Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Question: 1 / 475

According to the RIB act, which of the following is not considered a role of an insurance broker?

Negotiating policies on behalf of clients.

Advising on risk management.

Arranging payment plans for premiums.

The role of an insurance broker primarily revolves around representing the client's best interests in procuring and managing insurance coverage. This typically involves negotiating policies to secure coverage that meets the clients' needs, advising on risk management to help clients understand and mitigate potential risks, and providing assistance during the claims process to ensure smooth navigation through any challenges that may arise.

Arranging payment plans for premiums, while it may be a service provided in some contexts, is not fundamentally a core role of an insurance broker as defined by the RIB Act. Instead, this function may fall more squarely within the purview of insurance carriers or financial service providers, who handle the logistics of premium payments directly. Thus, the option concerning payment plans does not align with the principal responsibilities designated to insurance brokers under the act.

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Providing claims assistance to insureds.

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