Question # 1
Last week, at a dinner party, Dario, an insurance agent, met Andrew, a successful businessperson with a net worth of over $10 million. Dario spent the evening following Andrew around, telling him how he could help him manage his finances. The day after the meeting, Dario sent a fruit basket to Andrew's office. Every day since, Dario has been calling and urging Andrew to meet with him and take advantage of his services and insurance products.
Which duties and obligations did Dario break? | | A. Duties and obligations towards the public
| | B. Duties and obligations towards clients
| | C. Duties and obligations towards other representatives, firms, independent partnerships, insurers and financial institutions
| | D. Duties and obligations towards the profession
|
A. Duties and obligations towards the public
Question # 2
| Frankie is a newly licensed insurance of persons agent who meets with Walter, her father's friend since college. Walter is in his late forties, and he mentions that he would like to purchase a life insurance policy and start planning for his retirement. Frankie has never sold a segregated fund before. Not wanting to disclose her inexperience, she clumsily fills out the application form to invest in segregated funds. Which responsibility did Frankie breach?
| | A. Integrity | | B. Competence | | C. Disclosure | | D. Product suitability
|
B. Competence
Question # 3
| Dale meets with his last appointment of a busy workday. He is helping his client Larry fill out a disability insurance claim form. Larry suffered a heart attack a week ago and is at home recuperating. Larry will be unable to work for the next 6 months and needs the benefits as soon as possible to cover his expenses. The at-home appointment takes a little longer than scheduled and Dale finds himself rushing to his son’s big hockey tournament. In his haste, he puts Larry’s form in his briefcase and subsequently forgets to submit the form. Which responsibility did Dale breach?
| | A. Integrity | | B. Competence
| | C. Disclosure | | D. Duty of care
|
D. Duty of care
Question # 4
Paulette earns a modest income working as a delivery driver for FastFlowers Inc. in Quebec. The florist company has over 80 employees, 20 of whom are delivery drivers. The employees benefit from a group short- and long-term disability plan. One morning, while delivering flowers, Paulette's truck is struck by a bus. Paulette is taken to the hospital, where a doctor deems that she will be unable to work for at least 4 months. Paulette contacts Jade, the human resources manager, to ask her who will pay her disability benefits.
Which of the following answers is CORRECT? | | A. Employment insurance (EI).
| | B. Her group insurance.
| | C. Société de l'assurance automobile du Québec (SAAQ).
| | D. Commission des normes, de l’équité, de la santé et de la sécurité du travail (CNESST).
|
B. Her group insurance.
Question # 5
Aadi is retiring from Scotia Grand, his employer of 25 years. While employed, Aadi benefitted from the company's deferred profit sharing plan (DPSP) and over the years, he accumulated $75,000.
Where should Aadi transfer these funds on a tax-deferral basis, now that he is retired? | | A. A group tax-free savings account (TFSA).
| | B. A group registered retirement income fund (RRIF).
| | C. A group life income fund (LIF).
| | D. A locked-in retirement account (LIRA).
|
D. A locked-in retirement account (LIRA).
Question # 6
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 # 7
Six years ago, Diu purchased an immediate life annuity with a 10-year guarantee period. The annuity paid her a monthly benefit of $1,800. She named her son Shan as the beneficiary of the policy and her niece Haru as a contingent beneficiary. Shan died four months ago in a motorcycle accident and between grieving and planning the funeral, Diu forgot to update her beneficiary designation. Last week, Diu died of a heart attack.
Who would receive the annuity benefits? | | A. Shan's widow
| | B. Shan's estate
| | C. Haru | | D. Diu’s estate
|
C. Haru
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