RIBO ACT -Exam Questions With Correct
Answers.
An insurance broker - answermeans any person who for compensation, commission or other
thing of value, with respect to person or property in Ontario, deals directly with public and holds
himself, herself or itself out as :
1. acts or aids in negot...
An insurance broker - answer✔✔means any person who for compensation, commission or other
thing of value, with respect to person or property in Ontario, deals directly with public and holds
himself, herself or itself out as :
1. acts or aids in negotiating the contracts of insurance
2. provides risk management service
3. makes recommendations or gives advice regarding the insurance plan
A manager may cancel a registration when: - answer✔✔1. for non-payment of any prescribed
fee after giving the member at least one month notice in writing of the default and intention to
cancel the registration
2. An individual member may resign his or her membership by filing with the Manager a
resignation in writing and the registration is thereupon cancelled
No person shall use the title "registered insurance broker" unless: - answer✔✔the person is the
holder of a certificate under this Act
Subjects to the regulations, the council shall be composed of: - answer✔✔(a) eight persons who
are individual members of the Corporation and are elected by the members in the manner
provided by the regulations;
(b) three persons who are not members of the Corporation and are appointed by the Lieutenant
Governor in Council.
No person shall act as an insurance broker unless the person is a registered insurance broker
under this Act except: - answer✔✔(a) lawyers, accountants or actuaries acting in their
professional capacity;
(b) an insurance agent licensed under the Insurance Act, while acting within the authority of his
or her licence;
(c) an insurance adjuster licensed under the Insurance Act, while acting within the authority of
his or her licence;
(d) any individual, partnership or corporation who acts solely as a reinsurance broker;
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