Registered Insurance Brokers of Ontario (RIBO) Level 1 Practice Exam 2025 - Free RIBO Practice Questions and Study Guide

The Income Replacement Benefit is designed to provide financial support to individuals who are unable to work due to an accident or illness. The amount of the benefit may vary over time based on regulations governing the policy.

In this context, the correct answer indicates that the Income Replacement Benefit decreases to $185 per week after 2 years. This timeframe is significant because it reflects the policy's structure aimed at supporting individuals through the initial recovery phase without gradually reducing essential financial aid. After 2 years, as the consensus suggests, the benefit is adjusted to encourage a return to work and to reflect changes in the individual's condition or ability to earn an income.

Other timeframes provided in the options do not align with the standard provisions of the Income Replacement Benefit, thus making the 2-year period the correct answer. This structure is crucial for both the insured individuals to understand the long-term implications of their coverage and for brokers to accurately convey information about benefits and their duration.