RIBO RIBO RIBO ACT INFORMATION EXAM QUESTIONS

RIBO ACT INFORMATION EXAM QUESTIONS WITH CERTIFIED SOLUTIONS incapicitated member 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 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 an individual, partnership or corporating registered under this act to carry on business as an insurance broker. insurance broker 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 - 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 1. qualifications committee 2. complaints committee 3. discipline committee mailing address every member but maintain a mailing address in ontario. offence 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 consists of 9 elected members and 4 appointed members by lieutenant, in total 13 (council is made of 13 words) Certificate of registration 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 a broker must provide this to the insured within 21 days after compeleting the applicaiton. Code of conduct act with integrity. Code of conduct be competent. Code of conduct provide conscientious, dilligent and efficent customer service. Code of conduct be candid and honest. Code of conduct keep confidentiality required by law, authorized by clients and in negotiations. Code of conduct safekeeping of property as if it was your own, the clients property. Code of conduct Don't let another job jeporadize any of these rules. Code of conduct Disclose a conflict of interest in writing tot he client, should you see one arise. Code of conduct not stipulate, charge or accept any money that is not disclosed. Code of conduct encourage public respect. Code of conduct make your services available to the public. In an efficient and convienient manner which follows these codes. Code of conduct assist in maintaining integrity of the members vocation. Code of conduct assit in preventing unathorized practic under this license. Code of conduct treat other members with couresy and good faith. Misconduct use of methods of solicitation/advertising deemed to conflict with honor/dignity of voacation. Misconduct incomplete comparision to another insurance company, encouraging the insured to forfeit or surrender a policy or contract. Misconduct receving inducement or giving inducement ex. payment, allowances or gifts. Misconduct rebatting or offering a cheaper premium that listed on the policy/contract. Misconduct Coercing/proposing a client must have something by suing your professional background to convince them by manipulating them. Misconduct acting under a name your not registered under. Misconduct practice conduct that results in unreasonable delay or resistance to the fair adjsutment of claims. Misconduct failure to carry on business in a manner consistent with the code of conduct. Misconduct failure to comply with the provisions set out in the act and the regulations. Misconduct acting as an agent when your not one Misconduct being convicted of a criminal offence that is or will affect being a broker. Misconduct paying referrals/finders fee's or accepting rferral/finders fee's. Misconduct a registered broker who knowgly agrees to misconduct. Misconduct providing false or misleading information to the corporation. Misconduct acting as a principal broker when you are not one. Misconduct failing to supervise your staff properly when under your supervision as a principal broker. Trust funds accounts designed to deposit client premiums and ... need to be maintained at... - a bank listed in schedule 1 or 2 to the bank act -a trust corporation -a loan corporation -a credit union authroized by law members who receive money for trust funds must... 1. deposit it as soon as practicable after receipt 2. not knowingly fail to make a deposit, within 3 business days 3. trust money can be invested and held in trust as described in section 5 4. not disburse or give out any trust money 5. can only withdraw money belonging to them and deposit in a general account. trust money investment deposits, guaranteed investment certificates other forms of indebtedness. trust money investment trasury bills and other instruments evidencing indebtedness. trust money investment mutual or pooled funds that are invested short term money making instruments. trust money investment banker acceptances. trust money investment short term debt securities issued by non financial corporations for 1 year or less only with high quality ratings. e/o fidelity insurance for deductible, members must keep $2,500 and sole proprietors must keep $5,000 readily available. fine for misconduct a person may be fined upto $5,000 and a corporation can be fined upto $25,000. under supervision when a new broker is required to be supervised, the time is for 24 months. They cannot act as a dsignated individual or sole proprietor and cannot control trust funds. by-law 20 all members must renew their license by August 31st of each year. changes need to be reported to the manager within 30 days of the change. RIBO is a self-regulatory body concerned with the operations of insurance brokers. property deductible deductibles used at all times uneless. 1. scheduled article claim 2. multiple property claim (only 1 deductible will apply) accident benefits deductible no deductible under this coverage. DCPD deductible no deductible unless stated (rememver the 3 conditions) Liability no deductible. Loss and Damages deductible no deductible on losses caused by FIRE and LIGHTNING. Uninsured auto deductible $300 deductible for certain property damage, claims can be made upto $25,000.