Under the Registered Insurance Brokers Act (RIB Act) of Ontario, which of the following individuals is legally required to hold a RIBO licence?
Ribo Act And Bylaws
Question · Easy
Which regulator registers Ontario general-insurance brokers, and which regulates insurance agents?
General Insurance and Industry Knowledge
Flashcard
What is the primary legal distinction between an insurance agent and an insurance broker in Ontario?
Provincial agency that replaced FSCO and DICO.
Industry knowledge
Guess the Term
Chapter 1: RIB Act Framework & Broker Licensing
1.1 RIB Act Governance, Committees & Regulatory Roles
Study guide
Cheat sheet
RIBO regulations mandate that all registered brokerages maintain at least two separate bank accounts. What are these two accounts?
Question · Medium
Read the clue and guess the term in 6 tries.
Game
Does passing Level 1 itself authorize a candidate to act as a broker?
Under RIBO regulations, when is a brokerage permitted to transfer commission funds from the Trust Account to the Operating Account?
Federal statute that sets ground rules for how private-sector organizations collect, use and disclose customer data in commercial activities.
Which of the following situations describes a 'trust deficit' under RIBO regulations?
Question · Hard
What does the Level 1 licence mean for supervision?
To maintain registration, a RIBO brokerage operating as a sole proprietorship must maintain a minimum equity (net working capital) of:
Statute that requires consent before a firm sends marketing emails or texts and also bans installing computer programs without permission.
1.2 Broker vs. Agent vs. Adjuster Legal Distinctions
How many continuing education (CE) hours must a licensed RIBO broker complete during each licensing year?
Swap tiles to line up three of the same term.
Term Match
When may someone hold themselves out as a registered insurance broker in Ontario?
Which of the following correctly outlines the specific category minimum requirements for a broker's annual continuing education (CE) credits under RIBO by-laws?
Intermediary type that runs all or part of an insurer's business, including binding and underwriting, without taking capital risk; FSRA estimated 139 in Ontario in December 2024.
A licensed broker wants to pay a referral fee to an unlicensed real estate agent for referring a home insurance client. Under the RIB Act, this is:
Why must a broker pass material risk information to the insurer?
Under the RIBO Code of Conduct, what must a broker do if they identify a conflict of interest in a transaction?
National trade group that represents the vast majority of the country's home, car and business carriers.
1.3 Licence Levels, Entry Requirements, Renewal & Inactive Status
What is the minimum limit of Errors and Omissions (E&O) insurance that a RIBO brokerage must maintain?
Flip two cards at a time to find matching terms.
Term Pairs
What should a broker disclose before recommending a product that creates a conflict?
What is the minimum limit of fidelity insurance (bond) that a RIBO brokerage must maintain to protect against dishonest acts by employees?
Regulation that sets the no-fault medical, rehabilitation and attendant care payments made after a vehicle crash.
Vehicle cover
When a licensed broker terminates their employment with a brokerage, within how many days must the brokerage notify RIBO in writing?
Why must a broker confirm binding authority before promising coverage?
A broker holds a RIBO Level 1 licence with the restriction 'acting under supervision'. What is this broker prohibited from doing?
Coverage that may pay to repair your vehicle after a crash in Ontario when another driver whose vehicle is insured was at fault, collected from your own insurer.
Chapter 2: Professional Standards & Code of Conduct
2.1 RIBO Code of Conduct & Client Duties
Under RIBO Code of Conduct, what is the maximum length of time a broker can hold a client's premium before remitting it to the insurer (subject to any contract terms)?
Find five hidden terms in a grid of letters.
Term Search
What must happen to a client premium received by a brokerage?
When a broker intends to charge a fee to a client in addition to or instead of commission, what are the RIBO disclosure requirements?
Family protection coverage is designated ___ 44R.
A broker wants to use a trade name or business name other than the brokerage's registered legal name. What is required under RIBO rules?
What should a broker do first when a client reports a possible insured loss?
Which of the following is considered an act of 'misconduct' or 'knowingly misleading the public' under RIBO regulations?
Ontario's ___ determination rules assign each driver a percentage of responsibility without regard to weather, road conditions or visibility.
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