Asked by: Elisa Haberler
automotive auto insurance

What is OTL license?

Last Updated: 17th April, 2020

Both the RIBO (Registered Insurance Brokers of Ontario)and OTL (Other Than Life) license allow you to sellhome and auto insurance in Ontario, however the OTLqualifies you to be an Insurance Agent while the RIBOlicense qualifies you to be an InsuranceBroker.

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Similarly, you may ask, what does OTL mean in insurance?

Obvious Total Loss Some examples of an OTL are: FireDamage.

Also, how do I become an auto insurance agent? 5 Steps to Becoming an Insurance Agent

  1. Step 1 Decide if you want to complete an associate orbachelor's degree program.
  2. Step 2 Pick a specialty.
  3. Step 3 Complete pre-licensure requirements.
  4. Step 4 Pass a licensing exam.
  5. Step 5 Apply at insurance agencies.

Similarly, it is asked, how much does Ribo license cost?

The examination is set by the Registered InsuranceBrokers of Ontario (RIBO). The student is required to submitan examination application and pay to RIBO the examinationfee of $180, in addition to the course enrolmentfee.

How long does it take to become an insurance agent?

While taking two or four years to earn a college degreecan enhance one's job prospects, in many cases, one can becomean insurance agent after completing only a pre-licensingcourse, which can take several days.

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What is aa value insurance?

Agreed Value: (Usually associated with motorvehicle insurance) A car's agreed value is set at thebeginning of each period of cover. It is the most the insurer willpay, less any excess, for a claim that is covered by thepolicy.

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How hard is the Ribo license exam?

To obtain your RIBO license you must pass theRIBO level 1 licensing examination. Theexamination consists of ninety (90) multiple choicequestions and one (1) short answer case study. Each multiple choicequestion is worth one (1) mark and the case study is worth ten (10)marks. The passing mark is 75%.

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How does an insurance broker get paid?

Insurance agents earn commission based onthe overall insurance premium they “produce,”typically between 10-20 percent. Brokers typically do notget paid a commission from the insurance company whoissues the policy, and therefore must charge a broker fee inorder to make money on the transaction.

Leeann Cairns


What does it take to be an insurance broker?

Insurance brokers can work with a high schooldiploma, though a bachelor's degree in fields likeinsurance, finance or economics is helpful. A state licenseis required, and an insurance broker must hold multiplelicenses if they deal with more than one type ofinsurance.

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How do you become a licensed Ribo?

3 Steps
  1. Select your Learning Preference. Choose the course that willbest prepare you for the RIBO Level l exam or order a Prep Kit tostudy on your own.
  2. Pass the RIBO Level l Exam. The passing grade is 75% andabove.
  3. Gain Employment. Secure placement at a RIBO-registered generalinsurance brokerage.

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What does an insurance broker do?

Unlike insurance agents, insurance brokersdo not work for an insurance company. They work fortheir clients, providing advice on the best insuranceoptions for their clients' needs. Their goal is to support theirclients' interests — not to sell a particular policy onbehalf of an insurance company.

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How much do insurance brokers make in Ontario?

The average salary for an Insurance Broker is$41,772 per year in Ontario, which meets the nationalaverage.

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How do I get an auto and home insurance license?

Here are the basic steps to becoming a licensed insuranceagent:
  1. Complete a Pre-Licensing Course: Roughly half of all stateshave pre-licensing requirements.
  2. Pass Your State Exam: Take the test in person at the provider'sphysical location.

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How do you become a broker in Ontario?

To become a real estate broker in Ontario, youwill first need to complete the Salesperson Registration EducationProgram , take two additional courses and register with RECO.

Ontario Real Estate Broker Licensing Requirements
  1. Step 1 – Take one elective course.
  2. Step 2 – Take the Real Estate Broker Course.

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What does Ribo mean?

Registered Insurance Brokers of

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Is selling insurance a good career?

If the monotony of doing the same work over and over isunappealing, a career in insurance sales isdefinitely a good option for you. Many insuranceagents agree they love the variety of work insurance salesprovides. Insurance agents often have to do a lot morebesides sell insurance.

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Do insurance agents make good money?

According to that data from the Bureau of LaborStatistics: The median annual wage for insurance agents was$48,150. The highest paid 10% of insurance agents earnedmore than $116,940 annually. The lowest paid 10% of insuranceagents earned less than $26,120 annually.

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What do you have to do to become an insurance agent?

Basic Requirements
You need a high school diploma or equivalent andan insurance license from your state to work as aninsurance agent. The licensing requirements varybetween states but they typically require that you take aninsurance course plus pass an exam given by yourstate.

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How do I start an insurance agency from home?

Starting an Independent Insurance Agency
  1. Write a business plan.
  2. Choose a legal structure.
  3. Choose and register your agency's name.
  4. Apply for a tax ID number.
  5. Register your business with the state.
  6. Get the appropriate business licenses or permits.
  7. Purchase Errors and Omissions Insurance.

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How do I study for insurance license exam?

How to Pass the Property and Casualty Exam
  1. Start Studying Early/Set a Study Calendar. The averageinsurance exam-taker should expect to spend about 35 to 40 hoursstudying to pass the Property and Casualty exam.
  2. Focus on the State Exam Outline.
  3. Remove Distractions.
  4. Utilize Practice Exams.
  5. Take an Exam Prep Course.

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What do independent insurance agents do?

Independent insurance agents typically representa number of insurance companies, or "carriers", and sell theproducts that most appropriately meet the needs of their clients.Their expertise allows them to advise their clients aboutappropriate amounts of insurance and insurancecoverages for their particular needs.

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What is the Commission for general insurance agents?

The Insurance Regulatory Development Authority ofIndia (IRDAI) has hiked the maximum commission payable toagents for two-wheeler motor insurance policies to17.5% of the premium. So far, general insurance companieswere allowed to pay a maximum of 15% as commission.

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What do you mean by insurance agent?

Definition of 'Agent' Definition:An agent is a person who represents an insurance firmand sells insurance policies on its behalf. On the otherhand, there are captive agents who are exclusively employedby a particular insurance firm and sell policies of thesame.

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What is the average salary of a life insurance agent?

According to the Bureau of Labor Statistics, the medianpay for an "insurance sales agent" is $49,990per year or $24.03 per hour as of the latest data from 2016. Keepin mind that this specifies a sales agent, and includes datafrom all insurance, not only lifeinsurance.