3/11/21 1
RIBO Practice Exam Licensing Course
1. Following registration as an insurance broker, an individual:
A. Is required to report any changes in status only at each renewal of registration.
B. Is required to ensure that any change in his/her status is included in the next position report
filed by his/her employer.
C. Must confirm, in writing, every three (3) months to RIBO that there has been no change in the
information originally filed.
D. Must notify the Registered Insurance Brokers of Ontario if any information on the original
application for registration or renewal has become obsolete, including a change in employer,
and file a notice correcting that information within thirty (30) days of the change.
2. 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?
A. You may solicit insurance inside or outside your office but only in the community where your
office is located.
B. You may operate a trust account in your own name into which you may deposit premiums
you receive from policyholders.
C. You may solicit insurance only from persons who call at, or telephone your office
D. 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.
3. The RIBO Code of Conduct is stated in Ontario Regulation 991, Section 14. Three (3) of the
following four (4) provisions are contained in the Code. Indicate the one (1) which is NOT.
A. To maintain a Trust Account for all trust money received. "
B. To be both candid and honest when advising the member's client.
C. Not to charge or accept any fee which is not fully disclosed prior to the service being
rendered.
D. To be competent to perform the services which the member undertakes on the client's behalf.
4. An individual who acts or aids in any manner in soliciting, negotiating or procuring the making of
any contract of insurance is required to be registered as an insurance broker if he or she:
A. Is licensed as an insurance agent, representing a single insurer and a Facility Association
B. Performs these duties as a favour to a friend who does not understand English.
C. Deals directly with the public and receives compensation.
D. Performs these duties on behalf of their employer with respect to the employer's own
insurance program.
5. RIBO Regulations stipulate that brokers must provide a policy or certificate of insurance to an
insured within a certain period after insurance has been placed. What is the length of that period?
A. Twenty-one (21) days.
B. Immediately
C. Ten (10) days
D. Thirty (30) days.
