Exam (elaborations)
BB Practice Test #2 RIBO
BB Practice Test #2 RIBO
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BB Practice Test #2 RIBOAs 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 - ANS-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 - ANS-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 - ANS-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 - ANS-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 - ANS-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 - ANS-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 - ANS-c
To provide education for broker members of the property casualty insurance industry is
the purpose of which organization?
a) Insurance Bureau of Canada
b) Insurance Advisory Organization
c) Insurance Brokers Association of Ontario
d) Registered Insurance Brokers of Ontario - ANS-c
The Registered Insurance Brokers Act of Ontario requires an individual to be registered
if they:
a) Are licensed under the Insurance Act to write business on behalf of a single insurer
b) Advise their friends to buy insurance from their insurance broker
c) On behalf of another negotiate an insurance contract and receive compensation
d) Are a Risk Manager for their employer - ANS-c
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