RIB EQUIVALENCY COURSE. EXAM
QUESTIONS WITH VERIFIED
ANSWERS. A+ GRADE 2025/2026.
Who can pass change to the RIB act? - ANS Province of Ontario
Are the Regulations Legislated? - ANS No. changes to the Act or Regulations that need to be
made by RIBO must be approved by RIBO's Council
What are bylaws? - ANS They are changes to the Act or Regulations that need to be made by
RIBO must be approved by RIBO's Council
Do Bylaws need to be approved by the RIBO Council? - ANS Yes. They are NOT linked to the
Act or the Regulations but do need to be approved by the RIBO Council.
What date was RIBO Granted self-regulating Authority by the Superintendent ? -
ANS October 1, 1981
What is a registered insurance broker?
1. A broker is an independent insurance professional in Ontario governed by the Registered
Insurance Brokers Act.
2. Brokers sell general insurance including coverage of home, business, automobile, boat,
commercial, etc.
3. They offer product choices from a variety of companies (markets) and typically offer
independent advice.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,4Brokers represent their client's best interest when negotiating a contract between the client
and the insurer.
5. All the above - ANS 5. All the Above.
A Registered Insurance Broker in Ontario is an independent insurance professional who is
governed by the Registered Insurance Brokers Act.
Whose best interest does a broker represent when negotiating a contract between a client and
an insurer?
A. Society
B. The Clients
C. The Insurers
D. RIBO - ANS B. The Client
An insurance broker is a professional who:
- Procures insurance of reinsurance
- Provides risk management services when required
- Provides consulting or advisory services with respect to insurance or reinsurance, or
- Holds themselves out as .........
A. An Insurance Consultant
B. An Insurer
C. A Financial Advisor
D. A Claims Adjuster - ANS A. An Insurance Consultant
Under the RIB Act, an insurance broker is allowed to provide claims assistance for clients.
True of False ? - ANS True
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, What Makes up the RIBO Council?
a. Premier, 8 elected brokers, 3 public members
b. RIBO President, 7 elected brokers, 4 public members
c. 8 elected brokers, 3 public members, RIBO Employee
d. Lieutenant Governor, 8 elected brokers, 3 public members - ANS d. Lieutenant Governor, 8
elected brokers, 3 public members
To whom is RIBO accountable?
a. the minister of finance
b. the superintendent of financial services
c. every RIBO registrant
d. all the above - ANS d. all the above
True or False?
In addition to audited financial statements, the Annual Report includes Committee reports and
summaries of registration numbers and discipline proceedings. - ANS True
How many are elected brokers and how many are public members appointed by the Lieutenant
Governor in council?
a. 10 brokers / 3 public members
b. 8 brokers 3 public members
c. 9 brokers / 4 public members
d. 7 brokers / 6 public members - ANS b.
The Annual report and a report of yearly examination by the Financial Services Commission are
provided to ___ for review by its members.
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
QUESTIONS WITH VERIFIED
ANSWERS. A+ GRADE 2025/2026.
Who can pass change to the RIB act? - ANS Province of Ontario
Are the Regulations Legislated? - ANS No. changes to the Act or Regulations that need to be
made by RIBO must be approved by RIBO's Council
What are bylaws? - ANS They are changes to the Act or Regulations that need to be made by
RIBO must be approved by RIBO's Council
Do Bylaws need to be approved by the RIBO Council? - ANS Yes. They are NOT linked to the
Act or the Regulations but do need to be approved by the RIBO Council.
What date was RIBO Granted self-regulating Authority by the Superintendent ? -
ANS October 1, 1981
What is a registered insurance broker?
1. A broker is an independent insurance professional in Ontario governed by the Registered
Insurance Brokers Act.
2. Brokers sell general insurance including coverage of home, business, automobile, boat,
commercial, etc.
3. They offer product choices from a variety of companies (markets) and typically offer
independent advice.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,4Brokers represent their client's best interest when negotiating a contract between the client
and the insurer.
5. All the above - ANS 5. All the Above.
A Registered Insurance Broker in Ontario is an independent insurance professional who is
governed by the Registered Insurance Brokers Act.
Whose best interest does a broker represent when negotiating a contract between a client and
an insurer?
A. Society
B. The Clients
C. The Insurers
D. RIBO - ANS B. The Client
An insurance broker is a professional who:
- Procures insurance of reinsurance
- Provides risk management services when required
- Provides consulting or advisory services with respect to insurance or reinsurance, or
- Holds themselves out as .........
A. An Insurance Consultant
B. An Insurer
C. A Financial Advisor
D. A Claims Adjuster - ANS A. An Insurance Consultant
Under the RIB Act, an insurance broker is allowed to provide claims assistance for clients.
True of False ? - ANS True
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, What Makes up the RIBO Council?
a. Premier, 8 elected brokers, 3 public members
b. RIBO President, 7 elected brokers, 4 public members
c. 8 elected brokers, 3 public members, RIBO Employee
d. Lieutenant Governor, 8 elected brokers, 3 public members - ANS d. Lieutenant Governor, 8
elected brokers, 3 public members
To whom is RIBO accountable?
a. the minister of finance
b. the superintendent of financial services
c. every RIBO registrant
d. all the above - ANS d. all the above
True or False?
In addition to audited financial statements, the Annual Report includes Committee reports and
summaries of registration numbers and discipline proceedings. - ANS True
How many are elected brokers and how many are public members appointed by the Lieutenant
Governor in council?
a. 10 brokers / 3 public members
b. 8 brokers 3 public members
c. 9 brokers / 4 public members
d. 7 brokers / 6 public members - ANS b.
The Annual report and a report of yearly examination by the Financial Services Commission are
provided to ___ for review by its members.
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
