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RIBO RIBO RIBO ACT INFORMATION EXAM QUESTIONS with Correct answers.
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RIBO RIBO RIBO ACT INFORMATION EXAM QUESTIONS with Correct answers.
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RIBO RIBO RIBO ACT INFORMATION EXAMQUESTIONS with Correct answers
incapicitated member Correct Answer-a member suffering froma
physical or mental condition or disorder and can no longer carry on
business as a registered insurance broker, this is typically determiend by
the manager.
insurance broker Correct Answer-any person who for any comepnsation,
commission or other thing of calue, with respect to persons or property
in ontario, deals directly with the public.
member Correct Answer-an individual, partnership or corporating
registered under this act to carry on business as an insurance broker.
insurance broker Correct Answer-no person shall act as an insurance
broker unless you are...
*Lawyer, accountant, or actuaries acting in their professional capacity
*Licensed insurance adjuster
*Reinsurance broker
*a salaried employee who seeks insurance for an employer as long as
they dont get paid
*a person registered under the travel insurance industry act
*clerical administrative staff
*trustees appointed under this act
*an employee who is emplyed by the insured to discuss the policy but
not allowed to sell business or amend any coverage
, Resign polic Correct Answer-- must be filled with a manager and a
resignation eltter but the indidvidual is still subjet to disciplinary action
arising from misconduct prior to the resignation being accepted
-a manager can cancel a registration for non-payment of any prescribed
fee after giving the member at least one months notice in writing of the
default and intention to cancel the registration
3 committees Correct Answer-1. qualifications committee
2. complaints committee
3. discipline committee
mailing address Correct Answer-every member but maintain a mailing
address in ontario.
offence Correct Answer-if one commits an offcence they can be subject
to 100,000 or 6 months in jail, for a corporation it is a fine of 200,000
Council Correct Answer-consists of 9 elected members and 4 appointed
members by lieutenant, in total 13 (council is made of 13 words)
Certificate of registration Correct Answer-one must meet these
requirments...
1. Age of majority
2. Good character, with integrity and honesty.
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