokerage offices. You can only qualify to receive member benefits, such as reduced course fees if you are currently employed by an IBAO member brokerage. All IBAO Members are listed at www.myinsuranceshopper.ca
What is the difference between a broker and an agent?
A broker is a person or firm that has permission to seek insurance quotations for an insured (client) or prospective client. A broker is not an insurance company employee. As a representative for the insured, brokers will approach several insurance companies in an attempt provide quotations and coverage to adequately insure the client's exposures.
An Agent is a person who has entered into an 'agency contract' with an insurance company for the purpose of selling insurance for that company. An agent is not an employee of the insurance company, but rather an independent contractor. The agent, unlike a broker, has the authority to bind coverage (legally obligate the insurance company to provide coverage according to the terms and conditions as bound).
Who or what is RIBO?
The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. Established in October 1981, RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.
Visit their website at www.ribo.com.
Who or what is IBAO?
The Insurance Brokers Association of Ontario (IBAO) is a voluntary membership organization serving the interests of more than 10,000 independent insurance brokers across the Province of Ontario. IBAO represents its members' interests to government ministries and regulatory bodies, as well as to insurance industry commissions and associations.
What does the RIBO License qualify me to sell?
Habitational (personal and commercial) Insurance Coverages, Auto Insurance Coverages, Travel Insurance, and Liability Coverages. What is the difference between the RIBO License and the LLQP license?
The RIBO license qualifies you to sell habitational and auto insurance while the LLQP license qualifies you to sell life insurance (Life includes accident and sickness).
What happens if I fail the RIBO Level 1 exam?
- You are allowed to write the RIBO exam 3 times in 1 year
- 1st attempt is $180 and then rewrites are $90
- 3 failed attempts in 1 year means, you have to wait a full year before you can re-attempt another RIBO exam
Does IBAO offer a re-sit for the RIBO level 1 exam?
IBAO does NOT offer a re-sit for the RIBO exam. If you have to do a re-sit, you have to contact RIBO directly to schedule an exam date. You can do the exam in most major towns in the province; contact RIBO to find out availability and time at www.ribo.com.
Are there any other locations for the 2 week RIBO Level 1 licensing course in Ontario?
The IBAO only offers the 2 week course in Toronto and in Hamilton.
What is the difference between the OTL & the RIBO license?
Both the RIBO and OTL (other than life) license allow you to sell home and auto insurance, however the OTL qualifies you to be an insurance agent while the RIBO license qualifies you to be a broker.
What is the Equivalency exam?
An exam written through RIBO to upgrade the OTL license to a RIBO license / to convert an outside province license to a RIBO Level 1 license.
Does IBAO offer this exam?
The IBAO does not offer classes for this nor the exam. Contact RIBO at www.ribo.com.
If I am licensed from a different province what are my options?
Contact RIBO directly to find out if you qualify to do an equivalency test. You need to write the full RIBO level 1 exam. What is the Basic Broker Licensing Course?
A comprehensive 2 week course IBAO offers to individuals who would like to become insurance brokers and obtain their RIBO level 1 License (supervised license)The exam is offered on the last day of class in the afternoon.
What is Basic Broker Orientation Day?
A Mandatory prerequisite for the Basic Broker Preparation Course. An excellent seminar, to prepare those who have little or no industry experience for the Basic Broker Course, as well as what you should expect once you start working in a brokerage.
Upcoming RIBO exam dates
Please contact RIBO directly for this information www.ribo.com
Travel Health Examination
The Travel Health Exam is offered as part of the RIBO Level 1 exam (5 questions). Email bbc@ibao.on.ca for the textbook - $45.
Exam Preparation Course
This program provides an excellent opportunity for those who have elected to study on their own and feel they have sufficient knowledge in general insurance to pass the RIBO Level I (under supervision) Licensing examination. It is also a chance for those who had recent difficulty in passing the exam to receive additional tutoring. The licensing examination is available as part of the preparation course. (Must have knowledge of policy wordings presently in use in industry)
Exam Preparation Course 2010 dates and cost
- Thursday, April 15 - Friday, April 16 - Exam: April 16
- Wednesday, August 11 - Thursday, August 12 - Exam: August 12
- Wednesday, November 17 - Thursday, November - Exam: November 18
- $285.00 - members / $570.00 - non-members (Materials not included) *NOTE: RIBO examination fee is extra and payable to RIBO
Where are the RIBO exams held
At the RIBO office or at a designated location in Ontario. Please contact RIBO directly, for more details at www.ribo.com.
Is it mandatory to do my RIBO level 1 exam at IBAO after a course?
No, you can always contact RIBO directly to make different arrangements for a different, date time or preferred location.
No, you do not need a sponsor to take the licensing course or to do the exam, however you are required to find employment within the first 12 months of passing the exam to maintain your license. The RIBO Level 1 is a supervised license, therefore you must work in a brokerage.
List of Colleges in Ontario offering the Insurance program and contact information
- Durham College: 905-721-2000
- Fanshawe College: 519-452-4443
- George Brown: 416-415-5000
- Mohawk College: 905-575-2226
- Niagara College: 905-735-2211
- Seneca College: 416-491-5050
- Sheridan College: 905-459-7533
I work for a member office but have no ID or password?
Contact the Education department for further assistance at bbc@ibao.on.ca.
Location of IBAO classroom
IBAO, 1 Eglinton Avenue East, Suite 700, Toronto, Ontario, M4P 3A1
Parking information
The building does not offer any public parking. But there is public parking one block south on Holly Street.
TTC information
We are located, right across the street from the Eglinton Subway Station on the Yonge University Spadina line. We are located on the South East corner of Yonge and Eglinton in the CIBC building on the 7th floor.
More inquiries - Contact Michelle Gwatiringa at (416) 488 7422 ext. 102 or Email: michelle@ibao.on.ca |
Login
