Question # 1
Levi is a newly licensed financial security advisor in Quebec City, meeting with Mason, the compliance officer at Yes Insurance Inc. Mason stresses the importance of being professional and complying with the code of ethics. Levi asks who enacted the code of ethics.
Which of the following is Mason's CORRECT response? | | A. Autorité des marchés financiers (AMF).
| | B. Chambre de la sécurité financière (CSF).
| | C. Canadian Insurance Services Regulatory Organizations (CISRO).
| | D. Canadian Council of Insurance Regulators (CCIR).
|
B. Chambre de la sécurité financière (CSF).
Question # 2
Cassie applies for a $100,000 renewable 10-year term insurance policy through Mason, her insurance of persons representative. A month later, when Mason meets with Cassie again to deliver her contract, Cassie says she had to have a biopsy the previous week for a persistent cough. Mason tells her not to worry because the policy is already accepted. He completes the policy delivery. Six months later, Mason receives a call from Cassie's boyfriend informing him that Cassie died of stage 4 throat cancer.
How will the insurance company handle the claim? | | A. No death benefit will be paid because Cassie died within 2 years of obtaining the policy.
| | B. No death benefit will be paid because Mason did not inform the insurance company of the change in Cassie’s insurability.
| | C. The death benefit will be paid because Cassie visited the doctor after filling out the application form.
| | D. The death benefit will be paid although Mason was negligent for delivering the policy and he would be liable towards the insurer.
|
B. No death benefit will be paid because Mason did not inform the insurance company of the change in Cassie’s insurability.
Question # 3
Ming-Na is a McGill University graduate interested in pursuing a career as an insurance of persons representative. She wants to know which piece of legislation sets out the definition and role of insurance of persons representatives.
Which of the options below is CORRECT? | | A. The Insurers Act.
| | B. The Distribution Act.
| | C. The Act respecting insurance.
| | D. The Act respecting prescription drug insurance.
|
C. The Act respecting insurance.
Question # 4
Dominic suffers a heart attack on October 1 and dies a little over a month later, on November 7. At the time of his death, he owned a $150,000 critical illness (CI) insurance policy, purchased 10 years earlier. Dominic never failed to pay the $100 monthly premium. When he died, the insurer had not yet issued the benefit payment.
How will the CI benefit be treated? | | A. It will not be paid.
| | B. It will be paid to Dominic’s next of kin.
| | C. It will be payable to Dominic’s estate.
| | D. Dominic’s estate will receive a return of premiums.
|
A. It will not be paid.
Question # 5
| Arianna, a healthy 61-year-old university professor, is retiring this year and wants to transfer the funds she accumulated in her registered retirement savings plan (RRSP) into an annuity. She is looking at different options and would like to know which of the following annuities will pay the highest monthly benefit. | | A. A life annuity
| | B. A life annuity with a 10-year guarantee
| | C. An indexed annuity
| | D. A joint life annuity
|
A. A life annuity
Question # 6
When Tim and Patricia were common-law spouses, they met with an insurance agent, Aelia, to purchase life insurance policies of $100,000 each, naming each other as beneficiaries of their policies. Five years later, Patricia leaves Tim to be with her personal trainer, Thomas. A year later, Patricia and Thomas marry, and Patricia gives birth to their baby, Cedrick. Tragically, just before Cedrick's 12th birthday, Patricia dies in a fiery car crash. She never modified her beneficiary designation.
Shortly after the crash, Thomas calls Aelia to inform her that Patricia has died and that he wants to claim the death benefit on her life insurance policy.
Who will receive the $100,000 death benefit? | | A. Tim | | B. Thomas | | C. Cedrick | | D. Patricia's estate
|
A. Tim
Question # 7
Over the years, Agnes, a disciplined investor with a modest income, was able to save over $140,000 in an accumulation annuity. She plans on using the funds in a few years to travel the world and enjoy life while she is still healthy.
Which of the following statements about her annuity is TRUE? | | A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
| | B. A surrender can only be made at specific times.
| | C. An accumulation annuity is not flexible.
| | D. A market value adjustment will be charged by the insurer each time she withdraws her funds.
|
A. The annuity permits both withdrawals, subject to minimum and maximum amounts, and surrender.
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