RIBO Exam Questions and Answers Already Passed

RIBO Exam Questions and Answers Already Passed 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: 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 the following most accurately describes the conditions under which you may act as an insurance broker under supervision? You may not act as a sole proprietor, nor be a "Principal Broker" as the term is used in the regulation, nor may you control trust funds. When news is received indicating that a member may be incapacitated, the information is first referred to: The Manager. An insurance broker owns and operates a real estate agent's office and gives his real estate agents a commission for insurance leads and referrals. Choose the best answer: The insurance broker has to have his RIBO license. Which of the following actions is NOT prohibited under the RIB Act? Giving a policyholder a box of chocolates at Christmas. When a broker has decided to change their place of employment who is supposed to notify RIBO? The broker within 30 days of the change. The Peak Season Endorsement, which is used to increase stock coverage at specified times of the year, is most effective for: Retail risks where stock values fluctuate seasonally. Professional bailees owe a greater degree of care than do gratuitous bailees because: They hold other people's property for a fee. The main role of the agent or broker in arranging an insurance contract: Is acting as the middleman between the parties involved. In the insurance business, reserves are: The funds required by regulators to be set aside for specific purposes. Under the Commercial Building, Equipment and Stock - Named Perils Form, the items used for maintenance and building services are covered under the: Building section. An insurer's calculation of pure premium should consider: The loss statistics. Liability insurance provides coverage for claims arising from: Negligent acts. An insurer's retention on any one risk can be defined as being the: Amount of insurance it will keep for its own account. Underwriting can best be described as the: Selection of risks to insure. According to the Statutory Conditions in a habitational insurance policy, after a loss, an insured Must provide the insurer with a proof of loss as soon as possible. The statutory conditions are set out by: The Provincial Act. Which of the following is not a function of reinsurance? Financing. The