RIBO RIBO RIBO ACT INFORMATION
EXAM QUESTIONS AND ANSWERS
incapicitated member - Correct Answers -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 Answers -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 Answers -an individual, partnership or corporating registered under
this act to carry on business as an insurance broker.
trust money investment - Correct Answers -trasury bills and other instruments
evidencing indebtedness.
trust money investment - Correct Answers -mutual or pooled funds that are invested
short term money making instruments.
trust money investment - Correct Answers -banker acceptances.
trust money investment - Correct Answers -short term debt securities issued by non
financial corporations for 1 year or less only with high quality ratings.
e/o fidelity insurance - Correct Answers -for deductible, members must keep $2,500 and
sole proprietors must keep $5,000 readily available.
insurance broker - Correct Answers -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 Answers -- 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 Answers -1. qualifications committee
2. complaints committee
3. discipline committee
mailing address - Correct Answers -every member but maintain a mailing address in
ontario.
offence - Correct Answers -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 Answers -consists of 9 elected members and 4 appointed members by
lieutenant, in total 13 (council is made of 13 words)
Certificate of registration - Correct Answers -one must meet these requirments...
1. Age of majority
2. Good character, with integrity and honesty.
3. No convictions
4. Never been refused a licence
5. Educational/Qualifications
6. Complies with all provisions of RIBO
Policy - Correct Answers -a broker must provide this to the insured within 21 days after
compeleting the applicaiton.
Code of conduct - Correct Answers -act with integrity.
Code of conduct - Correct Answers -be competent.
Code of conduct - Correct Answers -provide conscientious, dilligent and efficent
customer service.
Code of conduct - Correct Answers -be candid and honest.
EXAM QUESTIONS AND ANSWERS
incapicitated member - Correct Answers -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 Answers -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 Answers -an individual, partnership or corporating registered under
this act to carry on business as an insurance broker.
trust money investment - Correct Answers -trasury bills and other instruments
evidencing indebtedness.
trust money investment - Correct Answers -mutual or pooled funds that are invested
short term money making instruments.
trust money investment - Correct Answers -banker acceptances.
trust money investment - Correct Answers -short term debt securities issued by non
financial corporations for 1 year or less only with high quality ratings.
e/o fidelity insurance - Correct Answers -for deductible, members must keep $2,500 and
sole proprietors must keep $5,000 readily available.
insurance broker - Correct Answers -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 Answers -- 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 Answers -1. qualifications committee
2. complaints committee
3. discipline committee
mailing address - Correct Answers -every member but maintain a mailing address in
ontario.
offence - Correct Answers -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 Answers -consists of 9 elected members and 4 appointed members by
lieutenant, in total 13 (council is made of 13 words)
Certificate of registration - Correct Answers -one must meet these requirments...
1. Age of majority
2. Good character, with integrity and honesty.
3. No convictions
4. Never been refused a licence
5. Educational/Qualifications
6. Complies with all provisions of RIBO
Policy - Correct Answers -a broker must provide this to the insured within 21 days after
compeleting the applicaiton.
Code of conduct - Correct Answers -act with integrity.
Code of conduct - Correct Answers -be competent.
Code of conduct - Correct Answers -provide conscientious, dilligent and efficent
customer service.
Code of conduct - Correct Answers -be candid and honest.
