RIBO ACT UPDATED Exam Questions and CORRECT Answers
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Course
RIBO
Institution
RIBO
RIBO ACT UPDATED Exam Questions
and CORRECT Answers
Who can be a broker - Correct Answer- Section 5(a) An Individual, greater than 18, Good
Character, Has not been convicted, has not been refused membership in the past, Satisfies
educational requirements, only business is insurance, carries ...
RIBO ACT UPDATED Exam Questions
and CORRECT Answers
Who can be a broker - Correct Answer- Section 5(a) An Individual, greater than 18, Good
Character, Has not been convicted, has not been refused membership in the past, Satisfies
educational requirements, only business is insurance, carries in business, continuing
education.
Section 6 - Co-operation, only business is insurance, under the guidance of a principal broker,
complied with provision of the regulation, not in contravention to the Insurance act.
Section 7 - Partnership - only business is insurance, under the guidance of a principal broker,
Majority equity interest and voting interest are held by persons who are registered, complied
with provision of the regulation,
Section 7.1 - sole proprietorship - only business is insurance, Shall designate an individual
who is an insurance broker,
Disqualification of a principal broker - Correct Answer- Is not in default of paying fees,
Is made a subject of complaint
is not in a class of membership that requires supervision
Holds a position of owner, partner, director, or employee thereof
Can be designated as a principal broker after due approval form the committee requested in
writing
Satisfy educational requirements as prescribed
The broker can delegate tasks assigned to him by the principal
Section applies to deputy brokers as it does to the principal broker
Definition of insurance broker - Correct Answer- means any person who for compensation or
commission or anything of value with respect to persons or property in Ontario, deals directly
with the public and
(a) Acquiring business, negotiating contracts, bind coverage and countersign on behalf of the
insurer
(b) provide risk management and claims assistance services
(c) Provides consultancy and advisory services
(d) Examines, appraises, reviews any insurance policy
, Code of conduct - Correct Answer- a) function with integrity
(b) Be knowledgeable
(c) Serve the members client with diligence, efficiency and conscientiously, expected of
every member
Misconduct - Correct Answer- (a) Ethical solicitation of business with complete disclosure of
terms and benefits
(b) Incomplete comparison of any policy or contract of insurance with that of any other
insurer
(c) Do not accept an item of value to induce the insured to the insurer
(d) Do not offer a rebate or excess than that stated in the policy, either in cash or any thing of
value. This excludes dividends, Bonus and profit or savings.
(e) Doing business under a non registered name is not permissible.
(f) The use of any practise that results in an unreasonable delay or resistance to fair
adjustment
(g) Failure to carry on business that is consistent to the code
(h) Impersonating an insurance broker with proper license
(I) Being convicted of an offence either criminal or against the insurance act
(j) The payment of or acceptance of referral or finders fee from persons who are not a
licensed Insurance broker, licensed to sell mutual funds, real estate broker, engaged in the
business of a financial planner, engaged in the business of financing premiums, engaged in
the business of providing products and service to reduce premiums or engaged in the business
of providing products and services to reduce risk.
(k) Misconduct as the principal broker in the capacity of owner, partner or director or
employees thereof
(l) Providing false or misleading information to the cooperation
(k) Acting as principal broker when a member has failed to meet the educational requirements
(l) Failure to supervise brokers with limited registration acting under his/her direction.
Powers of discipline committee - Correct Answer- If found guilty of misconduct,
a) Revoke the certificate
b) Suspend the certificate
c) impose restrictions or conditions
d) reprimand and record in register
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