RIBO ACT -EXAM QUESTIONS WITH 100% CORRECT SOLUTIONS ALREADY PASSED!!

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; (e) a person registered under the Travel Industry Act, 2002, acting in respect of travel accident and sickness, baggage or trip cancellation insurance; (f) an employee of a person registered under this Act when the employee is acting for or on behalf of his or her employer engaged solely in the performance of clerical or administrative duties in the office of his or her employer;(g) any regular salaried employee of an insured or of a subsidiary or affiliate or corporate insured whose duties in whole or in part are to negotiate for or procure insurance or render other services on behalf of such employer or employers in connection with the procuring or maintaining of insurance on the property or risks of such employer or employers if the employee does not receive compensation, commission or other thing of value from any insurance agent, broker, or insurer for, or in connection with such services; (h) a trustee appointed under this Act; (i) an insurer or a subsidiary or an affiliate of an insurer or any employee, officer or director thereof if he or she is not acting in any manner in soliciting, negotiating or procuring the making of any contract of insurance; (j) such other persons as are exempted by the regulations. Within four months after the termination of each financial year, the Corporation must provide to its members and the minister an annual report relating to its activities in the year : - Answer-(a) financial statements of the Corporation and the auditor's report thereon; (b) a summary of the complaints received against members, categorized by source, type and disposition of the complaint; (c) a summary of disciplinary proceedings undertaken against members, categorized by source, type and disposition of the proceedings; (d) a summary of the applications for registration and the disposition of the applications; (e) membership statistics of the Corporation, categorized by size and type of member; (f) an identification of matters of policy currently under review by the Council and of any proposed changes in policies or programs; and (g) any other information considered relevant by the Corporation or requested by the Minister