BB Practice Test 2 RIBO UPDATED Exam Questions and CORRECT Answers
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Course
RIBO
Institution
RIBO
BB Practice Test 2 RIBO UPDATED Exam
Questions and CORRECT Answers
As a broker holding a restricted license you are not able to:
a) Sell insurance policies on behalf of more than one insurer
b) Open and operate a trust account
c) Counsel Potential clients on the insurance choices available
d...
BB Practice Test 2 RIBO UPDATED Exam
Questions and CORRECT Answers
As a broker holding a restricted license you are not able to:
a) Sell insurance policies on behalf of more than one insurer
b) Open and operate a trust account
c) Counsel Potential clients on the insurance choices available
d) Bind coverage - Correct Answer- b
Rules and agreements concerning binding insurance coverage by brokers are:
a) Laid out in the Insurance Act of Ontario
b) Set by RIBO and are uniform and apply to every insurance broker firm in Ontario
c) Set and agreed upon between each insurance company and the broker office
d) Enforced by the Department of Insurance - Correct Answer- c
When a new broker is issued a registration certificate restricted to acting under supervision,
he/she may:
a) Be the designated individual responsible to RIBO for insurance matters in the brokerage
office
b) Deal directly with the public with regards to soliciting, negotiation, procuring or making of
any contract or insurance on behalf of insurers
c) Establish and set up an insurance brokerage office, providing arrangements are made for
the insurance company to countersign all policies
d) Set up and arrange a trust account - Correct Answer- b
No insurer shall use a form of application, policy, endorsement or renewal or continuation
certificate in respect to automobile insurance other than:
a) A form created by FSCO
, b) A form published by RIBO
c) A form approved by the superintendent
d) A form approved by a Lieutenant Governor - Correct Answer- c
A member who places insurance with an insurer unlicensed to trade insurance in Ontario
must;
a) Arrange for the insurer to be licensed before the coverage is placed
b) Ensure no additional taxes are charged to the expense of the insured
c) Obtain the written consent of the member of the public whom the broker services to the
effect that they are aware their coverage will be carried by an unlicensed insurer in the
province
d) Obtain written guarantees from the insurer that they will abide by the legal requirements
under the Insurance Act of the province - Correct Answer- c
An insurance broker:
a) Acts in any manner in soliciting, negotiating, or procuring the making of any contract of
insurance or reinsurance
b) Does not provide risk management
c) Holds his/her employees out as insurance consultants
d) Only advises - Correct Answer- a
The amount of Error and Omission and Fidelity insurance every member must maintain is:
a) $200,000 & $500,000
b) $100,000 & $250,000
c) $1,000,000 & $100,000
d) $500,000 & $500,000 - Correct Answer- c
To provide education for broker members of the property casualty insurance industry is the
purpose of which organization?
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