Ribo act - Study guides, Class notes & Summaries

The Manager, under the RIBO Act, may cancel the license of a member for non-payment of any prescribed fee after giving the member at least: correct answers 1 month notice in writing of the default and intention to cancel the registration subject to the continuing jurisdiction of the Corporation. Upon successful completion of the examination, you may qualify for registration as an insurance broker. If issued, the registration will be "restricted to acting under supervision." Which one (1) of...

RIBO ACT -Quiz 1 Well Answers!!

RIBO – General Questions and Answers Already Graded A Which of the following provinces offer only government compulsory auto insurance? British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One eleme...

Those exempt from RIB Act. - lawyers, agents, accountants, adjusters, travel insurance agents, admin staff, trustee, reinsurance broker. Who can be a broker? - - age of majority - of good character - no criminal charges - no refused, suspended or revoked licenses - meet educational and experience requirements of Qualification and Registration Committee. - complies with Act - only business is Insurance Broker Insurance Broker defined: - Any person who for any commission, compensation or...

RIBO FINAL EXAM 2024...

RIBO PRACTICE EXAM 2024...

Which of the following statements best describes actual cash value? - Answer-The replacement cost at the time of loss less depreciation Personal injury liability under the Commercial General Liability Policy covers sums that the insured becomes legally obligated to pay: - Answer-Because of injury to a person's character by such things as false arrest or malicious prosecution. Under an automobile policy, property damage means damage to which of the following? - AnswerProperty of others but ...

Level 2 Management – RIBO Questions and Answers Already Passed What are the provisions and responsibilities of direction and supervision of the principal broker? 1. To ensure all registered insurance brokers who are employees or partners comply with this act, regulations and by-laws 2.Ensure all brokers who are employees are provided the necessary information respecting insurance for them to act in accordance of the code of conduct and be competent as outlined by the act 3. All registered i...

What does ribo stand for? correct answers Registered Insurance Broker of Ontario Who does the RIB act protect? correct answers The insurance consumer What are 3 things a broker with a restricted license (acting under supervision) may not do? correct answers Control trust funds, act as principal broker, or operate as a sole proprietor When do ribo licenses expire? correct answers August 31 Bailee vs. Bailor correct answers A Bailee is someone to whom goods are entrusted for a stated p...

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...