RIBO Level 1 Practice Questions - RIBO Level 1 Entry-Level Broker Exam

An agent represents the insurance buyer, whereas a broker represents the insurance company. An agent represents a single insurance company (or group under common management), whereas a broker represents the client and has contracts with multiple insurers. Brokers are legally permitted to adjust claims, whereas agents are strictly prohibited from doing so. Agents are required to maintain a trust account for premium collections, whereas brokers are exempt from trust regulations.